SNV 10-Q Quarterly Report Sept. 30, 2020 | Alphaminr
SYNOVUS FINANCIAL CORP
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SNV 10-Q Quarter ended Sept. 30, 2020

Balance Sheet
Cash Flow
Income Statement
Debt
SYNOVUS FINANCIAL CORP
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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 September 30, 2020
Commission file number 1-10312
______________________________
syn-20200930_g1.jpg
SYNOVUS FINANCIAL CORP .
(Exact name of registrant as specified in its charter)
______________________________
Georgia 58-1134883
(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: ( 706 ) 641-6500
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 Par Value SNV New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D SNV - PrD New York Stock Exchange
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E SNV - PrE New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 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 filer ☒ Accelerated filer
☐
Non-accelerated filer ☐ Smaller 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 November 4, 2020, 147,806,270 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 September 30, 2020 and December 31, 2019
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2020 and 2019
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019
Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2020 and 2019
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019
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)
ALCO – Synovus' Asset Liability Management Committee
ALL – Allowance for loan losses
AOCI – Accumulated other comprehensive income
Acquisition Date – Effective January 1, 2019, Synovus completed its acquisition of FCB Financial Holdings, Inc.
ARRC – Alternative Reference Rates Committee
ASC – Accounting Standards Codification
ASC 310-30 loans – Loans accounted for in accordance with ASC 310 – 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality
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
bp(s) – Basis point(s)
C&I – Commercial and industrial
CARES Act – The Coronavirus Aid, Relief, and Economic Security Act
CDC – Centers for Disease Control
CDI – Core Deposit Intangible
CECL – Current expected credit losses
CET1 – Common Equity Tier 1 Capital defined by Basel III capital rules
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
COVID-19 – Coronavirus disease 2019
CRA – Community Reinvestment Act
CRE – Commercial real estate
DCF – Discounted cash flow
Dodd-Frank Act – The Dodd-Frank Wall Street Reform and Consumer Protection Act
EFFR – Effective Federal Funds Rate
EVE – Economic value of equity
Exchange Act – Securities Exchange Act of 1934, as amended
FASB – Financial Accounting Standards Board
i

FCA – Financial Conduct Authority
FCB – FCB Financial Holdings, Inc. and its wholly-owned subsidiaries, except where the context requires otherwise
FDIC – Federal Deposit Insurance Corporation
Federal Reserve Bank – The 12 banks that are the operating arms of the U.S. central bank. They implement the policies of the Federal Reserve Board and also conduct economic research
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 – The 12 Federal Reserve Banks, with each one serving member banks in its own district. This system, supervised by the Federal Reserve Board, has broad regulatory powers over the money supply and the credit structure
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
FMS – Financial Management Services, a division of Synovus Bank
FOMC – Federal Open Market Committee
FTE – Fully taxable-equivalent
FTP – Funds transfer pricing
GA DBF – Georgia Department of Banking and Finance
GAAP – Generally Accepted Accounting Principles in the United States of America
GGL – Government guaranteed loans
Global One – Entaire Global Companies, Inc., the parent company of Global One Financial, Inc., as acquired by Synovus on October 1, 2016.
HELOC – Home equity line of credit
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
LGD – Loss given default
LIBOR – London Interbank Offered Rate
LIHTC – Low Income Housing Tax Credit
LTV – Loan-to-collateral value ratio
MBS – Mortgage-backed security
Merger Agreement – Agreement and Plan of Merger by and among Synovus, FCB and Azalea Merger Sub Corp., a subsidiary of Synovus, dated as of July 23, 2018
Merger – The merger effected by the Merger Agreement
MLO – Mortgage loan originator
MPS – Merchant processing servicer(s)
MRSU – Market Restricted Share Unit
NAICS – North American Industry Classification System
nm – not meaningful
NPA – Non-performing assets
NPL – Non-performing loans
NSF – Non-sufficient funds
ii

OCI – Other comprehensive income
ORE – Other real estate
P&I – Principal and interest
PAA – Purchase accounting adjustments
Parent Company – Synovus Financial Corp.
PCD – Purchased Credit Deteriorated
PCI – Purchased Credit Impaired
PD – Probability of Default
PPP – Paycheck Protection Program established as part of the CARES Act and launched on April 3, 2020 by the SBA and Treasury
PSU – Performance Share Unit
RSU – Restricted Share Unit
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
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' 2019 Form 10-K – Synovus' Annual Report on Form 10-K for the year ended December 31, 2019
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
TDR – Troubled debt restructuring (as defined in ASC 310-40)
TJCA – U.S. Tax Cuts and Jobs Act of 2017
TSR – Total shareholder return
UPB – Unpaid principal balance
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) September 30, 2020 December 31, 2019
ASSETS
Cash and due from banks $ 578,026 $ 535,846
Interest-bearing funds with Federal Reserve Bank 1,266,313 553,390
Interest earning deposits with banks 20,929 20,635
Federal funds sold and securities purchased under resale agreements 120,095 77,047
Total cash, cash equivalents, restricted cash, and restricted cash equivalents 1,985,363 1,186,918
Investment securities available for sale, at fair value 7,566,525 6,778,670
Loans held for sale (includes $ 285,899 and $ 115,173 measured at fair value, respectively)
745,160 115,173
Loans, net of deferred fees and costs 39,549,847 37,162,450
Allowance for loan losses ( 603,800 ) ( 281,402 )
Loans, net 38,946,047 36,881,048
Cash surrender value of bank-owned life insurance 1,044,046 775,665
Premises and equipment, net 471,208 493,940
Goodwill 452,390 497,267
Other intangible assets, net 47,752 55,671
Other assets 1,782,047 1,418,930
Total assets $ 53,040,538 $ 48,203,282
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest-bearing deposits $ 13,075,081 $ 9,439,485
Interest-bearing deposits 31,590,823 28,966,019
Total deposits 44,665,904 38,405,504
Federal funds purchased and securities sold under repurchase agreements
202,344 165,690
Other short-term borrowings 400,000 1,753,560
Long-term debt 1,628,385 2,153,897
Other liabilities 1,079,363 782,941
Total liabilities 47,975,996 43,261,592
Shareholders' Equity
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000
537,145 537,145
Common stock - $ 1.00 par value; authorized 342,857,143 shares; issued 167,410,950 and 166,800,623 ; outstanding 147,317,923 and 147,157,596
167,411 166,801
Additional paid-in capital 3,832,142 3,819,336
Treasury stock, at cost; 20,093,027 and 19,643,027 shares
( 731,806 ) ( 715,560 )
Accumulated other comprehensive income, net 174,914 65,641
Retained earnings 1,084,736 1,068,327
Total shareholders' equity 5,064,542 4,941,690
Total liabilities and shareholders' equity $ 53,040,538 $ 48,203,282
See accompanying notes to unaudited interim consolidated financial statements.
1

SYNOVUS FINANCIAL CORP.
CONSOLIDATE D STATEMENTS OF INCOME
(unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands, except per share data) 2020 2019 2020 2019
Interest income:
Loans, including fees
$ 384,275 $ 463,437 $ 1,213,609 $ 1,368,769
Investment securities available for sale
43,196 53,761 139,784 156,493
Loans held for sale
6,341 978 9,047 2,144
Federal Reserve Bank balances
285 2,288 2,187 8,659
Other earning assets
1,453 2,951 6,389 8,320
Total interest income
435,550 523,415 1,371,016 1,544,385
Interest expense:
Deposits
43,194 94,082 185,670 274,466
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings
176 7,843 7,885 18,599
Long-term debt
15,190 19,393 50,645 54,785
Total interest expense
58,560 121,318 244,200 347,850
Net interest income
376,990 402,097 1,126,816 1,196,535
Provision for credit losses (1)
43,383 27,562 343,956 63,250
Net interest income after provision for credit losses
333,607 374,535 782,860 1,133,285
Non-interest revenue:
Service charges on deposit accounts
17,813 22,952 54,069 65,805
Fiduciary and asset management fees
15,885 14,686 46,009 42,743
Card fees
10,823 12,297 30,959 34,334
Brokerage revenue
10,604 11,071 32,987 30,502
Mortgage banking income
31,229 10,351 66,987 23,313
Capital markets income
5,690 7,396 22,984 21,557
Income from bank-owned life insurance
7,778 5,139 21,572 15,605
Investment securities (losses) gains, net
( 1,550 ) ( 3,731 ) 76,594 ( 5,502 )
Other non-interest revenue
16,139 8,599 39,591 29,588
Total non-interest revenue
114,411 88,760 391,752 257,945
Non-interest expense:
Salaries and other personnel expense
154,994 142,516 464,268 424,952
Net occupancy, equipment, and software expense
41,554 41,017 125,475 119,262
Third-party processing and other services
20,620 18,528 63,466 55,403
Professional fees
13,377 9,719 39,358 25,379
FDIC insurance and other regulatory fees
6,793 7,242 18,922 21,872
Goodwill impairment 44,877 — 44,877 —
Merger-related expense
— 353 — 57,493
Other operating expenses
34,440 56,935 120,710 128,486
Total non-interest expense
316,655 276,310 877,076 832,847
Income before income taxes
131,363 186,985 297,536 558,383
Income tax expense
39,789 51,259 74,250 146,287
Net income
91,574 135,726 223,286 412,096
Less: Preferred stock dividends
8,291 8,291 24,872 14,591
Net income available to common shareholders
$ 83,283 $ 127,435 $ 198,414 $ 397,505
Net income per common share, basic
$ 0.57 $ 0.84 $ 1.35 $ 2.53
Net income per common share, diluted
0.56 0.83 1.34 2.51
Weighted average common shares outstanding, basic
147,314 152,238 147,304 156,819
Weighted average common shares outstanding, diluted
147,976 154,043 148,037 158,595
(1) Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.
See accompanying notes to unaudited interim consolidated financial statements.
2

SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)

Three Months Ended September 30,
2020 2019
(in thousands)
Before-tax Amount Income Tax Net of Tax Amount Before-tax Amount Income Tax Net of Tax Amount
Net income
$ 131,363 $ ( 39,789 ) $ 91,574 $ 186,985 $ ( 51,259 ) $ 135,726
Unrealized gains (losses) on investment securities available for sale:
Net unrealized gains (losses) arising during the period
( 29,428 ) 7,622 ( 21,806 ) 33,919 ( 8,786 ) 25,133
Reclassification adjustment for realized (gains) losses included in net income
1,550 ( 401 ) 1,149 3,731 ( 966 ) 2,765
Net change
( 27,878 ) 7,221 ( 20,657 ) 37,650 ( 9,752 ) 27,898
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Net unrealized gains (losses) arising during the period
( 8,954 ) 2,319 ( 6,635 ) ( 1,182 ) 306 ( 876 )
Reclassification adjustment for realized (gains) losses included in net income ( 1,031 ) 267 ( 764 ) — — —
Net change ( 9,985 ) 2,586 ( 7,399 ) ( 1,182 ) 306 ( 876 )
Post-retirement unfunded health benefit:
Actuarial gains (losses) arising during the period — — — ( 510 ) 132 ( 378 )
Reclassification adjustment for realized (gains) losses included in net income
— — — — — —
Net change — — — ( 510 ) 132 ( 378 )
Total other comprehensive income (loss)
$ ( 37,863 ) $ 9,807 $ ( 28,056 ) $ 35,958 $ ( 9,314 ) $ 26,644
Comprehensive income
$ 63,518 $ 162,370
Nine Months Ended September 30,
2020 2019
(in thousands)
Before-tax Amount Income Tax Net of Tax Amount Before-tax Amount Income Tax Net of Tax Amount
Net income
$ 297,536 $ ( 74,250 ) $ 223,286 $ 558,383 $ ( 146,287 ) $ 412,096
Unrealized gains (losses) on investment securities available for sale:
Net unrealized gains (losses) arising during the period
116,975 ( 30,297 ) 86,678 226,160 ( 58,574 ) 167,586
Reclassification adjustment for realized (gains) losses included in net income
( 76,594 ) 19,838 ( 56,756 ) 5,502 ( 1,425 ) 4,077
Net change
40,381 ( 10,459 ) 29,922 231,662 ( 59,999 ) 171,663
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Net unrealized gains (losses) arising during the period
108,508 ( 28,104 ) 80,404 ( 1,182 ) 306 ( 876 )
Reclassification adjustment for realized (gains) losses included in net income ( 1,421 ) 368 ( 1,053 ) — — —
Net change 107,087 ( 27,736 ) 79,351 ( 1,182 ) 306 ( 876 )
Post-retirement unfunded health benefit:
Actuarial gains (losses) arising during the period — — — ( 510 ) 132 ( 378 )
Reclassification adjustment for realized (gains) losses included in net income
— — — ( 70 ) 14 ( 56 )
Net change — — — ( 580 ) 146 ( 434 )
Total other comprehensive income (loss)
$ 147,468 $ ( 38,195 ) $ 109,273 $ 229,900 $ ( 59,547 ) $ 170,353
Comprehensive income
$ 332,559 $ 582,449
See accompanying notes to unaudited interim consolidated financial statements.
3

SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)
(in thousands, except per share data) Preferred Stock Common
Stock 		Additional
Paid-in
Capital 		Treasury
Stock 		Accumulated
Other
Comprehensive
Income (Loss) 		Retained Earnings Total
Balance, July 1, 2020 $ 537,145 $ 167,406 $ 3,826,726 $ ( 731,806 ) $ 202,970 $ 1,050,527 $ 5,052,968
Net income — — — — — 91,574 91,574
Other comprehensive loss, net of income taxes — — — — ( 28,056 ) — ( 28,056 )
Cash dividends declared on common stock - $ 0.33 per share
— — — — — ( 48,614 ) ( 48,614 )
Cash dividends declared on preferred stock (2)
— — — — — ( 8,291 ) ( 8,291 )
Restricted share unit vesting and taxes paid related to net share settlement — 2 434 — — ( 460 ) ( 24 )
Stock options exercised, net — 3 30 — — — 33
Share-based compensation expense — — 4,952 — — — 4,952
Balance at September 30, 2020 $ 537,145 $ 167,411 $ 3,832,142 $ ( 731,806 ) $ 174,914 $ 1,084,736 $ 5,064,542
Balance, July 1, 2019 $ 195,140 $ 166,080 $ 3,801,748 $ ( 344,901 ) $ 49,289 $ 886,460 $ 4,753,816
Net income — — — — — 135,726 135,726
Other comprehensive income, net of income taxes — — — — 26,644 — 26,644
Cash dividends declared on common stock - $ 0.30 per share
— — — — — ( 44,476 ) ( 44,476 )
Cash dividends declared on preferred stock (2)
— — — — — ( 8,291 ) ( 8,291 )
Issuance of Series E Preferred Stock, net of issuance costs 341,410 — — — — — 341,410
Repurchases of common stock including costs to repurchase — — — ( 343,690 ) — — ( 343,690 )
Restricted share unit vesting and taxes paid related to net share settlement — 9 219 — — ( 326 ) ( 98 )
Stock options exercised, net — 112 2,514 — — — 2,626
Warrants exercised with net settlement and common stock reissued — — ( 8,494 ) 8,510 — ( 16 ) —
Share-based compensation expense — — 5,171 — — — 5,171
Balance at September 30, 2019 $ 536,550 $ 166,201 $ 3,801,158 $ ( 680,081 ) $ 75,933 $ 969,077 $ 4,868,838
4

(in thousands, except per share data) Preferred Stock Common
Stock 		Additional
Paid-in
Capital 		Treasury
Stock 		Accumulated
Other
Comprehensive
Income (Loss) 		Retained Earnings Total
Balance, December 31, 2019 $ 537,145 $ 166,801 $ 3,819,336 $ ( 715,560 ) $ 65,641 $ 1,068,327 $ 4,941,690
Cumulative-effect of change in accounting principle for financial instruments - credit losses ( ASU 2016-13 ), net of tax (1)
— — — — — ( 35,721 ) ( 35,721 )
Net income — — — — — 223,286 223,286
Other comprehensive income, net of income taxes — — — — 109,273 — 109,273
Cash dividends declared on common stock - $ 0.99 per share
— — — — — ( 145,824 ) ( 145,824 )
Cash dividends declared on preferred stock (3)
— — — — — ( 24,872 ) ( 24,872 )
Repurchases of common stock including costs to repurchase — — — ( 16,246 ) — — ( 16,246 )
Restricted share unit vesting and taxes paid related to net share settlement — 381 ( 7,349 ) — — ( 460 ) ( 7,428 )
Stock options exercised, net — 229 6,282 — — — 6,511
Share-based compensation expense — — 13,873 — — — 13,873
Balance at September 30, 2020 $ 537,145 $ 167,411 $ 3,832,142 $ ( 731,806 ) $ 174,914 $ 1,084,736 $ 5,064,542
Balance, December 31, 2018 $ 195,140 $ 143,300 $ 3,060,561 $ ( 1,014,746 ) $ ( 94,420 ) $ 843,767 $ 3,133,602
Cumulative-effect of change in accounting principle for leases ( ASU 2016-02 ), net of tax
— — — — — 4,270 4,270
Net income — — — — — 412,096 412,096
Other comprehensive income, net of income taxes — — — — 170,353 — 170,353
FCB Acquisition:
Issuance of common stock, net of issuance costs — 22,043 682,103 — — — 704,146
Common stock reissued — — — 1,014,746 — ( 137,176 ) 877,570
Fair value of exchanged equity awards and warrants attributed to purchase price — — 43,972 — — — 43,972
Cash dividends declared on common stock - $ 0.90 per share
— — — — — ( 138,947 ) ( 138,947 )
Cash dividends declared on preferred stock (3)
— — — — — ( 14,591 ) ( 14,591 )
Issuance of Series E Preferred Stock, net of issuance costs 341,410 — — — — — 341,410
Repurchases of common stock including costs to repurchase — — — ( 688,860 ) — — ( 688,860 )
Restricted share unit vesting and taxes paid related to net share settlement — 294 ( 8,709 ) — — ( 326 ) ( 8,741 )
Stock options/warrants exercised, net — 564 10,598 — — — 11,162
Warrants exercised with net settlement and common stock reissued — — ( 8,763 ) 8,779 — ( 16 ) —
Share-based compensation expense — — 21,396 — — — 21,396
Balance at September 30, 2019 $ 536,550 $ 166,201 $ 3,801,158 $ ( 680,081 ) $ 75,933 $ 969,077 $ 4,868,838
(1) For additional information, see "Part I - Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation" in this Report.
(2) For the three months ended September 30, 2020, dividends per share were $ 0.39 and $ 0.37 for Series D and Series E Preferred Stock, respectively. For the three months ended September 30, 2019, dividends per share were $ 0.39 and $ 0.37 for Series D and Series E Preferred Stock, respectively.
(3) For the nine months ended September 30, 2020, dividends per share were $ 1.17 and $ 1.11 for Series D and Series E Preferred Stock, respectively. For the nine months ended September 30, 2019, dividends per share were $ 1.17 and $ 0.37 for Series D and Series E Preferred Stock, respectively.
See accompanying notes to unaudited interim consolidated financial statements.
5

SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended September 30,
(in thousands) 2020 2019
Operating Activities
Net income
$ 223,286 $ 412,096
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Provision for credit losses
343,956 63,250
Depreciation, amortization, and accretion, net
77,385 8,969
Deferred income tax (benefit) expense
( 60,433 ) 42,594
Originations of loans held for sale
( 2,221,302 ) ( 603,086 )
Proceeds from sales of loans held for sale
1,657,738 527,354
Gain on sales of loans held for sale, net
( 50,001 ) ( 15,453 )
Increase in other assets
( 397,220 ) ( 135,448 )
Increase in other liabilities
234,018 32,345
Investment securities (gains) losses, net
( 76,594 ) 5,502
Goodwill impairment 44,877 —
Loss on early extinguishment of debt
2,057 4,592
Share-based compensation expense
13,873 21,396
Net cash (used in) provided by operating activities
( 208,360 ) 364,111
Investing Activities
Net cash received in business combination, net of cash paid
— 201,100
Proceeds from maturities and principal collections of investment securities available for sale
1,567,889 780,538
Proceeds from sales of investment securities available for sale
3,932,368 2,456,137
Purchases of investment securities available for sale
( 6,180,812 ) ( 3,614,139 )
Proceeds from sales of equity securities 23,141 —
Proceeds from sales of loans
1,293,366 71,530
Proceeds from sales of other real estate and other assets
18,204 15,859
Net increase in loans
( 3,703,203 ) ( 1,278,772 )
Net redemptions (purchases) of Federal Home Loan Bank stock
96,772 ( 75,735 )
Net purchases of Federal Reserve Bank stock
( 454 ) ( 45,856 )
Net (purchases) proceeds from settlement of bank-owned life insurance policies
( 248,023 ) 15,208
Net increase in premises and equipment
( 22,786 ) ( 40,195 )
Net cash used in investing activities
( 3,223,538 ) ( 1,514,325 )
Financing Activities
Net increase in deposits
6,259,108 ( 185,362 )
Net increase in federal funds purchased and securities sold under repurchase agreements
36,655 ( 69,412 )
Net change in other short-term borrowings
( 1,353,560 ) 1,582,000
Repayments and redemption of long-term debt
( 1,776,913 ) ( 157,226 )
Proceeds from issuance of long-term debt, net
1,248,441 497,045
Dividends paid to common shareholders
( 141,353 ) ( 123,446 )
Dividends paid to preferred shareholders
( 24,872 ) ( 9,450 )
Proceeds from issuance of Preferred stock — 341,410
Stock options and warrants exercised
6,511 11,162
Repurchase of common stock
( 16,246 ) ( 688,860 )
Taxes paid related to net share settlement of equity awards
( 7,428 ) ( 8,741 )
Net cash provided by financing activities
4,230,343 1,189,120
Increase in cash and cash equivalents including restricted cash
798,445 38,906
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period
1,186,918 1,143,564
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period
$ 1,985,363 $ 1,182,470
Supplemental Disclosures:
Income taxes paid $ 68,253 $ 88,480
Interest paid 268,046 350,388
Non-cash Activities
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB — 1,625,688
Loans foreclosed and transferred to other real estate 2,163 14,084
Loans transferred to loans held for sale at fair value 46,178 —
Dividends declared on common stock during the period but paid after period-end 48,614 44,476
Dividends declared on preferred stock during the period but paid after period-end 5,141 5,141
See accompanying notes to unaudited interim consolidated financial statements.
6

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 retail banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, premium finance, asset-based lending, structured lending, and international banking. Synovus Bank is positioned in markets in the Southeast, with 292 branches and 389 ATMs in Alabama, Florida, Georgia, South Carolina, and Tennessee.
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income, and cash flows in conformity with GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this Report have been included. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in Synovus' 2019 Form 10-K.
Reclassifications
Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
Use of Estimates in the Preparation of Financial Statements
In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenues and expenses for the periods presented. Actual results could differ significantly from those estimates.
Material estimates that are particularly susceptible to change relate to the determination of the ACL; estimates of fair value, including goodwill impairment assessment; income taxes; and contingent liabilities.
Non-TDR Modifications due to COVID-19
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The U.S. has been operating under a presidentially declared state of emergency since March 13, 2020 ("National Emergency"). On March 27, 2020, the CARES Act was signed into law. Among other emergency measures aimed to lessen the impact of COVID-19, the CARES Act creates a forbearance program for federally backed mortgage loans, protects borrowers from negative credit reporting due to loan accommodations related to the National Emergency, and provides financial institutions the option to temporarily suspend certain requirements under GAAP related to TDRs for a limited period of time to account for the effects of COVID-19.
Regulatory agencies encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of COVID-19. In the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (initially issued on March 22, 2020 and revised on April 7, 2020), for example, the regulatory agencies expressed their view of loan modification programs as positive actions that may mitigate adverse effects on borrowers due to COVID-19 and their unwillingness to criticize institutions for working with borrowers in a safe and sound manner. Moreover, the Interagency Statement provided that eligible loan modifications related to COVID-19 may be accounted for under section 4013 of the CARES Act or in accordance with ASC 310-40. Section 4013 of the CARES Act allows banks to elect to not consider loan modifications related to COVID-19 that are made between March 1, 2020 and the earlier of December 31, 2020, or 60 days after the National Emergency ends to borrowers that are current (i.e., less than 30 days past due as of December 31, 2019) as TDRs. The regulatory agencies further stated that performing loans granted payment deferrals due to COVID-19 are not considered past due or non-accrual. FASB confirmed the foregoing regulatory agencies' view, that such short-term m odifications (e.g., six months) made on a good-faith basis in response to COVID-19 for borrowers who are current are not TDR s. As such, beginning in late March 2020, Synovus provided relief programs consisting primarily of 90-day payment deferral relief of P&I to borrowers negatively impacted by COVID-19 and has primarily accounted for these loan modifications in accordance with ASC 310-40. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2019 Form 10-K for information on Synovus' TDR policy. During the third quarter, upon
7

evaluation of facts and circumstances, the CARES Act was elected for certain loan modifications that met the criteria of section 4013 of the CARES Act. The deferred payments along with interest accrued during the deferral period are generally due and payable on the maturity date of the ex isting loan. Based on the terms of the deferral relief program which did not provide for forgiveness of interest, Synovus has recognized interest income on loans during the deferral period.
U.S. Small Business Administration Paycheck Protection Program (PPP)
Synovus is participating in the Paycheck Protection Program, which is a loan program that originated from the CARES Act and was subsequently expanded by the Paycheck Protection Program and Health Care Enhancement Act ("PPPHCEA Act"). The PPP is designed to provide U.S. small businesses with cash-flow assistance through loans guaranteed by the SBA. If the borrower meets certain criteria and uses the proceeds toward certain eligible expenses in accordance with the requirements of the PPP, the borrower's obligation to repay the loan can be forgiven up to the full principal amount of the loan and any accrued interest. Upon borrower forgiveness, the SBA pays the Company for the principal and accrued interest owed on the loan. If the full principal of the loan is not forgiven, the loan will operate according to the original loan terms with the SBA guaranty remaining. Under this program, Synovus provided nearly $ 2.9 billion in funding to close to 19,000 customers. The average PPP loan was approximately $ 150 thousand, and the customers that received those loans employ over 335 thousand individuals. As compensation for originating the loans, the Company receives lender processing fees from the SBA ranging from 1% to 5%, based on the size of the loan, which are deferred and will b e amortized over the loans' contractual lives and recognized as interest income. Upon forgiveness of a loan by the SBA, any unrecognized net deferred fees related to the loan will be recognized as interest income in the period the SBA forgiveness payment is received.
Recently Adopted Accounting Standards
ASU 2016-13 , Financial Instruments-Credit Losses (ASC 326). On January 1, 2020, Synovus adopted ASU 2016-13 (and all subsequent ASUs on this topic), which replaces the existing incurred loss impairment guidance with an expected credit loss methodology (referred to as CECL). CECL requires management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments and for Synovus, applies to loans, unfunded loan commitments, accrued interest receivable, and available for sale debt securities. Upon adoption, Synovus applied the modified retrospective approach and recorded an after-tax cumulative-effect adjustment to beginning retained earnings for non-PCD assets (formerly non-PCI assets) and unfunded commitments of $ 35.7 million. Additionally, an initial estimate of expected credit losses on PCD assets (formerly PCI or ASC 310-30) was recognized with an offset to the cost basis of the related loans of $ 62.2 million. As permitted by transition guidance, Synovus did not reassess whether PCI assets met the criteria of PCD assets as of the adoption date. The remaining non-credit discount (based on the adjusted amortized cost basis) will be accreted into interest income. Results for reporting periods after adoption are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP.
The following table illustrates the impact of ASC 326 adoption:
As of January 1, 2020
in thousands Pre-ASC 326 Adoption Impact of ASC 326 Adoption As Reported under ASC 326
Assets
Allowance for loan losses:
Commercial and industrial $ 145,782 $ ( 2,310 ) $ 143,472
Commercial real estate 67,430 ( 651 ) 66,779
Consumer 68,190 85,955 154,145
Total allowance for loan losses $ 281,402 $ 82,994 $ 364,396
Liabilities
Reserve for unfunded commitments $ 1,375 $ 27,440 $ 28,815
Allowance for credit losses $ 282,777 $ 110,434 $ 393,211
The following table illustrates the distribution of the ASC 326 adoption impact to loans and equity:
As of January 1, 2020
in thousands Pre-ASC 326 Adoption Impact of ASC 326 Adoption As Reported under ASC 326
Loans, net $ 36,881,048 $ ( 20,767 ) $ 36,860,281
Retained earnings 1,068,327 ( 35,721 ) 1,032,606
8

On August 26, 2020, the federal banking regulators issued a final rule (following an interim final rule issued on March 27, 2020) that allows electing banking organizations that adopt CECL during 2020 to mitigate the estimated effects of CECL on regulatory capital for two years, followed by a three-year phase-in transition period. Regulatory capital ratios in 2020 reflect Synovus' election of the five-year transition provision.
In conjunction with the adoption of ASC 326, the following are additional disclosures about our significant accounting policies related to CECL.
Investment Securities Available for Sale
Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized.
For investment securities available for sale in an unrealized loss position, if Synovus has an intention to sell the security, or it is more likely than not that the security will be required to be sold prior to recovery, the security is written down to its fair value. The write down is charged against the ACL with any additional impairment recorded in earnings. If the aforementioned criteria is not met, Synovus performs a quarterly assessment of its available for sale debt securities to determine if the decline in fair value of a security below its amortized cost is related to credit losses or other factors. Management cons iders the extent to which fair value is less than amortized cost, the issuer of the security, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. In assessing whether credit related impairment exists, the present value of cash flows expected to be collected from the security is compared to the security's amortized cos t. If the present value of cash flows expected to be collected is less than the security's amortized cost basis, the difference is attributable to credit losses. For such differences, Synovus records an ACL with an offset to provision for credit losses expense. Synovus limits the ACL recorded to the amount the security's fair value is less than the amortized cost basis. Impairment losses related to other factors are recognized in other comprehensive income (loss).
Accrued interest on available for sale debt securities is excluded from the ACL determination and is recognized within other assets on the consolidated balance sheets. Available-for-sale debt securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable.
Loans Held for Investment and Interest Income
Loans the Company has the intent and ability to hold for the foreseeable future are reported at principal amounts outstanding less amounts charged off, net of deferred fees and costs, and purchase premiums/discounts. Interest income, net deferred fees, and purchase premium/discount amortization/accretion on loans, are recognized on a level yield basis.
Allowance for Credit Losses for Loans Held for Investment (ALL)
The allowance for credit losses on loans held for investment are included in the ALL and represent management's estimate of credit losses expected over the life of the loans included in Synovus' existing loans held for investment portfolio. Changes to the allowance are recorded through a provision for credit losses and reduced by loans charged-off, net of recoveries. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain.
Accrued but uncollected interest is recorded in other assets on the consolidated balance sheets. In general, the Company does not record an ACL for accrued interest receivables as allowable per ASC 326-20-30-5A as Synovus' non-accrual policies result in the timely write-off of accrued but uncollected interest.
Credit loss measurement
Synovus' loan loss estimation process includes procedures to appropriately consider the unique characteristics of its loan portfolio segments (C&I, CRE and consumer). These segments are further disaggregated into loan classes, the level at which credit quality is assessed and monitored (as described in the subsequent sections).
The ALL is measured on a collective (pool) basis when similar risk characteristics exist. Loans are grouped based upon the nature of the loan type and are further segregated based upon the individual loan risk ratings. Credit loss assumptions are primarily estimated using a DCF model applied to the aforementioned loan groupings. This model calculates an expected life-of-loan loss percentage for each loan category by considering the forecasted PD, which is the probability that a borrower will default, adjusted for relevant forecasted macroeconomic factors, and LGD, which is the estimate of the amount of net loss in the event of default.
Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments and curtailments when appropriate. Management's determination of the contract term excludes expected extensions, renewals, and
9

modifications unless either of the following applies: there is a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or an extension or renewal option is included in the contract at the reporting date that is not unconditionally cancellable by Synovus.
To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made (which is one year for Synovus), the Company reverts, on a straight-line basis back to the historical rates over a one year period.
Life-of-loan loss percentages may also be adjusted, as necessary, for certain quantitative and qualitative factors that in management's judgment are necessary to reflect losses expected in the portfolio. These adjustments address inherent limitations in the quantitative model including uncertainty and limitations, among others.
The above reflects the ALL estimation process for most commercial and consume r sub-pools. In some cases, Synovus may apply other acceptable loss rate models to smaller subpools.
Loans that do not share risk characteristics are individually evaluated on a loan by loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on two methods: discounted cash flow based upon the loan's contractual effective interest rate or at the fair value of the collateral, less costs to sell if the loan is collateral-dependent.
For individually evaluated loans, under the DCF method, resulting expected credit losses are recorded as a specific reserve with a charge-off for any portion of the expected credit loss that is determined not to be recoverable. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. Additionally, where guarantors are determined to be a source of repayment, an assessment of the guarantee is required. This guarantee assessment would include, but not be limited to, factors such as type and feature of the guarantee, consideration for the guarantor's financial strength and capacity to service the loan in combination with the guarantor's other financial obligations as well as the guarantor's willingness to assist in servicing the loan.
For individually evaluated loans, if the loan is collateral-dependent, then the fair value of the loan's collateral, less estimated selling costs, is compared to the loan's carrying amount to determine impairment. Fair value is estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions at the time of valuation, selling costs and anticipated sales values, taking into account management's plans for disposition, which could result in adjustments to the fair value estimates indicated in the appraisals. The assumptions used in determining the amount of the impairment are subject to significant judgment. Use of different assumptions, for example, changes in the fair value of the collateral or management's plans for disposition could have a significant impact on the amount of impairment.
Troubled debt restructurings
The ALL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate, and not the rate specified with the restructuring, is used to discount the expected cash flows.
Purchased Loans with Credit Deterioration
Purchased loans are evaluated upon acquisition in order to determine if the loan, or pool of loans, has experienced more-than-insignificant deterioration in credit quality since origination or issuance. In the performance of this evaluation, Synovus considers migration of the credit quality of the loans at origination in comparison to the credit quality at acquisition.
Purchased loans classified as PCD are recognized in accordance with ASC 326-20-30, whereby the amortized cost basis of the PCD asset is ‘grossed-up’ by the initial estimate of credit losses with an offset to the ALL. This acquisition date allowance has no income statement effect. Post-acquisition, any changes in estimates of expected credit losses are recorded through the provision for credit losses. Non-credit discounts or premiums are accreted or amortized, respectively into interest income using the interest method.
Loans formerly accounted for as purchased credit-impaired in accordance with ASC 310-30 were automatically transitioned to PCD classification. The Company did not maintain ASC 310-30 pools. PCD loans were integrated into existing pool structures based upon the nature of the loan type and are further segregated based upon the individual loan risk ratings as noted above.
The accounting treatment for purchased loans classified as non-PCD is the same as loans held for investment as detailed in the above section.
Allowance for Credit Losses on Off-balance-sheet Credit Exposures
Synovus maintains a separate ACL for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with offsetting expense recognized as a component of the provision for credit losses on the
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consolidated statements of income. The reserve for off-balance-sheet credit exposures considers the likelihood that funding will occur and estimates the expected credit losses on resulting commitments expected to be funded over its estimated life using the estimated loss rates on loans held for investment.
Recently Issued Accounting Standards Not Yet Adopted
ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the LIBOR or other interbank offered rate on financial reporting. To help with the transition to new reference rates, the ASU provides optional expedients and exceptions for applying GAAP to affected contract modifications and hedge accounting relationships. The main provisions include:
• A change in a contract’s reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one for contracts, including loans, debt, leases, and other arrangements, that meet specific criteria.
• When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting.
The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. The amendments in this ASU are effective March 12, 2020 through December 31, 2022. We are evaluating the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis with no material expected impac t at this time.
ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs . The guidance in this ASU pertains to the shortened amortization period for certain purchased callable debt securities held a t a premium, which premium is amortized to the earliest call date in accordance with ASC 310-20-25-33, and clarifies that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-25-33 for each reporting period. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Early adoption is not permitted. We are evaluating the impact of adopting the new guidance on the consolidated financial statements.
Note 2 - Acquisitions
Acquisition of FCB Financial Holdings, Inc.
Effective January 1, 2019, Synovus completed its acquisition of all of the outstanding stock of FCB, a bank holding company based in Weston, Florida, for total consideration of $ 1.63 billion. Effective January 1, 2019, FCB's wholly-owned banking subsidiary, Florida Community Bank, National Association, merged into Synovus Bank. The acquisition of FCB expanded Synovus' presence in Florida and the Southeast, adding $ 9.29 billion in loans and $ 10.93 billion in deposits on the Acquisition Date. The acquisition of FCB constituted a business combination and was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, with the valuation finalized as of December 31, 2019 . The results of FCB's operations are included in Synovus' consolidated financial statements since the Acquisition Date.
During 2019, in connection with the FCB acquisition, Synovus incurred merger-related expense totaling $ 0.4 million and $ 57.5 million for the three and nine months ended September 30, 2019, respectively, primarily related to employment compensation agreements, severance, professional services, and contract termination charges.
See "Part II - Item 8. Financial Statements and Supplementary Data - Note 2 - Acquisitions" to the consolidated financial statements of Synovus' 2019 Form 10-K for additional information on Synovus' acquisition of FCB.
Acquisition of Global One
On October 1, 2016, Synovus completed its acquisition of all of the outstanding stock of Global One. Under the terms of the merger agreement, the purchase price included additional annual payments ("Earnout Payments") to Global One's former shareholders over a period not to extend beyond June 30, 2021, with amounts based on a percentage of "Global One Earnings," as defined in the merger agreement. The Earnout Payments consist of shares of Synovus common stock as well as a smaller cash consideration component. During the three months ended September 30, 2020, Synovus did not record any adjustments to the earnout liability and during the nine months ended September 30, 2020, Synovus recorded a $ 4.9 million increase to the earnout liability driven by increased earnings and earnings projections of Global One. The total fair value of the earnout liability at September 30, 2020 was $ 15.9 million.
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Note 3 - Investment Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at September 30, 2020 and December 31, 2019 are summarized below.
September 30, 2020
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
U.S. Treasury securities $ 20,254 $ — $ — $ 20,254
U.S. Government agency securities 153,984 3,056 ( 426 ) 156,614
Mortgage-backed securities issued by U.S. Government agencies 1,132,816 2,655 ( 6,079 ) 1,129,392
Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,402,051 138,611 ( 276 ) 4,540,386
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,331,011 18,495 ( 4,222 ) 1,345,284
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 334,463 19,694 — 354,157
State and municipal securities 500 1 — 501
Corporate debt securities and other debt securities 20,186 141 ( 390 ) 19,937
Total investment securities available for sale $ 7,395,265 $ 182,653 $ ( 11,393 ) $ 7,566,525
December 31, 2019
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
U.S. Treasury securities $ 19,855 $ — $ — $ 19,855
U.S. Government agency securities 35,499 1,042 — 36,541
Mortgage-backed securities issued by U.S. Government agencies 56,328 560 ( 72 ) 56,816
Mortgage-backed securities issued by U.S. Government sponsored enterprises 5,079,396 103,495 ( 2,076 ) 5,180,815
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 629,706 7,349 ( 204 ) 636,851
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 357,291 14,301 — 371,592
State and municipal securities 2,069 6 — 2,075
Asset-backed securities 323,237 4,315 ( 152 ) 327,400
Corporate debt securities and other debt securities 144,410 2,317 ( 2 ) 146,725
Total investment securities available for sale $ 6,647,791 $ 133,385 $ ( 2,506 ) $ 6,778,670
At September 30, 2020 and December 31, 2019, investment securities with a carrying value of $ 2.34 billion and $ 1.71 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.

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Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2020 and December 31, 2019 are presented below.
September 30, 2020
Less than 12 Months 12 Months of Longer Total
(in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
U.S. Government agency securities $ 48,921 $ ( 426 ) $ — $ — $ 48,921 $ ( 426 )
Mortgage-backed securities issued by U.S. Government agencies 800,908 ( 6,079 ) — — 800,908 ( 6,079 )
Mortgage-backed securities issued by U.S. Government sponsored enterprises 180,899 ( 276 ) — — 180,899 ( 276 )
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 609,208 ( 4,222 ) — — 609,208 ( 4,222 )
Corporate debt securities and other debt securities 11,115 ( 390 ) — — 11,115 ( 390 )
Total $ 1,651,051 $ ( 11,393 ) $ — $ — $ 1,651,051 $ ( 11,393 )
December 31, 2019
Less than 12 Months 12 Months of Longer Total
(in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
Mortgage-backed securities issued by U.S. Government agencies $ 19,543 $ ( 70 ) $ 355 $ ( 2 ) $ 19,898 $ ( 72 )
Mortgage-backed securities issued by U.S. Government sponsored enterprises 768,040 ( 2,076 ) — — 768,040 ( 2,076 )
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 57,670 ( 204 ) — — 57,670 ( 204 )
Asset-backed securities 37,156 ( 116 ) 4,954 ( 36 ) 42,110 ( 152 )
Corporate debt securities and other debt securities 9,505 ( 2 ) — — 9,505 ( 2 )
Total $ 891,914 $ ( 2,468 ) $ 5,309 $ ( 38 ) $ 897,223 $ ( 2,506 )
As of September 30, 2020, Synovus had 28 investment securities in a loss position for less than twelve months and no investment securities in a loss position for twelve months or longer. At December 31, 2019, Synovus had 26 investment securities in a loss position for less than twelve months and 5 investment securities in a loss position for twelve months or longer. Synovus does not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position prior to the respective securities' recovery of all such unrealized losses. As such, no write-downs to the amortized cost basis of the portfolio were recorded in the current period. During the latter part of the second quarter of 2020, as part of an overall strategic repositioning of the investment securities portfolio, Synovus realized net gains of $ 69.4 million from sales of investment securities, including losses of $ 5.7 million related to the sale of Synovus' remaining portfolio of asset-backed securities.
At September 30, 2020, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans.
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The amortized cost and fair value by contractual maturity of investment securities available for sale at September 30, 2020 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
Distribution of Maturities at September 30, 2020
(in thousands) Within One
Year 		1 to 5
Years 		5 to 10
Years 		More Than
10 Years 		Total
Amortized Cost
U.S. Treasury securities $ 20,254 $ — $ — $ — $ 20,254
U.S. Government agency securities 430 26,432 127,122 — 153,984
Mortgage-backed securities issued by U.S. Government agencies — 1,585 311 1,130,920 1,132,816
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 310 73,420 4,328,321 4,402,051
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 248 1,330,763 1,331,011
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 109,731 112,089 112,643 334,463
State and municipal securities — — — 500 500
Corporate debt securities and other debt securities — 9,505 8,681 2,000 20,186
Total amortized cost $ 20,684 $ 147,563 $ 321,871 $ 6,905,147 $ 7,395,265
Fair Value
U.S. Treasury securities $ 20,254 $ — $ — $ — $ 20,254
U.S. Government agency securities 438 26,243 129,933 — 156,614
Mortgage-backed securities issued by U.S. Government agencies — 1,641 324 1,127,427 1,129,392
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 319 76,148 4,463,919 4,540,386
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 259 1,345,025 1,345,284
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 116,705 118,468 118,984 354,157
State and municipal securities — — — 501 501
Corporate debt securities and other debt securities — 9,315 8,822 1,800 19,937
Total fair value $ 20,692 $ 154,223 $ 333,954 $ 7,057,656 $ 7,566,525
Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three and nine months ended September 30, 2020 and 2019 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2020 2019 2020 2019
Proceeds from sales of investment securities available for sale $ 1,249,507 $ 709,464 $ 3,932,368 $ 2,456,137
Gross realized gains on sales — 140 83,840 9,270
Gross realized losses on sales (1)
( 1,550 ) ( 3,871 ) ( 7,246 ) ( 14,772 )
Investment securities gains (losses), net $ ( 1,550 ) $ ( 3,731 ) $ 76,594 $ ( 5,502 )
(1) Losses recognized dur ing 2020 primarily relate to the sale of Synovus' remaining portfolio of asset-backed securities during the second quarter of 2020. Additionally, losses inclu de an $ 802 thousand third quarter 2020 settlement adjustment to the gain recognized on second quarter 2020 securities sales.
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Note 4 - Loans and Allowance for Loan Losses
Aging and Non-Accrual Analysis
The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of September 30, 2020 and December 31, 2019.
September 30, 2020
(in thousands) Current
Accruing 30-89 Days Past Due
Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual with an ALL Non-accrual without an ALL Total
Commercial, financial and agricultural $ 13,009,877 $ 13,967 $ 829 $ 14,796 $ 67,415 $ 27,950 $ 13,120,038
Owner-occupied 6,869,346 4,131 375 4,506 10,623 9,638 6,894,113
Total commercial and industrial 19,879,223 18,098 1,204 19,302 78,038 37,588 20,014,151
Investment properties 9,628,029 5,620 538 6,158 28,260 — 9,662,447
1-4 family properties 649,225 2,092 350 2,442 2,135 1,236 655,038
Land and development 645,148 583 268 851 2,126 265 648,390
Total commercial real estate 10,922,402 8,295 1,156 9,451 32,521 1,501 10,965,875
Consumer mortgages 5,643,745 6,475 872 7,347 7,433 — 5,658,525
Home equity lines 1,601,705 3,176 29 3,205 10,297 — 1,615,207
Credit cards 259,262 1,894 3,673 5,567 — — 264,829
Other consumer loans 1,116,334 11,866 578 12,444 1,459 — 1,130,237
Total consumer 8,621,046 23,411 5,152 28,563 19,189 — 8,668,798
Total loans $ 39,422,671 $ 49,804 $ 7,512 $ 57,316 $ 129,748 $ 39,089 $ 39,648,824 (1)

December 31, 2019
(in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual
ASC 310-30 Loans (2)
Total
Commercial, financial and agricultural $ 9,124,285 $ 38,916 $ 1,206 $ 40,122 $ 56,017 $ 1,019,135 $ 10,239,559
Owner-occupied 5,691,095 5,164 576 5,740 9,780 823,196 6,529,811
Total commercial and industrial 14,815,380 44,080 1,782 45,862 65,797 1,842,331 16,769,370
Investment properties 7,264,794 1,344 — 1,344 1,581 1,736,608 9,004,327
1-4 family properties 733,984 2,073 304 2,377 2,253 41,401 780,015
Land and development 629,363 808 — 808 1,110 78,161 709,442
Total commercial real estate 8,628,141 4,225 304 4,529 4,944 1,856,170 10,493,784
Consumer mortgages 3,681,553 4,223 730 4,953 11,369 1,848,493 5,546,368
Home equity lines 1,691,759 7,038 171 7,209 12,034 2,155 1,713,157
Credit cards 263,065 3,076 2,700 5,776 — — 268,841
Other consumer loans 2,363,101 18,688 616 19,304 5,704 8,185 2,396,294
Total consumer 7,999,478 33,025 4,217 37,242 29,107 1,858,833 9,924,660
Total loans $ 31,442,999 $ 81,330 $ 6,303 $ 87,633 $ 99,848 $ 5,557,334 $ 37,187,814 (3)
(1) Total before net deferred fees and costs of $ 99.0 million.
(2) Represents loans (at fair value) acquired from FCB accounted for under ASC 310-30, net of discount of $ 90.3 million and payments since Acquisition Date and also include $ 1.8 million in non-accrual loans, $ 9.6 million in accruing 90 days or greater past due loans, and $ 26.5 million in 30-89 days past due loans.
(3) Total before net deferred fees and costs of $ 25.4 million.
Interest income on non-accrual loans outstanding that would have been recorded if the loans had been current and performing in accordance with their original terms was $ 4.3 million and $ 2.5 million for the three months ended September 30, 2020 and 2019, respectively, and $ 9.2 million and $ 8.0 million for the nine months ended September 30, 2020 and 2019,
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respectively. Of the interest income recognized during the three months ended September 30, 2020 and 2019, cash-basis interest income was $ 1.3 million and $ 363 thousand, respectively. Cash-basis interest income was $ 2.7 million and $ 2.0 million for the nine months ended September 30, 2020 and 2019, respectively.
Pledged Loans
Loans with carrying values of $ 15.29 billion and $ 12.11 billion, respectively, were pledged as collateral for borrowings and capacity at September 30, 2020 and December 31, 2019, respectively, to the FHLB and Federal Reserve Bank.
Portfolio Segment Risk Factors
The risk characteristics and collateral information of each portfolio segment are as follows:
Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. Whether for real estate or non-real estate purpose, credit decisions on loans in the C&I portfolio are based on cash flow from the operations of the business as the primary source of repayment of the debt, with underlying real estate or other collateral being the secondary source of repayment . PPP loans, which are categorized as C&I loans, were $ 2.71 billion net of unearned fees at September 30, 2020 and are guaranteed by the SBA.
Commercial Real Estate Loans - CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. 1-4 family properties loans include construction loans to homebuilders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and loan terms generally include personal guarantees from the principals. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s).
Consumer Loans - The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network including first and second residential mortgages, HELOCs, and credit card loans, as well as home improvement loans, student, and personal loans from third-party lending partnerships. The majority of Synovus' consumer loans are consumer mortgages and HELOCs secured by first and second liens on residential real estate primarily located in the markets served by Synovus. The primary source of repayment for all consumer loans is generally the personal income of the borrower(s).
Credit Quality Indicators
The credit quality of the loan portfolio is reviewed and updated no less frequently than quarterly using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups: Not Criticized (Pass), Special Mention, and Classified or Adverse rating (Substandard, Doubtful, and Loss) and are defined as follows:
Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral.
Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification.
Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful - loans which have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values.
Loss - loans which are considered by management to be uncollectible and of such little value that their continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. Synovus fully reserves for any loans rated as Loss.
In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory
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Guidance, the risk grade classifications of consumer loans (consumer mortgages and HELOCs) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of any associated senior liens with other financial institutions.
The following table summarizes each loan portfolio class by risk grade and origination year as of September 30, 2020 as required under CECL.
September 30, 2020
Term Loans Amortized Cost Basis by Origination Year Revolving Loans
(in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total
Commercial, financial and agricultural
Pass $ 4,056,896 $ 1,429,402 $ 974,892 $ 667,989 $ 566,178 $ 815,006 $ 4,049,741 $ 60,299 $ 12,620,403
Special Mention 49,283 39,929 21,599 33,376 8,404 7,986 63,455 506 224,538
Substandard (1)
27,247 12,646 14,879 36,007 12,373 40,342 102,364 516 246,374
Doubtful (2)
— 3,721 19,778 186 915 91 4,032 — 28,723
Total commercial, financial and agricultural 4,133,426 1,485,698 1,031,148 737,558 587,870 863,425 4,219,592 61,321 13,120,038
Owner-occupied
Pass 953,513 1,189,845 1,212,541 1,032,744 643,841 1,338,513 328,656 — 6,699,653
Special Mention 3,029 19,004 18,746 11,767 3,604 7,278 — — 63,428
Substandard (1)
1,788 14,686 36,319 29,794 6,521 32,286 — — 121,394
Doubtful (2)
— — 9,638 — — — — — 9,638
Total owner-occupied 958,330 1,223,535 1,277,244 1,074,305 653,966 1,378,077 328,656 — 6,894,113
Total commercial and industrial 5,091,756 2,709,233 2,308,392 1,811,863 1,241,836 2,241,502 4,548,248 61,321 20,014,151
Investment properties
Pass 784,989 2,241,547 2,193,526 1,376,648 606,029 1,404,524 239,503 — 8,846,766
Special Mention 1,222 66,438 147,928 141,036 166,053 129,887 30,206 — 682,770
Substandard (1)
812 2,655 24,965 14,927 821 88,693 38 — 132,911
Total investment properties 787,023 2,310,640 2,366,419 1,532,611 772,903 1,623,104 269,747 — 9,662,447
1-4 family properties
Pass 139,919 125,473 80,610 94,889 49,122 100,984 49,594 — 640,591
Special Mention 419 — 524 111 800 120 — — 1,974
Substandard (1)
1,514 1,517 3,837 1,038 489 2,560 1,518 — 12,473
Total 1-4 family properties 141,852 126,990 84,971 96,038 50,411 103,664 51,112 — 655,038
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September 30, 2020
Term Loans Amortized Cost Basis by Origination Year Revolving Loans
(in thousands) 2020 2019 2018 2017 2016 Prior Amortized Cost Basis Converted to Term Loans Total
Land and development
Pass $ 56,935 $ 204,012 $ 91,630 $ 106,490 $ 12,564 $ 90,474 $ 58,092 $ — $ 620,197
Special Mention — 2,172 4,277 5,784 — 1,828 3,550 — 17,611
Substandard (1)
1,627 1,104 4,675 1,085 527 1,564 — — 10,582
Total land and development 58,562 207,288 100,582 113,359 13,091 93,866 61,642 — 648,390
Total commercial real estate 987,437 2,644,918 2,551,972 1,742,008 836,405 1,820,634 382,501 — 10,965,875
Consumer mortgages
Pass 1,579,366 964,882 481,718 764,384 755,595 1,102,091 1,005 — 5,649,041
Substandard (1)
49 197 777 805 2,412 5,170 — — 9,410
Loss (3)
— — — — — 74 — — 74
Total consumer mortgages 1,579,415 965,079 482,495 765,189 758,007 1,107,335 1,005 — 5,658,525
Home equity lines
Pass — — — — — — 1,513,600 86,404 1,600,004
Substandard (1)
— — — — — — 8,603 5,173 13,776
Doubtful (2)
— — — — — — — 19 19
Loss (3)
— — — — — — 1,243 165 1,408
Total home equity lines — — — — — — 1,523,446 91,761 1,615,207
Credit cards
Pass — — — — — — 261,207 — 261,207
Substandard (1)
— — — — — — 828 — 828
Loss (4)
— — — — — — 2,794 — 2,794
Total credit cards — — — — — — 264,829 — 264,829
Other consumer loans
Pass 136,944 229,039 142,260 161,717 112,805 76,244 268,840 — 1,127,849
Substandard (1)
— 720 163 474 64 714 253 — 2,388
Total other consumer loans 136,944 229,759 142,423 162,191 112,869 76,958 269,093 — 1,130,237
Total consumer 1,716,359 1,194,838 624,918 927,380 870,876 1,184,293 2,058,373 91,761 8,668,798
Total loans (5)
$ 7,795,552 $ 6,548,989 $ 5,485,282 $ 4,481,251 $ 2,949,117 $ 5,246,429 $ 6,989,122 $ 153,082 $ 39,648,824
(1) The majority of loans within Substandard risk grade are accruing loans at September 30, 2020.
(2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50 % of the loan amount.
(3) Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.
(4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy.
(5) Total before net deferred fees and costs of $ 99.0 million.



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The following table summarizes each loan portfolio class by risk grade as of December 31, 2019.
December 31, 2019
(in thousands) Pass Special Mention
Substandard (1)
Doubtful (2)
Loss (3)
Total
Commercial, financial and agricultural $ 9,927,059 $ 128,506 $ 182,831 $ 1,163 $ — $ 10,239,559
Owner-occupied 6,386,055 58,330 85,426 — — 6,529,811
Total commercial and industrial 16,313,114 186,836 268,257 1,163 — 16,769,370
Investment properties 8,930,360 16,490 57,477 — — 9,004,327
1-4 family properties 766,529 3,249 10,237 — — 780,015
Land and development 681,003 18,643 9,796 — — 709,442
Total commercial real estate 10,377,892 38,382 77,510 — —

10,493,784
Consumer mortgages 5,527,746 — 18,376 97 149

5,546,368
Home equity lines 1,697,086 — 14,806 21 1,244

1,713,157
Credit cards 266,146 — 818 — 1,877
(4)
268,841
Other consumer loans 2,390,199 — 6,095 — —

2,396,294
Total consumer 9,881,177 — 40,095 118 3,270 9,924,660
Total loans (5)
$ 36,572,183 $ 225,218 $ 385,862 $ 1,281 $ 3,270 $ 37,187,814
(1) The majority of loans within Substandard risk grade are accruing loans at December 31, 2019.
(2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50 % of the loan amount.
(3) Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.
(4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy.
(5) Total before net deferred fees and costs of $ 25.4 million.
Collateral-Dependent Loans
We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate.
There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the three and nine months ended September 30, 2020.
19

Rollforward of Allowance for Loan Losses
The following tables detail the changes in the ALL by loan segment for the three and nine months ended September 30, 2020 and 2019. Additionally, during the three and nine months ended September 30, 2020, Synovus reversed $ 6.1 million and $ 19.4 million, respectively, in previously established reserves for credit losses associated with the transfer to held for sale of $ 513.2 million and $ 1.31 billion, respectively, in performing loans primarily related to third-party single-service consumer loans and non-relationship consumer mortgages.
As Of and For the Three Months Ended September 30, 2020
(in thousands) Commercial & Industrial Commercial Real Estate Consumer Total
Allowance for loan losses:
Beginning balance $ 229,915 $ 171,526 $ 187,207 $ 588,648
Charge-offs ( 19,367 ) ( 6,878 ) ( 9,101 ) ( 35,346 )
Recoveries 3,796 1,225 1,859 6,880
Provision for (reversal of) loan losses 46,256 ( 22,068 ) 19,430 43,618
Ending balance $ 260,600 $ 143,805 $ 199,395 $ 603,800
As Of and For the Three Months Ended September 30, 2019
(in thousands) Commercial & Industrial Commercial Real Estate Consumer Total
Allowance for loan losses:
Beginning balance $ 138,004 $ 63,463 $ 55,909 $ 257,376
Charge-offs ( 15,425 ) ( 3,275 ) ( 6,026 ) ( 24,726 )
Recoveries 2,276 1,490 1,035 4,801
Provision for loan losses 17,156 280 10,126 27,562
Ending balance $ 142,011 $ 61,958 $ 61,044 $ 265,013
As Of and For the Nine Months Ended September 30, 2020
(in thousands) Commercial & Industrial Commercial Real Estate Consumer Total
Allowance for loan losses:
Beginning balance, prior to adoption of ASU 2016-13 $ 145,782 $ 67,430 $ 68,190 $ 281,402
Impact from adoption of ASU 2016-13
( 2,310 ) ( 651 ) 85,955 82,994
Charge-offs ( 57,497 ) ( 8,585 ) ( 23,917 ) ( 89,999 )
Recoveries 8,798 2,160 6,468 17,426
Provision for loan losses 165,827 83,451 62,699 311,977
Ending balance $ 260,600 $ 143,805 $ 199,395 $ 603,800
As Of and For the Nine Months Ended September 30, 2019
(in thousands) Commercial & Industrial Commercial Real Estate Consumer Total
Allowance for loan losses:
Beginning balance $ 133,123 $ 68,796 $ 48,636 $ 250,555
Charge-offs ( 39,558 ) ( 5,369 ) ( 17,363 ) ( 62,290 )
Recoveries 6,087 3,788 3,623 13,498
Provision for (reversal of) loan losses 42,359 ( 5,257 ) 26,148 63,250
Ending balance $ 142,011 $ 61,958 $ 61,044 $ 265,013




20

The ALL of $ 603.8 million and the reserve for unfunded commitments of $ 60.8 million, which is recorded in other liabilities, comprise the total ACL of $ 664.6 million at September 30, 2020. The ACL increased during the third quarter of 2020 by $ 14.9 million to $ 664.6 million as of September 30, 2020 . Since the adoption of CECL on January 1, 2020, the ACL has increased $ 271.4 million due primarily to uncertainty and deterioration in the economic environment caused by the COVID-19 pandemic. Provision for credit losses (which includes the provision for loan losses and unfunded commitments) of $ 43.4 million for the three months ended September 30, 2020 included net charge-offs of $ 28.5 million and the impact of downgrades largely concentrated in the hotel portfolio, which were mostly offset by improvement in the econo mic forecast which included adjustments for the estimated impact of currently enacted government stimulus plans, as well as reserve releases from loan dispositions. Provision for credit losses of $ 344.0 million for the nine months ended September 30, 2020, resulted in the building of the ACL required under CECL primarily as a result of deterioration in the economic environment due to the impact of COVID-19.
Our modeling process incorporates quantitative and qualitative considerations that are used to inform CECL estimates. The internally developed economic forecast used to determine the ACL as of September 30, 2020 was approved late in the third quarter of 2020 pursuant to Synovus' economic forecasting governance processes. The modeling assumptions for the third quarter of 2020 included adjustments for the estimated impact of currently enacted government stimulus plans and an unemployment rate ending the 2020 year around 8 % before declining modestly in 2021. This, along with credit migration and other loan portfolio activity, resulted in an increase of the ACL to loans coverage ratio during the quarter of 5 bps to 1.68 %, or 1.80 % excluding PPP loans, at September 30, 2020.
Significant economic uncertainty remains as a result of the continuing COVID-19 crisis, and th e trajectory of the economic recovery including any additional government stimulus plans will impact subsequent period CECL reserves.

21


TDRs
Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the discussion below. See "Part I-Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation" in this Report for more information on Synovus' loan modifications due to COVID-19. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three and nine months ended September 30, 2020 and 2019 that were reported as accruing or non-accruing TDRs.
TDRs by Concession Type
Three Months Ended September 30, 2020
(in thousands, except contract data) Number of Contracts Below Market Interest Rate
Other Concessions (1)
Total
Commercial, financial and agricultural 42 $ 3,335 $ 670 $ 4,005
Owner-occupied 7 1,753 — 1,753
Total commercial and industrial 49 5,088 670 5,758
Investment properties 2 294 93 387
1-4 family properties 5 74 114 188
Land and development 1 40 — 40
Total commercial real estate 8 408 207 615
Consumer mortgages 3 496 23 519
Home equity lines 17 471 648 1,119
Other consumer loans 3 48 85 133
Total consumer 23 1,015 756 1,771
Total TDRs 80 $ 6,511 $ 1,633 $ 8,144
(2)
Three Months Ended September 30, 2019
(in thousands, except contract data) Number of Contracts Below Market Interest Rate
Other Concessions (1)
Total
Commercial, financial and agricultural 27 $ 2,577 $ 1,917 $ 4,494
Owner-occupied 7 2,822 861 3,683
Total commercial and industrial 34 5,399 2,778 8,177
Investment properties 4 385 — 385
1-4 family properties 4 766 — 766
Land and development 1 473 — 473
Total commercial real estate 9 1,624 — 1,624
Consumer mortgages 10 1,008 118 1,126
Home equity lines 25 364 1,635 1,999
Other consumer loans 27 473 1,222 1,695
Total consumer 62 1,845 2,975 4,820
Total TDRs 105 $ 8,868 $ 5,753 $ 14,621
(3)
(1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the three months ending September 30, 2020 and 2019.
(2) No net charge-offs were recorded during the three months ended September 30, 2020 .
(3) No net charge-offs were recorded during the three months ended September 30, 2019 .


22

Nine Months Ended September 30, 2020
(in thousands, except contract data) Number of Contracts Below Market Interest Rate
Other Concessions (1)
Total
Commercial, financial and agricultural 118 $ 8,562 $ 4,681 $ 13,243
Owner-occupied 19 3,573 1,530 5,103
Total commercial and industrial 137 12,135 6,211 18,346
Investment properties 6 28,963 93 29,056
1-4 family properties 15 867 1,105 1,972
Land and development 3 581 — 581
Total commercial real estate 24 30,411 1,198 31,609
Consumer mortgages 19 1,568 2,589 4,157
Home equity lines 50 926 2,530 3,456
Other consumer loans 50 145 2,779 2,924
Total consumer 119 2,639 7,898 10,537
Total TDRs 280 $ 45,185 $ 15,307 $ 60,492
(2)
Nine Months Ended September 30, 2019
(in thousands, except contract data) Number of Contracts Below Market Interest Rate
Other Concessions (1)
Total
Commercial, financial and agricultural 61 $ 5,703 $ 4,404 $ 10,107
Owner-occupied 13 4,854 861 5,715
Total commercial and industrial 74 10,557 5,265 15,822
Investment properties 6 1,048 — 1,048
1-4 family properties 14 2,072 — 2,072
Land and development 3 641 — 641
Total commercial real estate 23 3,761 — 3,761
Consumer mortgages 15 1,245 1,332 2,577
Home equity lines 50 2,686 1,740 4,426
Other consumer loans 79 1,167 3,599 4,766
Total consumer 144 5,098 6,671 11,769
Total TDRs 241 $ 19,416 $ 11,936 $ 31,352
(3)
(1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the nine months ending September 30, 2020 and 2019.
(2) No net charge-offs were recorded during the nine months ended September 30, 2020 .
(3) No net charge-offs were recorded during the nine months ended September 30, 2019 .
For the three and nine months ended September 30, 2020 there was one default with a recorded investment of $ 21 thousand and five defaults with a recorded investment of $ 666 thousand, respectively, on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments) compared to three defaults with a recorded investment of $ 321 thousand and four defaults with a recorded investment of $ 326 thousand for the three and nine months ended September 30, 2019, respectively. As of September 30, 2020 and December 31, 2019, there were no commitments to lend a material amount of additional funds to any customer whose loan was classified as a TDR.
23


Note 5 - Goodwill and Other Intangible Assets
Goodwill allocated to each reporting unit at September 30, 2020 and December 31, 2019 is presented as follows (the FMS reportable segment includes two reporting units of Consumer Mortgage and Wealth Management):
(in thousands) Community Banking Reporting Unit Wholesale Banking Reporting Unit Consumer Mortgage Reporting Unit Wealth Management Reporting Unit Total
Balance as of December 31, 2019 $ 256,323 $ 171,636 $ 44,877 $ 24,431 $ 497,267
Goodwill impairment — — ( 44,877 ) — ( 44,877 )
Balance as of September 30, 2020 $ 256,323 $ 171,636 $ — $ 24,431 $ 452,390
Goodwill is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). Synovus conducted a goodwill impairment assessment as of December 31, 2019, following Synovus' reorganization, applying ASC 350-20-35-3A Goodwill Subsequent Measurement - Qualitative Assessment Approach and concluded that goodwill was not impaired. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 19 -Segment Reporting" to the consolidated financial statements of Synovus' 2019 Form 10-K for information on Synovus' reorganization during 2019.
During 2020, Synovus performed interim goodwill impairment tests as of September 30, 2020, June 30, 2020 and March 31, 2020 based on quarterly assessments of triggering events that included Synovus' stock price trading below book value, an extremely low interest rate environment, as well as general recessionary economic conditions caused by the COVID-19 pandemic. Quantitative assessments of goodwill impairment include determining the estimated fair value of each reporting unit, utilizing a combination of discounted cash flow and market-based approaches, and comparing that fair value to each reporting unit's carrying amount. The discounted cash flow method included updated internal forecasts, long-term profitability targets, growth rates and discount rates. The market approach was based on a comparison of certain financial metrics of Synovus' reporting units to guideline public company peers. The income-based discounted cash flow approach was more heavily weighted ( 60 %) than the market-based approach ( 40 %) due to significant volatility in the market since the pandemic was declared a National Emergency.
Based on the assessment performed at September 30, 2020, Synovus recognized a $ 44.9 million goodwill impairment charge representing all goodwill allocated to the Consumer Mortgage reporting unit, while the fair values of the Community Banking, Wholesale Banking and Wealth Management reporting units continued to exceed the respective carrying values. The projected cash flows of the Consumer Mortgage reporting unit declined from the prior period valuations due to significant mortgage refinance activity at record-low mortgage rates and the FOMC's updated guidance in the third quarter of 2020 regarding inflation targeting and their expectations for interest rates to remain low for an extended period of time. The primarily fixed rate, longer duration nature of Synovus’ mortgage portfolio especially impacted the Consumer Mortgage reporting unit. In addition, the excess of fair value over the carrying amount for the Community Banking and Wholesale Banking reporting units was less than 10 % at September 30, 2020.
Due to the high degree of subjectivity i nvolved in estimating the fair value of Synovus' reporting units, a decline in Synovus' expected future cash flows or estimated growth rates due to further deterioration in the economic environment, or continued market capitalization of Synovus below book value, could result in an additional goodwill impairment charge that is material to Synovus' results from operations, but would not materially impact our financial condition .
The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of September 30, 2020 and December 31, 2019, which primarily consist of core deposit intangible assets acquired in the FCB acquisition. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the three and nine months ended September 30, 2020 was $ 2.6 million and $ 7.9 million, respectively. Aggregate other intangible assets amortization for the three and nine months ended September 30, 2019 was $ 2.9 million and $ 8.7 million, respectively.
24

(in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value
September 30, 2020
CDI $ 57,400 $ ( 17,481 ) $ 39,919
Other 12,500 ( 4,667 ) 7,833
Total other intangible assets $ 69,900 $ ( 22,148 ) $ 47,752
December 31, 2019
CDI $ 57,400 $ ( 10,436 ) $ 46,964
Other 12,500 ( 3,793 ) 8,707
Total other intangible assets $ 69,900 $ ( 14,229 ) $ 55,671

Note 6 - Shareholders' Equity and Other Comprehensive Income (Loss)
Repurchases of Common Stock
During the three months ended September 30, 2020, Synovus did not repurchase any shares of its common stock. During the nine months ended September 30, 2020, Synovus repurchased $ 16.2 million, or 450 thousand shares of its common stock, at an average price of $ 36.08 per share, under the share repurchase program announced on January 24, 2020.
Dividends
The following table presents dividends declared related to common stock. For information related to preferred stock dividends, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 10 - Shareholders' Equity and Other Comprehensive Income" to the consolidated financial statements of Synovus' 2019 Form 10-K.
Three Months Ended September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Cash dividends declared per share $ 0.33 $ 0.30 $ 0.99 $ 0.90

Equity-Based Compensation Plans
The following tables summarize the status of Synovus' stock options, restricted share units, market restricted share units, and performance share units as of September 30, 2020 and activity for the nine months ended September 30, 2020.
Stock Options
(in thousands, except per share amounts) Quantity Weighted-Average Exercise Price Per Share
Outstanding at January 1, 2020 3,037 $ 22.74
Exercised ( 239 ) 28.28
Expired/canceled ( 64 ) 29.75
Outstanding at September 30, 2020 2,734 $ 22.09

25

RSUs, MRSUs, and PSUs
(in thousands, except per share amounts) Quantity Weighted-Average Grant Date Fair Value Per Share
Non-vested at January 1, 2020 1,312 $ 39.28
Granted 893 32.91
Quantity change based on TSR and performance factors 44 35.11
Dividend equivalents granted 56 33.50
Vested ( 590 ) 38.85
Forfeited ( 58 ) 36.22
Non-vested at September 30, 2020 1,657 $ 35.80
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2020 and 2019.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)
Net unrealized gains (losses) on investment securities available for sale (1)
Net unrealized gains (losses) on cash flow hedges (1)
Post-retirement unfunded health benefit Total
Balance, July 1, 2020 $ 134,245 $ 68,263 $ 462 $ 202,970
Other comprehensive income (loss) before reclassifications ( 21,806 ) ( 6,635 ) — ( 28,441 )
Amounts reclassified from AOCI 1,149 ( 764 ) — 385
Net current period other comprehensive income (loss) ( 20,657 ) ( 7,399 ) — ( 28,056 )
Balance at September 30, 2020 $ 113,588 $ 60,864 $ 462 $ 174,914
Balance, July 1, 2019 $ 60,586 $ ( 12,137 ) $ 840 $ 49,289
Other comprehensive income (loss) before reclassifications 25,133 ( 876 ) ( 378 ) 23,879
Amounts reclassified from AOCI 2,765 — — 2,765
Net current period other comprehensive income (loss) 27,898 ( 876 ) ( 378 ) 26,644
Balance at September 30, 2019 $ 88,484 $ ( 13,013 ) $ 462 $ 75,933
Balance, January 1, 2020 $ 83,666 $ ( 18,487 ) $ 462 $ 65,641
Other comprehensive income (loss) before reclassifications 86,678 80,404 — 167,082
Amounts reclassified from AOCI ( 56,756 ) ( 1,053 ) — ( 57,809 )
Net current period other comprehensive income (loss) 29,922 79,351 — 109,273
Balance at September 30, 2020 $ 113,588 $ 60,864 $ 462 $ 174,914
Balance, January 1, 2019 $ ( 83,179 ) $ ( 12,137 ) $ 896 $ ( 94,420 )
Other comprehensive income (loss) before reclassifications 167,586 ( 876 ) ( 378 ) 166,332
Amounts reclassified from AOCI 4,077 — ( 56 ) 4,021
Net current period other comprehensive income (loss) 171,663 ( 876 ) ( 434 ) 170,353
Balance at September 30, 2019 $ 88,484 $ ( 13,013 ) $ 462 $ 75,933
(1) For all periods presented, the ending balance in net unrealized gains (losses) on cash flow hedges and investment securities available for sale includes unrealized losses of $ 12.1 million and $ 13.3 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.
26

Note 7 - Fair Value Accounting
Fair value accounting guidance defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability (an "exit price") in the principal or most advantageous market available to the entity in an orderly transaction between market participants, on the measurement date. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2019 Form 10-K for a description of how fair value measurements are determined.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present all financial instruments measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019.
September 30, 2020
(in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Mortgage-backed securities issued by U.S. Government agencies $ — $ 18 $ — $ 18
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 604 — 604
Other mortgage-backed securities — 673 — 673
State and municipal securities — 579 — 579
Asset-backed securities — 2,497 — 2,497
Total trading securities $ — $ 4,371 $ — $ 4,371
Investment securities available for sale:
U.S. Treasury securities $ 20,254 $ — $ — $ 20,254
U.S. Government agency securities — 156,614 — 156,614
Mortgage-backed securities issued by U.S. Government agencies — 1,129,392 — 1,129,392
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 4,540,386 — 4,540,386
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,345,284 — 1,345,284
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 354,157 — 354,157
State and municipal securities — 501 — 501
Corporate debt securities and other debt securities — 18,137 1,800 19,937
Total investment securities available for sale $ 20,254 $ 7,544,471 $ 1,800 $ 7,566,525
Mortgage loans held for sale — 285,899 — 285,899
Private equity investments — — 958 958
Mutual funds and mutual funds held in rabbi trusts 35,174 — — 35,174
GGL/SBA loans servicing asset — — 3,100 3,100
Derivative assets — 463,028 — 463,028
Liabilities
Earnout liability $ — $ — $ 15,924 $ 15,924
Derivative liabilities — 178,508 1,460 179,968
27

December 31, 2019
(in thousands) Level 1 Level 2 Level 3 Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises $ — $ 2,486 $ — $ 2,486
Other mortgage-backed securities — 1,284 — 1,284
State and municipal securities — 65 — 65
Asset-backed securities — 3,227 — 3,227
Other investments — 150 — 150
Total trading securities $ — $ 7,212 $ — $ 7,212
Investment securities available for sale:
U.S. Treasury securities $ 19,855 $ — $ — $ 19,855
U.S. Government agency securities — 36,541 — 36,541
Mortgage-backed securities issued by U.S. Government agencies — 56,816 — 56,816
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 5,180,815 — 5,180,815
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 636,851 — 636,851
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises — 371,592 — 371,592
State and municipal securities — 2,075 — 2,075
Asset-backed securities — 327,400 — 327,400
Corporate debt securities and other debt securities — 144,620 2,105 146,725
Total investment securities available for sale $ 19,855 $ 6,756,710 $ 2,105 $ 6,778,670
Mortgage loans held for sale — 115,173 — 115,173
Private equity investments 15,502 — 3,887 19,389
Mutual funds and mutual funds held in rabbi trusts 32,348 — — 32,348
GGL/SBA loans servicing asset — — 3,040 3,040
Derivative assets — 140,016 — 140,016
Liabilities
Trading liability for short positions $ 1,560 $ — $ — $ 1,560
Earnout liability — — 11,016 11,016
Derivative liabilities — 34,732 2,339 37,071
Fair Value Option
Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program.
The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk.
Mortgage Loans Held for Sale
(in thousands) As of September 30, 2020 As of December 31, 2019
Fair value $ 285,899 $ 115,173
Unpaid principal balance 276,709 112,218
Fair value less aggregate unpaid principal balance $ 9,190 $ 2,955

28

Changes in Fair Value Included in Net Income
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2020 2019 2020 2019
Mortgage loans held for sale $ 251 $ 892 $ 6,235 $ 1,593
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
During the three and nine months ended September 30, 2020 , Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. During t he nine months ended September 30, 2019, Synovus had transfers out of Level 3 into Level 1 in the fair value hierarchy as certain funds within private equity investments became public with traded securities.
Three Months Ended September 30, 2020
(in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA
Loans Servicing Asset 		Earnout
Liability 		Visa Derivative
Beginning balance, July 1, 2020 $ 1,662 $ 698 $ 3,019 $ ( 15,924 ) $ ( 1,755 )
Total gains (losses) realized/unrealized:
Included in earnings — 260 ( 187 ) — —
Unrealized gains (losses) included in OCI 138 — — — —
Additions — — 268 — —
Settlements — — — — 295
Ending balance, September 30, 2020 $ 1,800 $ 958 $ 3,100 $ ( 15,924 ) $ ( 1,460 )
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 $ — $ 260 $ — $ — $ —
Three Months Ended September 30, 2019
(in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA
Loans Servicing Asset 		Earnout
Liability 		Visa Derivative
Beginning balance, July 1, 2019 $ 2,017 $ 13,341 $ 3,326 $ ( 14,353 ) $ ( 1,049 )
Total gains (losses) realized/unrealized:
Included in earnings — 1,194 ( 298 ) ( 10,457 ) ( 2,500 )
Unrealized gains (losses) included in OCI ( 26 ) — — — —
Additions — — 322 — —
Settlements — ( 3,246 ) — — 214
Ending balance, September 30, 2019 $ 1,991 $ 11,289 $ 3,350 $ ( 24,810 ) $ ( 3,335 )
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2019 $ — $ 777 $ — $ ( 10,457 ) $ ( 2,500 )
29

Nine Months Ended September 30, 2020
(in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA
Loans Servicing Asset 		Earnout
Liability 		Visa Derivative
Beginning balance, January 1, 2020 $ 2,105 $ 3,887 $ 3,040 $ ( 11,016 ) $ ( 2,339 )
Total gains (losses) realized/unrealized:
Included in earnings ( 2,929 ) ( 742 ) ( 4,908 ) —
Unrealized gains (losses) included in OCI ( 305 ) — — — —
Additions — — 802 — —
Settlements — — — — 879
Ending balance, September 30, 2020 $ 1,800 $ 958 $ 3,100 $ ( 15,924 ) $ ( 1,460 )
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 $ — $ ( 2,929 ) $ — $ ( 4,908 ) $ —
Nine Months Ended September 30, 2019
(in thousands) Investment Securities Available for Sale Private Equity Investments GGL / SBA
Loans Servicing Asset 		Earnout
Liability 		Visa Derivative
Beginning balance, January 1, 2019 $ 1,785 $ 11,028 $ 3,729 $ ( 14,353 ) $ ( 1,673 )
Total (losses) gains realized/unrealized:
Included in earnings — 3,507 ( 1,091 ) ( 10,457 ) ( 2,500 )
Unrealized gains (losses) included in OCI 206 — — — —
Additions — — 712 — —
Settlements — ( 3,246 ) — — 838
Ending balance, September 30, 2019 $ 1,991 $ 11,289 $ 3,350 $ ( 24,810 ) $ ( 3,335 )
Total net gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held at September 30, 2019 $ — $ 3,090 $ — $ ( 10,457 ) $ ( 2,500 )

30

The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a recurring basis. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments.

September 30, 2020
(dollars in thousands) Valuation Technique Significant Unobservable Input Level 3 Fair Value Rate/Range
Assets measured at fair value on a recurring basis
Investment Securities Available for Sale -
Corporate debt and other debt securities - trust preferred security 		Discounted cash flow analysis Discount rate
Forecasted average Prime reset rate 		$ 1,800
5.83 % 3.79 %
Private equity investments Individual analysis of each investee company Multiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies $ 958 N/A
GGL/SBA loans servicing asset Discounted cash flow analysis Discount rate
Prepayment speeds 		$ 3,100
9.68 % 19.20 %
Earnout liability Option pricing methods and Monte Carlo simulation Financial projections of Global One $ 15,924 N/A
Visa derivative liability Discounted cash flow analysis Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation $ 1,460
0- 1.2 years
(4Q 2021)
Assets Measured at Fair Value on a Non-recurring Basis
Certain assets are required to be measured at fair value on a nonrecurring basis subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment.
September 30, 2020 December 31, 2019
(in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Loans (1)
$ — $ — $ 27,440 $ 27,440 $ — $ — $ 1,461 $ 1,461
Other real estate — — 1,750 1,750 — — 8,023 8,023
MPS receivable — — 17,915 17,915 — — 21,437 21,437
Other assets held for sale — — 1,634 1,634 — — 1,238 1,238
(1) Collateral-dependent loans that were written down to fair value of collateral.
ORE properties are included in other assets on the consolidated balance sheets. The carrying value of ORE at September 30, 2020 and December 31, 2019 was $ 5.4 million and $ 14.4 million, respectively.
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The following table presents fair value adjustments recognized in earnings for the three and nine months ended September 30, 2020 and 2019 for assets measured at fair value on a non-recurring basis still held at period-end.
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2020 2019 2020 2019
Loans (1)
$ 5,661 $ 4,170 $ 20,412 $ 4,718
Other real estate 107 74 138 569
MPS receivable — — 2,663 —
Other assets held for sale — — 2,120 91
(1) Collateral-dependent loans that were written down to fair value of collateral.
The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a non-recurring basis.

September 30, 2020
Valuation Technique Significant Unobservable Input
Range
(Weighted Average) (1)
Assets measured at fair value on a non-recurring basis
Loans Third-party appraised value of collateral less estimated selling costs Discount to appraised value
Estimated selling costs
0 %- 36 % ( 28 %) 0 %- 10 % ( 7 %)
Other real estate Third-party appraised value of real estate less estimated selling costs Discount to appraised value
Estimated selling costs
0 %- 20 % ( 10 %) 0 %- 10 % ( 7 %)
MPS receivable (2)
Third-party appraised value of business less estimated selling costs Discount to appraised value
Estimated selling costs 		N/A
Other assets held for sale Third-party appraised value less estimated selling costs or BOV Discount to appraised value
Estimated selling costs
0 %- 66 % ( 53 %) 0 %- 10 % ( 7 %)
(1) The weighted average is the measure of central tendencies; it is not the value that management is using for the asset or liability.
(2) See "Part I - Item 1. Notes to Unaudited Interim Financial Statements - Note 10 - Commitments and Contingencies" of this Report for more information on this receivable which was classified as a NPA at September 30, 2020 and December 31, 2019.
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Fair Value of Financial Instruments
The following tables present the carrying and estimated fair values of financial instruments at September 30, 2020 and December 31, 2019. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2019 Form 10-K for a description of how fair value measurements are determined.
September 30, 2020
(in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3
Financial assets
Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,985,363 $ 1,985,363 $ 1,985,363 $ — $ —
Trading securities 4,371 4,371 — 4,371 —
Investment securities available for sale 7,566,525 7,566,525 20,254 7,544,471 1,800
Loans held for sale 745,160 744,615 — 285,899 458,716
Private equity investments 958 958 — — 958
Mutual funds and mutual funds held in rabbi trusts 35,174 35,174 35,174 — —
Loans, net 38,946,047 38,923,265 — — 38,923,265
GGL/SBA loans servicing asset 3,100 3,100 — — 3,100
Derivative assets 463,028 463,028 — 463,028 —
Financial liabilities
Non-interest-bearing deposits $ 13,075,081 $ 13,075,081 $ — $ 13,075,081 $ —
Non-time interest-bearing deposits 24,831,480 24,831,480 — 24,831,480 —
Time deposits 6,759,343 6,797,139 — 6,797,139 —
Total deposits $ 44,665,904 $ 44,703,700 $ — $ 44,703,700 $ —
Federal funds purchased and securities sold under repurchase agreements 202,344 202,344 202,344 — —
Other short-term borrowings 400,000 400,000 — 400,000 —
Long-term debt 1,628,385 1,687,448 — 1,687,448 —
Earnout liability 15,924 15,924 — — 15,924
Derivative liabilities 179,968 179,968 — 178,508 1,460
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December 31, 2019
(in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3
Financial assets
Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 1,186,918 $ 1,186,918 $ 1,186,918 $ — $ —
Trading securities 7,212 7,212 — 7,212 —
Investment securities available for sale 6,778,670 6,778,670 19,855 6,756,710 2,105
Mortgage loans held for sale 115,173 115,173 — 115,173 —
Private equity investments 19,389 19,389 15,502 — 3,887
Mutual funds and mutual funds held in rabbi trusts 32,348 32,348 32,348 — —
Loans, net 36,881,048 36,931,256 — — 36,931,256
GGL/SBA loans servicing asset 3,040 3,040 — — 3,040
Derivative assets 140,016 140,016 — 140,016 —
Financial liabilities
Non-interest-bearing deposits $ 9,439,485 $ 9,439,485 $ — $ 9,439,485 $ —
Non-time interest-bearing deposits 19,891,711 19,891,711 — 19,891,711 —
Time deposits 9,074,308 9,112,459 — 9,112,459 —
Total deposits $ 38,405,504 $ 38,443,655 $ — $ 38,443,655 $ —
Federal funds purchased and securities sold under repurchase agreements 165,690 165,690 165,690 — —
Trading liability for short positions 1,560 1,560 1,560 — —
Other short-term borrowings 1,752,000 1,752,000 — 1,752,000 —
Long-term debt 2,153,897 2,185,717 — 2,185,717 —
Earnout liability 11,016 11,016 — — 11,016
Derivative liabilities 37,071 37,071 — 34,732 2,339
Note 8 - Derivative Instruments and Hedging Activities
Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk, exposures related to liquidity and credit risk, and to facilitate customer transactions. The primary types of derivative instruments utilized by Synovus consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan customers, commitments to sell fixed-rate mortgage loans, and foreign currency exchange forwards. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. Synovus is party to master netting arrangements with its dealer counterparties; however, Synovus does not offset assets and liabilities under these arrangements for financial statement presentation purposes. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2019 Form 10-K for additional information regarding accounting policies for derivatives.
Hedging Derivatives
Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. Synovus has entered into interest rate swap contracts to manage overall cash flow changes related to interest rate risk exposure on index-based variable rate commercial loans. The contracts effectively modify Synovus' exposure to interest rate risk by utilizing receive fixed/pay index-based variable rate interest rate swaps.
For cash f low hedges, the effective portion of the gain or loss related to the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnin gs or when the hedge is terminated and included in the same income statement line item as the earnings effect of the hedged item .
Synovus recorded an unrealized gain of $ 9.8 million, or $ 7.3 million, after-tax, in OCI, during the first quarter of 2020, related to terminated cash flow hedges, which is being recognized into earnings in conjunction with the effective terms of the original swaps through the third quarter of 2025. Synovus recognized pre-tax income of $ 1.0 million and $ 1.4 million, respectively, during the three and nine months ended September 30, 2020 related to t he amortization o f terminated cash flow hedges.
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As of September 30, 2020, Synovus expects to reclassify approximately $ 40 million of pre-tax gains from AOCI into interest income on cash flow hedges over the next twelve months. Included in this amount is approximately $ 5 million in pre-tax gains related to the terminated cash flow hedges. As of September 30, 2020, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the first quarter of 2024.
For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.
Counterparty Credit Risk and Collateral
Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information, evaluating other market indicators, and periodically reviewing detailed financials. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus s eeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the customer swap portfolio, which management deems to be of higher risk than dealer counterparties. Collateral is secured at origination and credit related fair value adjustments are recorded against the asset value of the derivative as deemed necessary based upon an analysis, which includes consideration of the current asset value of the swap, customer risk rating, collateral value, and customer standing with regards to its swap contractual obligations and other related matters. Such asset values fluctuate based upon changes in interest rates regardless of changes in notional amounts and changes in customer specific risk.
Collateral Requirements
Pursuant to the Dodd-Frank Act, certain derivative transactions have collateral requirements, both at the inception of the trade and as the value of each derivative position changes. As of September 30, 2020 and December 31, 2019, collateral totaling $ 159.8 million and $ 84.6 million, respectively, was pledged to the derivative counterparties to comply with collateral requirements. For derivatives cleared through central clearing houses, the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts in the consolidated balance sheets and related disclosures. At September 30, 2020 and December 31, 2019, Synovus had a variation margin of $ 187.0 million and $ 113.7 million respectively, each reducing the derivative liability.

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The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets. Beginning on October 19, 2020, CME Group Inc. transitioned price alignment and discounting for swap futures from the daily EFFR to the SOFR. This change will not have a material impact on Synovus' financial statements.
September 30, 2020 December 31, 2019
Fair Value Fair Value
(in thousands) Notional Amount
Derivative Assets (1)
Derivative Liabilities (2)
Notional Amount
Derivative Assets (1)
Derivative Liabilities (2)
Derivatives in cash flow hedging relationships:
Interest rate contracts $ 2,750,000 $ 90,116 $ — $ 2,000,000 $ 54 $ 8,624
Total derivatives designated as hedging instruments $ 90,116 $ — $ 54 $ 8,624
Derivatives not designated
as hedging instruments:
Interest rate contracts (3)
$ 8,761,038 $ 362,700 $ 176,338 $ 7,258,159 $ 138,672 $ 25,849
Mortgage derivatives - interest rate lock commitments 451,953 10,212 — 70,481 1,290 —
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 492,500 — 1,793 107,000 — 168
Other contracts (4)
186,074 — 377 145,764 — 91
Visa derivative — — 1,460 — — 2,339
Total derivatives not designated as hedging instruments $ 372,912 $ 179,968 $ 139,962 $ 28,447
(1) Derivative assets are recorded in other assets on the consolidated balance sheets.
(2) Derivative liabilities are recorded in other liabilities on the consolidated balance sheets.
(3) Includes interest rate contracts for customer swaps and offsetting positions, net of variation margin payments.
(4) Includes risk participation agreements sold. Additionally, the notional amount of risk participation agreements purchased was $ 2.7 million and $ 3.0 million at September 30, 2020 and December 31, 2019, respectively.
Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial customers to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract. The notional amount of foreign currency exchange forwards was $ 25.1 million and $ 32.9 million at September 30, 2020 and December 31, 2019, respectively. The fair value of foreign currency exchange forwards was negligible at September 30, 2020 and December 31, 2019 due to the very short duration of these contracts.
The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the three and nine months ended September 30, 2020 and 2019 .
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2020 2019 2020 2019
Total amounts presented in the consolidated statements of income in interest income on loans $ 8,509 $ — $ 13,595 $ —
Gain/loss on cash flow hedging relationships: (1)
Interest rate swaps:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 1,031 — 1,421 —
Pre-tax income recognized on cash flow hedges $ 1,031 $ — $ 1,421 $ —
(1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 6 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for additional information.

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The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the three and nine months ended September 30, 2020 and 2019 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands)
Location in Consolidated Statements of Income
2020 2019 2020 2019
Derivatives not designated as hedging instruments:
Interest rate contracts (1)
Capital markets income $ 176 $ 549 $ 225 $ 640
Other contracts (2)
Capital markets income 47 ( 144 ) ( 286 ) ( 144 )
Mortgage derivatives - interest rate lock commitments Mortgage banking income 2,532 22 8,922 970
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income ( 396 ) 642 ( 1,624 ) 413
Visa derivative Other non-interest expense — ( 2,500 ) — ( 2,500 )
Total derivatives not designated as hedging instruments
$ 2,359 $ ( 1,431 ) $ 7,237 $ ( 621 )
(1) Additionally, losses related to termination of customer swaps of $ 2.5 million were recorded in other non-interest expense during the first quarter of 2020.
(2) Includes risk participation agreements sold.
Note 9 - Net Income Per Common Share
The following table displays a reconciliation of the information used in calculating basic and diluted earnings per common share for the three and nine months ended September 30, 2020 and 2019.
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands, except per share data) 2020 2019 2020 2019
Basic Net Income Per Common Share:
Net income available to common shareholders $ 83,283 $ 127,435 $ 198,414 $ 397,505
Weighted average common shares outstanding 147,314 152,238 147,304 156,819
Net income per common share, basic $ 0.57 $ 0.84 $ 1.35 $ 2.53
Diluted Net Income Per Common Share:
Net income available to common shareholders $ 83,283 $ 127,435 $ 198,414 $ 397,505
Weighted average common shares outstanding 147,314 152,238 147,304 156,819
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments 662 1,805 733 1,776
Weighted average diluted common shares 147,976 154,043 148,037 158,595
Net income per common share, diluted $ 0.56 $ 0.83 $ 1.34 $ 2.51
Basic net income per common share is computed by dividing net income available to common shareholders by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding stock options, restricted share units, and warrants is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.
As of September 30, 2020 and 2019, there were 758 thousand and 40 thousand, respectively, potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding during these quarters. Potentially dilutive shares are not included in the computation of diluted net income per common share because the effect would be anti-dilutive.
Note 10 - Commitments and Contingencies
In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its customers. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instrumen ts. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed
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expiration dates or other termination clauses and may require payment of a fee. Synovus also has commitments to fund certain low-income housing investments, solar energy, and CRA investments.
The contractual amount of these financial instruments represents Synovus' maximum credit risk should the counterparty draw upon the commitment, and should the counterparty subsequently fail to perform according to the terms of the contract. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Additionally, certain commitments (primarily consumer) can generally be canceled by providing notice to the borrower.
The ACL associated with unfunded commitments and letters of credit is recorded within other liabilities on the consolidated balance sheets. Upon adoption of CECL on January 1, 2020, Synovus recorded $ 27.4 million in unfunded commitment reserves due to the consideration under CECL of expected utilization over the life of such commitments. At September 30, 2020, the ACL for unfunded commitments was $ 60.8 million, including the impact of CECL and COVID-19, compared to a reserve of $ 1.4 million at December 31, 2019. Additionally, an immaterial amount of unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets. See "Part I-Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation" in this Report for more information on Synovus' adoption of CECL.
Synovus invests in certain LIHTC partnerships which are engaged in the development and operation of affordable multi-family housing pursuant to Section 42 of the Code. Additionally, Synovus invests in certain solar energy tax credit partnerships pursuant to Section 48 of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. For certain of its LIHTC investments, Synovus provides financing during the construction and development of the properties and is at risk for the funded amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan, but has no obligation to fund the operations or working capital of the partnerships and is not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments which are subject to recapture by taxing authorities based on compliance provisions required to be met at the project level.
Synovus also invests in certain other CRA partnerships including SBIC programs. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans.
(in thousands) September 30, 2020 December 31, 2019
Letters of credit*
$ 177,000 $ 202,614
Commitments to fund commercial and industrial loans 7,990,189 7,018,152
Commitments to fund commercial real estate, construction, and land development loans 2,891,857 3,032,252
Commitments under home equity lines of credit 1,588,844 1,501,452
Unused credit card lines 984,636 877,929
Other loan commitments 458,509 485,371
Total letters of credit and unfunded lending commitments $ 14,091,035 $ 13,117,770

Investments in low income housing, solar energy tax credit and other CRA partnerships:
Carrying amount included in other assets $ 214,615 $ 146,612
Amount of future funding commitments included in carrying amount 124,866 78,266
Permanent and short-term construction loans and letter of credit commitments 52,686 2,124
Funded portion of permanent and short-term loans and letters of credit 5,194 3,196
*    Represent the contractual amount net of risk participations purchased of approximately $ 31 million and $ 33 million at September 30, 2020 and December 31, 2019, respectively.
Merchant Services
In accordance with credit and debit card association rules, Synovus provides merchant processing services for customers. Prior to the second quarter of 2020, these services were provided through a referral relationship which was replaced during the second quarter of 2020 with a new contractual arrangement under which certain sales and processing support are provided through an outside merchant services provider with Synovus owning the merchant contract relationship. In addition, Synovus sponsors various third-party MPS businesses that process credit and debit card transactions on behalf of merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the MPS, which is primarily liable for any losses on covered transactions. However, if a sponsored MPS fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements
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with the MPS and the merchants by withholding future settlements, retaining cash reserve accounts and/or obtaining other security. For the three and nine months ended September 30, 2020, Synovus and the sponsored entities processed and settled $ 20.23 billion and $ 55.47 billion of transactions, respectively. For the three and nine months ended September 30, 2019, the sponsored entities processed and settled $ 19.13 billion and $ 55.72 billion of transactions, respectively.
Synovus covered chargebacks related to a particular sponsored MPS during 2019 and 2018 where the MPS’s cash reserve account was unavailable to support the chargebacks. As of September 30, 2020, the remaining amount due to Synovus from the MPS is $ 20.6 million, compared to $ 21.4 million at December 31, 2019. During the first quarter of 2020, Synovus recorded a $ 2.7 million reserve in other operating expenses associated with the chargebacks, reflecting the amount that Synovus does not expect to collect. The net balance of $ 17.9 million at September 30, 2020 is included in other assets and classified in NPAs. While Synovus has contractual protections to mitigate against loss, repayment of the amounts owed to Synovus will depend in large part upon the continued financial viability and/or valuation of the MPS and the availability of any cash reserve accounts.
Legal Proceedings
Synovus and its subsidiaries are subject to various legal proceedings, claims and disputes that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. Synovus, like many other financial institutions, has been the target of legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans, allegations of violations of state and federal laws and regulations relating to banking practices, and allegations related to Synovus' participation in government stimulus programs, including putative class action matters. In addition to actual damages, if Synovus does not prevail in such asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of assets, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur.
Synovus carefully examines and considers each legal matter, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate reserve. An event is considered to be probable if the future event is likely to occur. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of September 30, 2020 are adequate. The actual costs of resolving legal claims may be higher or lower than the amounts accrued.
In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, Synovus considers whether it is able to estimate the total reasonably possible loss or range of loss. An event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely.” An event is “remote” if “the chance of the future event or events occurring is more than slight but less than reasonably possible." In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation is from zero to $ 5 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to Synovus, and the actual losses could prove to be lower or higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations or financial condition for any particular period.
Synovus intends to vigorously pursue all available defenses to these legal matters, but will also consider other alternatives, including settlement, in situations where there is an opportunity to resolve such legal matters on terms that Synovus considers to be favorable, including in light of the continued expense and distraction of defending such legal matters. Synovus maintains insurance coverage, which may be available to cover legal fees, or potential losses that might be incurred in connection with such legal matters. The above-noted estimated range of reasonably possible losses does not take into consideration insurance coverage which may or may not be available for the respective legal matters.
Note 11 - Segment Reporting
Synovus' business segments are based on the products and services provided or the customers served, and as of the fourth quarter of 2019, reflect the manner in which financial information is evaluated by the chief operating decision makers. Prior to the fourth quarter of 2019, Synovus identified its overall banking operations as its only reportable segment. Synovus has three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS),
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with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other.
Business segment results are determined based upon Synovus' management reporting system, which assigns balance sheet and income statement items to each of the business segments. Certain assets, liabilities, revenues, and expenses not allocated or attributable to a particular business segment are included in Treasury and Corporate Other. Synovus's third-party lending partnership consumer loans and held for sale loans as well as PPP C&I loans are included in Treasury and Corporate Other. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unl ike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions.
The Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking. This segment primarily provides individual, small business, and corporate customers with an array of comprehensive banking products and services including commercial, home equity, and other consumer loans, credit and debit cards, and deposit accounts.
The Wholesale Banking business segment serves primarily larger corporate customers by providing commercial lending and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, and asset-based lending.
The FMS business segment serves its customers by providing mortgage and trust services and also specializing in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, asset management, and financial planning services, as well as the provision of individual investment advice on equity and other securities.
Synovus uses a centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury and Corporate Other function where it can be centrally monitored and managed. Treasury and Corporate Other charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities).
The following tables present c ertain financial information for each reportable business segment for the three and nine months ended September 30, 2020. During the three months ended September 30, 2020, Synovus recognized a $ 44.9 million non-cash goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit (which is included in the FMS reportable segment) driven by significant mortgage refinance activity at record-low mortgage rates and the FOMC's updated guidance in the third quarter of 2020 regarding inflation targeting and their expectations for interest rates to remain low for an extended period of time. To p rovide comparable prior year information, Synovus has included proforma business segment financial information for the three and nine months ended September 30, 2019 utilizing various allocation methodologies based on balance sheet and income statement items assigned to each business segment. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised.
Three Months Ended September 30, 2020
(in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Net interest income $ 220,426 $ 139,080 $ 20,986 $ ( 3,502 ) $ 376,990
Non-interest revenue 29,982 5,496 65,820 13,113 114,411
Non-interest expense 68,571 19,530 92,931 135,623 316,655
Pre-provision net revenue $ 181,837 $ 125,046 $ ( 6,125 ) $ ( 126,012 ) $ 174,746



Three Months Ended September 30, 2019 Proforma
(in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Net interest income $ 203,197 $ 133,773 $ 26,582 $ 38,545 $ 402,097
Non-interest revenue 35,145 7,092 40,966 5,557 88,760
Non-interest expense 76,414 25,413 40,413 134,070 276,310
Pre-provision net revenue $ 161,928 $ 115,452 $ 27,135 $ ( 89,968 ) $ 214,547

Nine Months Ended September 30, 2020
(in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Net interest income $ 638,311 $ 407,265 $ 56,600 $ 24,640 $ 1,126,816
Non-interest revenue 89,413 20,406 166,067 115,866 391,752
Non-interest expense 219,859 63,176 184,501 409,540 877,076
Pre-provision net revenue $ 507,865 $ 364,495 $ 38,166 $ ( 269,034 ) $ 641,492

Nine Months Ended September 30, 2019 Proforma
(in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Net interest income $ 625,450 $ 388,241 $ 86,425 $ 96,419 $ 1,196,535
Non-interest revenue 101,971 21,787 111,873 22,314 257,945
Non-interest expense 225,141 55,141 111,139 441,426 832,847
Pre-provision net revenue $ 502,280 $ 354,887 $ 87,159 $ ( 322,693 ) $ 621,633

September 30, 2020
(dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Total loans net of deferred fees and costs $ 11,489,106 $ 19,204,961 $ 5,412,944 $ 3,442,836 $ 39,549,847
Total deposits $ 28,870,928 $ 10,339,568 $ 414,243 $ 5,041,165 $ 44,665,904
Total full-time equivalent employees 2,200 285 843 1,904 5,232
December 31, 2019
(dollars in thousands) Community Banking Wholesale Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Total loans net of deferred fees and costs $ 12,170,914 $ 17,643,509 $ 5,285,455 $ 2,062,572 $ 37,162,450
Total deposits $ 25,610,777 $ 8,314,184 $ 284,716 $ 4,195,827 $ 38,405,504
Total full-time equivalent employees 2,301 213 839 1,911 5,264

Note 12 - Subsequent Events
Issuance of Subordinated Debt by Synovus Bank
On October 29, 2020, Synovus Bank issued $ 200.0 million aggregate principal amount of 4.000 % Fixed-to-Fixed Rate Subordinated Bank Notes due October 29, 2030 (the "Maturity Date"). Subject to any redemption prior to the Maturity Date, the Notes will bear interest from and including the original issue date to, but excluding, October 29, 2025 (the ‘‘Reset Date’’), at a fixed rate of 4.000 % per annum and from and including the Reset Date to, but excluding the Maturity Date, the Notes will


bear interest at a fixed rate that will be the Five-year U.S. Treasury Rate (as defined) as of the Reset Determination Date, plus 3.625 % per annum. Interest on the Notes will be payable semi-annually in arrears on April 29 and October 29 of each year, commencing on April 29, 2021. Synovus Bank may redeem the Notes, in whole but not in part, (i) at any time within 90 days following a Regulatory Capital Treatment Event or Tax Event (in each case as defined) or Synovus Bank becoming required to be registered as an investment company pursuant to the Investment Company Act of 1940, as amended, or (ii) on the Reset Date, in each case at a redemption price equal to 100 % of the principal amount of the Notes, plus accrued and unpaid interest, if any, to but excluding the redemption date. The Notes are not redeemable at the option or election of holders.
Voluntary Early Retirement Program
Synovus incurred approximately $ 14 million in one-time termination benefit restructuring charges in October 2020 associated with a voluntary early retirement program offered to employees as part of the Synovus Forward efficiency initiativ es.
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ITEM 2. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In this Report, the words “Synovus,” “the Company,” “we,” “us,” and “our” refer to Synovus Financial Corp. together with Synovus Bank and Synovus' other wholly-owned subsidiaries, except where the context requires otherwise.
FORWARD-LOOKING STATEMENTS
Certain statements made or incorporated by reference in this Report which are not statements of historical fact, including those under “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Report, constitute forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include statements with respect to Synovus' beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, many of which are beyond Synovus' control and which may cause Synovus' actual results, performance or achievements or the financial services industry or economy generally, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus' use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “predicts,” “could,” “should,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the financial services industry and economy in general. Forward-looking statements are based on the current beliefs and expectations of Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this document. Many of these factors are beyond Synovus' ability to control or predict. These factors include, but are not limited to:
(1) the risks and uncertainties related to the impact of the COVID-19 pandemic on our assets, business, capital and liquidity, financial condition, prospects and results of operations;

(2) the risk that the current and any further economic downturn and contraction could have a material adverse effect on our capital, liquidity, financial condition, credit quality, results of operations and future growth, including the risk that the current economic contraction could last much longer and be much more severe if efforts to contain the pandemic are unsuccessful and restrictions on movement last longer than currently anticipated;

(3) the risk that our asset quality may deteriorate, our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures, and the risk that we may be unable to obtain full payment in respect of any loan or other receivables;

(4) the impact of recent, proposed, or potential changes in governmental policy, laws and regulations, including recently enacted laws, regulations and guidance related to government stimulus programs related to the COVID-19 pandemic, proposed and potential changes in the regulation and taxation of banks and financial institutions, or the interpretation or application thereof and the uncertainty of future implementation and enforcement of these regulations;

(5) changes in the cost and availability of funding due to changes in the deposit market and credit market;

(6) the risks that if economic conditions worsen further or regulatory capital rules are modified, we may be required to undertake initiatives to improve our capital position;

(7) the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;

(8) changes in the interest rate environment, including changes to the federal funds rate to include a possible negative interest rate environment, and competition in our primary market area may result in increased funding costs or reduced earning assets yields, thus further reducing margins and net interest income;

(9) the risk that competition in the financial services industry may adversely affect our future earnings and growth;

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(10) the risk that we may not realize the expected benefits from our efficiency and growth initiatives or that we may not be able to realize those cost savings or revenue initiatives in the time period expected, which could negatively impact our future profitability;

(11) our ability to identify and address cyber-security risks such as data security breaches, malware, "denial of service" attacks, "hacking" and identity theft, a failure of which could disrupt our business and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage of our systems, increased costs, significant losses, or adverse effects to our reputation;

(12) the risk that our current and future information technology system enhancements and operational initiatives may not be successfully implemented, which could negatively impact our operations;

(13) our ability to attract and retain employees that are key to our strategic and growth initiatives;

(14) the risk related to our implementation of new lines of business, new products and services or new technologies;

(15) our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions;

(16) the risk that our enterprise risk management framework, our compliance program, or our corporate governance and supervisory oversight functions may not identify or address risks adequately, which may result in unexpected losses;

(17) risks related to our business relationships with, and reliance upon, third parties that have strategic partnerships with us or that provide key components of our business infrastructure, including the costs of services and products provided to us by third parties, and risks related to disruptions in service or financial difficulties with a third-party vendor or business relationship;

(18) risks related to the ability of our operational framework to identify and manage risks associated with our business such as credit risk, compliance risk, reputational risk, and operational risk, including third-party business partners, as well as our relationship with third-party vendors and other service providers;

(19) restrictions or limitations on access to funds from historical and alternative sources of liquidity could adversely affect our overall liquidity, which could restrict our ability to make payments on our obligations and our ability to support asset growth and sustain our operations and the operations of Synovus Bank;

(20) the risk that we may be exposed to potential losses in the event of fraud and/or theft, or in the event that a third-party vendor, obligor, or business partner fails to pay amounts due to us under that relationship or under any arrangement that we enter into with them;

(21) the risk that we could realize losses if we sell non-performing assets and the proceeds we receive are lower than the carrying value of such assets;

(22) risks related to the fluctuation in our stock price and general volatility in the stock market;

(23) the impact on our financial results, reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives;

(24) risks related to regulatory approval to take certain actions, including any dividends on our common stock or preferred stock, any repurchases of common stock or any issuance or redemption of any other regulatory capital instruments;

(25) risks related to the continued use, availability and reliability of LIBOR and other "benchmark" rates;

(26) the costs and effects of litigation, investigations, inquiries or similar matters, or adverse facts and developments related thereto, including the costs and effects of litigation related to our participation in government stimulus programs associated with the COVID-19 pandemic;

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(27) the effects of any damages to our reputation resulting from developments related to any of the items identified above; and

(28) other factors and other information contained in this Report and in other reports and filings that we make with the SEC under the Exchange Act, including, without limitation, those found in "Part II - Item 1A. Risk Factors" of this Report.
For a discussion of these and other risks that may cause actual results to differ from expectations, refer to “Part I-Item 1A. Risk Factors” and other information contained in Synovus' 2019 Form 10-K and our other periodic filings, including quarterly reports on Form 10-Q and current reports on Form 8-K, that we file from time to time with the SEC. All written or oral forward-looking statements that are made by or are attributable to Synovus are expressly qualified by this cautionary notice. You should not place undue reliance on any forward-looking statements since those statements speak only as of the date on which the statements are made. Synovus undertakes no obligation to update any forward-looking information and statements, whether oral or written, to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of new information or unanticipated events, except as may otherwise be required by law.
INTRODUCTION AND CORPORATE PROFILE
Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered 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 and international banking. Synovus also provides financial planning, and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities, as well as its GLOBALT and Creative Financial Group divisions.
Synovus Bank is positioned in some of the highest growth markets in the Southeast, wi th 292 br anches in Alabama, Florida, Georgia, South Carolina, and Tennessee.
The following financial review summarizes the significant trends, changes in our business, transactions, and other matters affecting Synovus’ results of operations for the three and nine months ended September 30, 2020 and financial condition as of September 30, 2020 and December 31, 2019. This discussion supplements, and should be read in conjunction with, the unaudited interim consolidated financial statements and notes thereto contained elsewhere in this Report and the consolidated financial statements of Synovus, the notes thereto, and management’s discussion and analysis contained in Synovus’ 2019 Form 10-K.
Management's Discussion and Analysis of Financial Condition and Results of Operations consists of:
• Discussion of Results of Operations - Reviews Synovus' financial performance, as well as selected balance sheet items, items from the statements of income, significant transactions, and certain key ratios that illustrate Synovus' performance.

• Credit Quality, Capital Resources and Liquidity - Discusses credit quality, market risk, capital resources, and liquidity, as well as performance trends. It also includes a discussion of liquidity policies, how Synovus obtains funding, and related performance.

• Additional Disclosures - Discusses additional important matters including critical accounting policies and non-GAAP financial measures used within this Report.
A reading of each section is important to understand fully our financial performance.
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DISCUSSION OF RESULTS OF OPERATIONS
Table 1 - Consolidated Financial Highlights
Three Months Ended September 30, Nine Months Ended September 30,
(dollars in thousands, except per share data) 2020 2019 Change 2020 2019 Change
Net interest income
$ 376,990 $ 402,097 (6) % $ 1,126,816 $ 1,196,535 (6) %
Provision for credit losses (1)
43,383 27,562 57 343,956 63,250 444
Non-interest revenue
114,411 88,760 29 391,752 257,945 52
Adjusted non-interest revenue (2)
115,701 91,297 27 310,446 259,940 19
Total FTE revenues
492,357 491,676 — 1,521,171 1,456,736 4
Adjusted total revenues (2)
493,647 494,213 — 1,439,865 1,458,731 (1)
Non-interest expense
316,655 276,310 15 877,076 832,847 5
Adjusted non-interest expense (2)
268,742 258,474 4 816,310 757,834 8
Income before income taxes
131,363 186,985 (30) 297,536 558,383 (47)
Net income
91,574 135,726 (33) 223,286 412,096 (46)
Net income available to common shareholders
83,283 127,435 (35) 198,414 397,505 (50)
Net income per common share, basic
0.57 0.84 (32) 1.35 2.53 (47)
Net income per common share, diluted
0.56 0.83 (32) 1.34 2.51 (47)
Adjusted net income per common share, diluted (2)
0.89 0.97 (9) 1.32 2.96 (55)
Net interest margin (3)
3.10 % 3.69 % (59) bps 3.20 % 3.72 % (52) bps
Net charge-off ratio (3)
0.29 0.22 7 0.25 0.18 7
Return on average assets (3)
0.69 1.14 (45) 0.58 1.18 (60)
Adjusted return on average assets (2)(3)
1.05 1.33 (28) 0.57 1.39 (82)
Efficiency ratio-FTE
64.31 56.20 811 57.66 57.17 49
Adjusted tangible efficiency ratio (2)
53.91 51.71 220 56.14 51.36 478
(1) Beginning January 1, 2020, provision calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on incurred loss methodology.
(2) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for the applicable reconciliation to the most comparable GAAP measure.
(3) Annualized
September 30, 2020 June 30, 2020 Sequential Quarter Change September 30, 2019 Year-Over-Year Change
(dollars in thousands)
Loans, net of deferred fees and costs $ 39,549,847 $ 39,914,297 $ (364,450) $ 36,417,826 $ 3,132,021
Total average loans 39,762,572 40,136,090 (373,518) 36,201,322 3,561,250
Total deposits 44,665,904 44,194,580 471,324 37,433,070 7,232,834
Core deposits (excludes brokered deposits)
40,756,645 39,904,278 852,367 34,237,575 6,519,070
Core transaction deposits (excludes brokered and public fund deposits)
30,988,237 29,425,251 1,562,986 23,794,467 7,193,770
Total average deposits
44,339,497 43,096,475 1,243,022 37,714,145 6,625,352
Non-performing assets ratio 0.49 % 0.44 % 5 bps 0.42 % 7 bps
Non-performing loans ratio 0.43 0.37 6 0.32 11
Past due loans over 90 days 0.02 0.02 — 0.04 (2)
CET1 capital $ 3,913,402 $ 3,827,229 $ 86,173 $ 3,660,078 $ 253,324
Tier 1 capital 4,450,547 4,364,374 86,173 4,196,628 253,919
Total risk-based capital 5,536,918 5,459,568 77,350 5,023,138 513,780
CET1 capital ratio 9.30 % 8.90 % 40 bps 8.96 % 34 bps
Tier 1 capital ratio 10.57 10.15 42 10.27 30
Total risk-based capital ratio 13.16 12.70 46 12.30 86
Total shareholders’ equity to total assets ratio
9.55 9.34 21 10.22 (67)
Tangible common equity ratio (1)
7.67 7.41 26 8.04 (37)
Return on average common equity (2)
7.28 7.48 (20) 11.36 (408)
Adjusted return on average common equity (1)(2)
11.48 3.00 848 13.35 (187)
Adjusted return on average tangible common equity (1)(2)
13.24 3.60 964 15.46 (222)
(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for the applicable reconciliation to the most comparable GAAP measure.
(2) Quarter annualized
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Economic Environment and Recent Events
The ongoing COVID-19 healthcare crisis and public health response have triggered recessionary economic and financial market conditions durin g the majority of the first nine months of 2020 . During March 2020, in an effort to lessen the impact of COVID-19 on consumers and businesses , the Federal Reserve reduced the federal funds rate 1.5 percentage points to 0.00 to 0.25 percent and the U.S. government enacted the CARES Act, the largest economic stimulus package in the nation’s history .
Synovus responded to the COVID-19 pandemic by taking measures early, beginning in March 2020, to improve the health and safety of our customers, team members, and communities including remote work capabilities and branch service enhancements; bonus payments to hourly team members required to work on-site; pa yment deferment s on approximately $6 billion of our loan portfolio during the second quarter; and forgiveness of NSF and monthly service charges for impacted customers. Synovus participated in the Paycheck Protection Program (PPP) and delivered close to 19,000 loans totaling nearly $2. 9 billion during the second quarter. The average PPP loan was approximately $150 thousand, and the customers that received those loans employed over 335 thousand individuals. Synovus has also participated in the Federal Reserve's Main Street Lending Program to support small and medium-sized businesses impacted by COVID-19. Additionally, although the vast majority of our customers were no longer in a payment deferment program at the end of the third quarter, we have continued to work with our borrowers who have been impacted by the pandemic.
In September, six months after converting our branches to drive-thru and appointment-only, our retail branch network re-opened its lobbies to walk-in customers, implementing CDC safety guidelines and branch design enhancements, including plexiglass barriers, customer directional signage, mask requirements and social distancing protocols. Synovus' team members, many of whom worked remotely during the second and third quarters, re-entered the work place in a phased-in approach. This re-entry was carefully designed by team members themselves and carefully monitored through re-entry surveys and touchpoints. Synovus also provided additional benefits for team members directly impacted by the virus, including supplemental paid-time off and expanded medical benefits. In our communities, we have responded to the COVID-19 healthcare crisis and economic uncertainty with financial contributions to more than a dozen organizations for COVID-19 relief efforts, matching contributions for COVID-19 donations to the American Red Cross, and meal donations for first responders and health care worke rs.
In light of current economic uncertainty, Synovus has suspended its share repurchase activity beyond the $16.2 million completed during the first quarter and withdrawn 2020 guidance and long-term goals announced at the beginning of the year. Significant economic uncertainty remains, including the trajectory of the economic recovery which we expect will be impacted by any additional government stimulus plans.
Synovus is committed to addressing racial equality and social justice and has taken a number of actions during the third quarter to expand efforts to advance economic empowerment and racial equity, including establishing an internal advisory council to the CEO comprised of certain senior African American leaders, funding a $1.0 million contribution to the United Negro College Fund for the establishment of a scholarship for African American students in our footprint, providing foundational unconscious bias training to additional leaders across the footprint, and continuing to diversify an already strong and diverse Board of Directors with a new independent director. We continue to make progress toward the objectives of our CEO-sponsored inclusion and diversity initiative to improve minority representation within our team member population and female and minority representation in senior leadership, all while improving inclusiveness of all team members.
During the third quarter, we communicated new leadership expectations and leadership training development tools for our team members. We also launched a new leadership development program for our leaders. These new expectation and training tools are intended to help team members understand what leadership looks like at the Company, and to ensure alignment of the daily work experience with the Company’s culture and values.
Executive Summary
Net income available to common shareholders for the third quarter of 2020 was $83.3 million, or $0.56 per diluted common share, a decline of 35% and 32%, respectively, co mpared to the third quarter of 2019 and adjusted net income per common share, diluted (1) was $0.89, down 9% compared to $0.97 for the third quarter of 2019. Net income available to common shareholders for the first nine months of 2020 was $198.4 million, or $1.34 per diluted common share, a decline of 50% and 47%, respectively, compared to the first nine months of 2019 and adjusted net income per common share, diluted (1) was $1.32, down 55% compared to $2.96 for the first nine months of 2019. The year-over-year decline in adjusted net income per common share for all periods was impacted by deterioration in the economic environment caused by the COVID-19 pandemic and driven by a significant increase in provision for credit losses following the adoption of CECL on January 1, 2020, a 225 bps reduction in the federal funds rate, and PAA including loan discount accretion and deposit premium amortization that positively impacted 2019.
Net interest income for the nine months ended September 30, 2020 was $1.13 billion, down $69.7 million, or 6%, compared to the same period in 2019. The decrease in year-over-year net interest income was due to declines of $62.5 million
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in PAA (primarily comprised of declines of $27.0 million of loan accretion and $32.9 million of deposit premium amortization) associated with the FCB acquisition and declines in market interest rates, which were somewhat offset by higher average earning assets. Net interest margin was down 52 bps over the comparable nine-month periods to 3.20%, due primarily to the decline in market interest rates in addition to declines in PAA. On a sequential quarter basis, net interest income was up $424 thousand and net interest margin for the third quarter was 3.10%, which was down 3 bps compared to the second quarter of 2020 . The sequential quarter decline in net interest margin was primarily driven by the impact of bond repositioning and student loan sales executed in the second quarter of 2020, partially offset by further declines in deposit pricing and favorable deposit remixing trends. We continue to expect modest downward pressure on NIM as the repricing within our fixed-rate asset portfolios is partially offset by continued declines in overall deposit costs. Excluding the potential impacts from PPP forgiveness, we expect net interest income and net interest margin to decrease modestly in the fourth quarter of 2020 as compared to the third quarter of 2020.
Non-interest revenue for the third quarter of 2020 was $114.4 million, up $25.7 million, or 29%, and year-to-date was $391.8 million, up $133.8 million, or 52%, compared to the same periods in 2019. Adjusted non-interest revenue (1) which excludes net investment securities gains/(losses) and gain on sale/fair value increase/(decrease) of private equity investments, for the third quarter of 2020 was $115.7 million, up $24.4 million, or 27%, from the third quarter of 2019, and on a year-to-date basis was $310.4 million compared to $259.9 million for the first nine months of 2019, up $50.5 million, or 19%. The increase in adjusted non-interest revenue was due primarily to strong growth in mortgage banking income with record production driven by the current rate environment. In the fourth quarter, we expect to see declines in mortgage revenue, as compared to the third quarter of 2020.
Non-interest expense for the third quarter of 2020 was $316.7 million, up $40.3 million, or 15%, compared to the third quarter of 2019 and adjusted non-interest expense (1) of $268.7 million was up $10.3 million, or 4%. On a year-to-date basis, non-interest expense was up $44.2 million, or 5%, and adjusted non-interest expense (1) was up $58.5 million, or 8%. During the three months ended September 30, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing the goodwill allocated to the Consumer Mortgage reporting unit. The increase in adjusted expense during the first nine months of 2020 was largely driven by mortgage production commissions, expense associated with Synovus' internal revenue growth and efficiency initiatives, COVID-19 related expenses, and investments in talent and technology. The efficiency ratio-FTE for the first nine months of 2020 was 57.66%, compared to 57.17% for the first nine months of 2019. The adjusted tangible efficiency ratio (1) for the first nine months of 2020 was 56.14%, up 478 bps compared to the same period a year ago. Excluding up-front expenses associated with Synovus Forward initiatives, we expect adjusted non-interest expense in the fourth quarter to be in-line with adjusted non-interest expense in the third quarter of 2020.
At September 30, 2020, total loans, net of deferred fees and costs of $39.55 billion, increased $2.39 billion, or 6%, from December 31, 2019 led by C&I growth of $3.24 billion, including $2.71 billion in PPP loans net of unearned fees, and CRE growth of $472.1 million, partially offset by a $1.26 billion decline in consumer loans. The decline in consumer loans is the result of the strategic disposition of $1.28 billion in third-party single-service consumer and non-relationship consumer mortgage loans. We expect loans, excluding the impact of PPP forgiveness, to be relatively flat in the fourth quarter, as compared to the third quarter of 2020.
The ACL at September 30, 2020 totaled $664.6 million, an increase of $381.8 million from December 31, 2019, reflecting a building of the ACL required under CECL primarily as a result of uncertainty and deterioration in the economic environment due to COVID-19. The ACL to loans coverage ratio was 1.68%, or 1.80%, excluding PPP loans, at September 30, 2020. Current credit metrics deteriorated slightly with NPAs at 49 bps, NPLs at 43 bps, and total past due loans at 14 bps; however, we have not experienced widespread deterioration in the portfolio. Year-to-date, net charge-offs are 25 bps compared to 18 bps in the prior year. Synovus expects some pressure on credit metrics over the next few quarters, which aligns with the reserve builds to-date during 2020 under CECL.
Total period-end deposits at September 30, 2020 increased $6.26 billion, or 16%, compared to December 31, 2019. Core transaction deposits increased $6.82 billion, or 28%, compared to December 31, 2019. The significant increase in deposit balances compared to December 31, 2019 is due largely to the current economic environment as well as government stimulus programs including deposits associated with PPP loans.
At September 30, 2020, Synovus' CET1 ratio was 9.30%, well in excess of regulatory requirements including the capital conservation buffer of 2.5%. The September 30, 2020 CET1 ratio improved 40 bps compared to June 30, 2020 and improved 35 bps compared to December 31, 2019 from a combination of earnings and balance sheet activities. These balance sheet activities included the settlement of our second quarter bond repositioning and our on-going efforts to manage non-relationship loan portfolios as we prioritize our balance sheet for core, client relationships.
More detail on Synovus' financial results for the three and nine months ended September 30, 2020 may be found in subsequent sections of "Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Report. See also "Item 1A. - Risk Factors" of this Report.
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(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to the most comparable GAAP mea sure.
Changes in Financial Condition
During the nine months ended September 30, 2020, total assets increased $4.84 billion from $48.20 billion at December 31, 2019 to $53.04 billion. Loans increased $2.39 billion, including $2.71 billi on in PPP loans net of unearned fees, and l oans held for sale increased $630.0 million as Synovus transitioned certain third-party lending partnership consumer loans to held for sale. Investment securities available for sale increased $787.9 million and cash and cash equivalents increased $798.4 million. Additional increases in total assets at September 30, 2020, compared to December 31, 2019, included increases in BOLI investments of $268.4 million driven by additional investments in BOLI policies and increases in other assets of $363.1 million primarily from an increase in the fair value of derivative assets of $323.0 million.
The growth in assets was primarily funded by increases of $6.26 billion in deposits. Other short-term borrowings declined $1.35 billion and long-term debt decreased $525.5 million. Other liabilities increased $296.4 million and included an increase in the fair value of derivative liabilities o f $142.9 million, an increase in reserves on unfunded commitments of $59.4 million, and an increase in income taxes payable of $38.4 million. Total shareholders' equity increased $122.9 million during the nine months ended September 30, 2020, primarily due to net income of $223.3 million, increases in unrealized gains of $29.9 million in investment securities available for sale and $79.4 million in cash flow hedges, offset partially by dividends declared on common stock of $145.8 million and dividends declared on preferred stock of $24.9 million.
Synovus adopted CECL on January 1, 2020 with an increase to the ALL of $83.0 million and an increase to the reserve on unfunded commitments of $27.4 million with offsetting increases in loans of $62.2 million related to acquired PCI loans and net deferred tax assets of $12.5 million and a reduction to retained earnings of $35.7 million. The ACL at September 30, 2020 was $664.6 million, an increase of $381.8 million from December 31, 2019, reflecting significant economic stress due to the COVID-19 healthcare crisis.
The loan to deposit ratio was 88.6% at September 30, 2020, compared to 96.8% at December 31, 2019, and 97.3% at September 30, 2019.
Loans
The following table compares the composition of the loan portfolio at September 30, 2020, December 31, 2019, and September 30, 2019.
Table 2 - Loans by Portfolio Class
September 30, 2020 vs. December 31, 2019 Change September 30, 2020 vs. September 30, 2019 Change
(dollars in thousands) September 30, 2020 December 31, 2019 September 30, 2019
Commercial, financial and agricultural $ 13,120,038 33.2 % $ 10,239,559 27.6 % $ 2,880,479 28 % $ 9,846,830 27.0 % $ 3,273,208 33 %
Owner-occupied 6,894,113 17.4 6,529,811 17.6 364,302 6 6,571,485 18.1 322,628 5
Total commercial and industrial 20,014,151 50.6 16,769,370 45.2 3,244,781 19 16,418,315 45.1 3,595,836 22
Investment properties 9,662,447 24.4 9,004,327 24.2 658,120 7 8,843,545 24.3 818,902 9
1-4 family properties 655,038 1.7 780,015 2.1 (124,977) (16) 805,756 2.2 (150,718) (19)
Land and development 648,390 1.6 709,442 1.9 (61,052) (9) 663,689 1.8 (15,299) (2)
Total commercial real estate 10,965,875 27.7 10,493,784 28.2 472,091 4 10,312,990 28.3 652,885 6
Consumer mortgages 5,658,525 14.3 5,546,368 14.9 112,157 2 5,470,730 15.0 187,795 3
Home equity lines 1,615,207 4.1 1,713,157 4.6 (97,950) (6) 1,675,092 4.6 (59,885) (4)
Credit cards 264,829 0.7 268,841 0.7 (4,012) (1) 267,874 0.8 (3,045) (1)
Other consumer loans 1,130,237 2.9 2,396,294 6.5 (1,266,057) (53) 2,295,486 6.3 (1,165,249) (51)
Total consumer 8,668,798 22.0 9,924,660 26.7 (1,255,862) (13) 9,709,182 26.7 (1,040,384) (11)
Total loans 39,648,824 100.3 37,187,814 100.1 2,461,010 7 36,440,487 100.1 3,208,337 9
Deferred fees and costs, net (98,977) (0.3) (25,364) (0.1) (73,613) 290 (22,661) (0.1) (76,316) 337
Total loans, net of deferred fees and costs $ 39,549,847 100.0 % $ 37,162,450 100.0 % $ 2,387,397 6 % $ 36,417,826 100.0 % $ 3,132,021 9 %
At September 30, 2020, total loans, net of deferred fees and costs of $39.55 billion, increased $2.39 billion, or 6%, from December 31, 2019 led by C&I growth of $3.24 billion, including $2.71 billion in PPP loans net of unearned fees, and CRE growth of $472.1 million, partially offset by a $1.26 billion decline in consumer loans. The decline in consumer loans is the result of the strategic disposition of $1.28 billion in third-party single-service consumer and non-relationship consumer mortgage loans. Total loans at September 30, 2020 declined $364.5 million sequentially due to strategic dispositions of $531.8
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million primarily in third-party single-service consumer loans and non-relationship consumer mortgage loans. Excluding the impact of asset dispositions and PPP loan payoffs, we had sequential quarter net loan growth of $170.3 million. We expect loans, excluding the impact of PPP forgiveness, to be relatively flat in the fourth quarter, as compared to the third quarter of 2020. C&I lo ans remain the largest component of our loan portfolio, representing 50.6% of total loans, while CRE and consumer loans represent 27.7% and 22.0%, respectively. Our portfolio composition is established through a comprehensive concentration management policy which sets limits for C&I, CRE, and consumer loan levels as well as for sub-categories therein.
U.S. Small Business Administration Paycheck Protection Program (PPP)
Synovus is participating in the Paycheck Protection Program (“PPP”), which is a loan program that originated from the CARES Act and was subsequently expanded by the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCEA Act”) which was passed by Congress on April 23, 2020 and signed into law on April 24, 2020. PPP loans are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted purposes in accordance with the requirements of the PPP. These loans carry a fixed rate of 1.00% and a term of two years, if not forgiven, in whole or in part. The loans are guara nteed by the SBA. The SBA pays the originating bank a processing fee ranging from 1% to 5%, based on the size of the loan. Synovus began accepting applications from qualified customers on April 3, 2020 and provided nearly $2.9 billion in funding to close to 19,000 customers through the PPP during the second quarter. The average PPP loan was approximately $150 thousand, and the customers that received those loans employ over 335 thousand individuals. In October 2020, the SBA announced a streamlined forgiveness process for certain PPP loans of $50,000 or less and approximately 7% of our PPP balances fall within this threshold.
Commercial Loans
Total commercial loans (which are comprised of C&I and CRE loans) at September 30, 2020 were $30.98 billion, or 78.3%, of the total loan portfolio, compared to $27.26 billion, or 73.4%, at December 31, 2019 and $26.73 billion, or 73.4%, at September 30, 2019.
At September 30, 2020, Synovus had 6 commercial loan relationships with total commitments of $100 million or more (including amounts funded), with no single relationship exceeding $150 million in commitments.
Commercial and Industrial Loans
The C&I loan portfolio represents the largest category of Synovus' loan portfolio and is primarily comprised of general middle market and commercial banking clients across a diverse set of industries. The following table shows the composition of the C&I loan portfolio aggregated by NAICS code. 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. As of September 30, 2020, 80.7% (93.7% excluding PPP loans) of Synovus' C&I loans are secured by real estate, business equipment, inventory, and other types of collateral compared to 92.6% as of December 31, 2019. C&I loans grew $3.24 billion, or 19.3%, from December 31, 2019, driven primarily by $2.71 billion in PPP loans net of unearned fees at September 30, 2020.
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Table 3 - Commercial and Industrial Loans by Industry
September 30, 2020 December 31, 2019
(dollars in thousands) Amount
% (1)
Amount
% (1)
Health care and social assistance $ 3,679,193 18.4 % $ 3,083,355 18.4 %
Finance and insurance 1,531,747 7.7 1,263,521 7.5
Manufacturing 1,384,392 6.9 1,208,688 7.2
Retail trade 1,364,773 6.8 1,202,958 7.2
Accommodation and food services 1,310,059 6.5 921,515 5.5
Professional, scientific, and technical services 1,266,776 6.3 883,433 5.3
Wholesale trade 1,181,295 5.9 1,138,145 6.8
Other services 1,178,357 5.9 1,005,420 6.0
Real estate and rental and leasing 1,118,949 5.6 1,126,828 6.7
Construction 1,081,726 5.4 702,892 4.2
Transportation and warehousing 953,810 4.8 854,954 5.1
Arts, entertainment and recreation 854,972 4.3 771,846 4.6
Real estate other 686,309 3.4 615,441 3.7
Educational services 606,981 3.0 409,639 2.4
Public Administration 421,655 2.1 342,329 2.0
Administration, support, waste management, and remediation 404,894 2.0 302,711 1.8
Agriculture, forestry, fishing, and hunting 392,273 2.0 369,185 2.2
Information 377,391 1.9 314,740 1.9
Other Industries 218,599 1.1 251,770 1.5
Total commercial and industrial loans $ 20,014,151 100.0 % $ 16,769,370 100.0 %
(1) Loan balance in each category expressed as a percentage of total C&I loans.
At September 30, 2020, $13.12 billion of C&I loans, or 33.2% of the total loan portfolio (including PPP loans of $2.71 billion net of unearned fees), represented loans originated for the purpose of financing commercial, financial, and agricultural business activities. The primary source of repayment on these loans is revenue generated from products or services offered by the business or organization. The secondary source of repayment is the collateral, which consists primarily of equipment, inventory, accounts receivable, time deposits, cash surrender value of life insurance, and other business assets.
At September 30, 2020, $6.89 billion of C&I loans, or 17.4% of the total loan portfolio, represented loans originated for the purpose of financing owner-occupied properties. The financing of owner-occupied facilities is considered a C&I loan even though there is improved real estate as collateral. This treatment is a result of the credit decision process, which focuses on cash flow from operations of the business to repay the debt. The secondary source of repayment on these loans is the underlying real estate. These loans are predominately secured by owner-occupied and other real estate, and to a lesser extent, other types of collateral.
Commercial Real Estate Loans
CRE loans consist primarily of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development lo ans. Total CRE loans of $10.97 billion increased $472.1 million, or 4%, from December 31, 2019 , driven primarily by growth in income-producing investment properties.
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. Total investment properties loans as of September 30, 2020 were $9.66 billion, or 88.1%, of the CRE loan portfolio, and increased $658.1 million, or 7%, from December 31, 2019 with most sub-categories experiencing growth other than shopping centers, which were down $86.6 million, or 5%, from December 31, 2019.
1-4 Family Properties Loans
1-4 family properties loans include construction loans to home builders 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. At September 30, 2020, 1-4 family properties loans totaled $655.0 million, or 6.0% of the CRE loan portfolio, and decreased by $125.0 million, or 16%, from December 31, 2019.

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Land and Development Loans
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). Land and development loans of $648.4 million at September 30, 2020 decreased $61.1 million, or 9%, from $709.4 million at December 31, 2019.
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 impro vement, student, and personal loans from third-party lending partnerships. The majority of Synovus' consumer loans are consumer mortgages and HELOCs secured by first and second liens on residential real estate primarily located in the markets served by Synovus.
Consumer loans at September 30, 2020 of $8.67 billion decreased $1.26 billion, or 13%, compared to December 31, 2019 due to the strategic disposition of certain third-party single-service consumer loans and non-relationship consumer mortgage loans. Consumer mortgages grew $112.2 million, or 2.0%, from December 31, 2019 due to record production primarily resulting from the low rate environment in addition to continued successful recruiting of MLOs somewhat offset by the strategic sale of $180.2 million in non-relationship consumer mortgage loans. HELOCs decreased $98.0 million, or 6%, from December 31, 2019. Credit card loans of $264.8 million at September 30, 2020 included $56.6 million of commercial credit card loans, and decreased $4.0 million from $268.8 million at December 31, 2019. Other consumer loans decreased $1.27 billion, or 53%, from December 31, 2019 primarily due to the strategic disposition of certain third-party single-service consumer loans totaling $1.10 billion. As of September 30, 2020, third-party lending partnerships had combined balances of $714.3 million, or 1.8%, of the total loan portfolio, compared to $1.98 billion, or 5.3%, of the total loan portfolio, at December 31, 2019.
Consumer loans are subject to uniform lending policies and consist primarily of loans with strong borrower credit scores. Synovus makes consumer lending decisions based upon a number of key credit risk determinants including FICO scores as well as loan-to-value and debt-to-income ratios. Consumer loans are generally assigned a risk rating on a 9-point scale based on credit bureau scores, with a loan grade of 1 assigned as the lowest level of risk and a loan grade of 6 as the highest level of risk. No loans graded higher than a 6 at origination are approved for funding. At least annually, the consumer loan portfolio data is sent to a consumer credit reporting agency for a refresh of customers' credit scores so that management can evaluate ongoing consistency or negative migration in the quality of the portfolio, which impacts the ALL. Revolving lines of credit are reviewed for a material change in financial circumstances, and when appropriate, the line of credit may be suspended for further advances. FICO scores within the residential real estate portfolio have generally remained stable over the last several years. As of September 30, 2020, weighted-average FICO scores within the residential real estate portfolio based on committed balances were 790 for HELOCs and 778 for Consumer Mortgages.
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Deposits
Deposits provide the most significant funding source for interest earning assets. The following table shows the composition of period-end deposits a s of the dates indicated. See Table 10 - Average Balances and Yields/Rates in this Report for information on average deposits including average rates.
Table 4 - Composition of Period-end Deposits
(dollars in thousands) September 30, 2020
% (1)
June 30, 2020
% (1)
December 31, 2019
% (1)
September 30, 2019
% (1)
Non-interest-bearing demand deposits (2)
$ 12,129,777 27.2 % $ 11,830,675 26.8 % $ 8,661,220 22.6 % $ 8,970,218 24.0 %
Interest-bearing demand deposits (2)
5,291,135 11.8 5,057,234 11.4 4,769,505 12.4 4,714,817 12.6
Money market accounts (2)
12,441,340 27.8 11,457,223 26.0 9,827,357 25.6 9,212,140 24.6
Savings deposits (2)
1,125,985 2.5 1,080,119 2.4 909,500 2.4 897,292 2.4
Public funds 5,791,944 13.0 5,347,351 12.1 4,622,318 12.0 3,795,320 10.1
Time deposits (2)
3,976,464 8.9 5,131,676 11.6 6,185,611 16.1 6,647,788 17.8
Brokered deposits 3,909,259 8.8 4,290,302 9.7 3,429,993 8.9 3,195,495 8.5
Total deposits $ 44,665,904 100.0 % $ 44,194,580 100.0 % $ 38,405,504 100.0 % $ 37,433,070 100.0 %
Core deposits (3)
$ 40,756,645 91.2 % $ 39,904,278 90.3 % $ 34,975,511 91.1 % $ 34,237,575 91.5 %
Core transaction deposits (4)
$ 30,988,237 69.4 % $ 29,425,251 66.6 % $ 24,167,582 62.9 % $ 23,794,467 63.6 %
Time deposits greater than $100,000, including brokered and public funds $ 5,478,221 12.3 % $ 6,875,462 15.6 % $ 7,262,833 18.9 % $ 7,574,038 20.2 %
Brokered time deposits $ 1,996,133 4.5 % $ 2,442,940 5.5 % $ 2,154,095 5.6 % $ 2,098,643 5.6 %
(1) Deposits balance in each category expressed as percentage of total deposits.
(2) Excluding any public funds or brokered deposits.
(3) Core deposits exclude brokered deposits.
(4) Core transaction deposits consist of non-interest-bearing demand deposits, interest-bearing demand deposits, money market accounts, and savings deposits excluding public funds and brokered deposits.
Total period-end deposits at September 30, 2020 increased $471.3 million, or 1%, compared to June 30, 2020, and increased $6.26 billion, or 16%, compared to December 31, 2019. Core transaction deposits increased $1.56 billion, or 5%, sequentially, and increased $6.82 billion, or 28%, compared to December 31, 2019 . The significant increase in deposit balances compared to December 31, 2019 is due largely to the current uncertain economic environment as well as government stimulus programs including deposits associated with PPP loans. The sequential quarter growth in lower cost core transaction accounts of $1.56 billion included growth in non-interest-bearing demand deposits of $299.1 million, money market accounts of $984.1 million, NOW accounts of $233.9 million, and savings balances of $45.9 million, and more than offset strategic declines of $1.16 billion and $381.0 million in time deposits and brokered deposits, respectively. Total deposit cost declined 14 bps during the third quarter of 2020, compared to the second quarter of 2020 due to pricing diligence and product remixing.
On an average basis, the increase in total deposits was $1.24 billion, or 3%, compared to the second quarter of 2020.
Non-interest Revenue
Non-interest revenue for the third quarter of 2020 was $114.4 million, up $25.7 million, or 29%, and year-to-date was $391.8 million, up $133.8 million, or 52%, compared to the same periods in 2019 . Adjusted non-interest revenue, which excludes net investment securities gains/(losses) and gain on sale/fair value increase/(decrease) of private equity investments, for the third quarter of 2020 was $115.7 million, up $24.4 million, or 27%, from the third quarter of 2019, and on a year-to-date basis was $310.4 million compared to $259.9 million for the first nine months of 2019, up $50.5 million, or 19% . The increase in adjusted non-interest revenue was due primarily to strong growth in mortgage banking income with record production driven by the current rate environment. In the fourth quarter, we expect to see declines in mortgage revenue, as compared to the third quarter of 2020. See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to GAAP measures.
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The following table shows the principal components of non-interest revenue.
Table 5 - Non-interest revenue
Three Months Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2020 2019 % Change 2020 2019 % Change
Service charges on deposit accounts $ 17,813 $ 22,952 (22) % $ 54,069 $ 65,805 (18) %
Fiduciary and asset management fees 15,885 14,686 8 46,009 42,743 8
Card fees 10,823 12,297 (12) 30,959 34,334 (10)
Brokerage revenue 10,604 11,071 (4) 32,987 30,502 8
Mortgage banking income 31,229 10,351 202 66,987 23,313 187
Capital markets income 5,690 7,396 (23) 22,984 21,557 7
Income from bank-owned life insurance 7,778 5,139 51 21,572 15,605 38
Investment securities (losses) gains, net (1,550) (3,731) nm 76,594 (5,502) nm
Gain on sale and increase in fair value of private equity investments 260 1,194 nm 4,712 3,507 nm
Other non-interest revenue 15,879 7,405 114 34,879 26,081 34
Total non-interest revenue $ 114,411 $ 88,760 29 % $ 391,752 $ 257,945 52 %
Three and Nine Months Ended September 30, 2020 compared to September 30, 2019
Service charges on deposit accounts for the three and nine months ended September 30, 2020 were down $5.1 million, or 22%, and $11.7 million, or 18%, respectively, due primarily to the impact of COVID-19, including fewer transactions and the impact of higher average balances due to stimulus funds. Service charges on deposit accounts consist of NSF fees, account analysis fees, and all other service charges. NSF fees were dow n $4.4 million, or 43%, and $9.3 million, or 33%, for the three and nine months ended September 30, 2020, respectively. Account analysis fees were up $168 thousand, or 2%, and down $283 thousand, or 1%, for the three and nine months ended September 30, 2020, respectively. All other service charges on deposit accounts, which consist primarily of monthly fees on retail demand deposits, saving accounts, and small business accounts, for the three and nine months ended September 30, 2020, were down $882 thousand, or 16%, and $2.2 million, or 14%, respectively.
Fiduciary and asset management fees are derived from providing estate administration, personal trust, corporate trust, corporate bond, investment management, and financial planning services. Fiduciary and asset management fees increased $1.2 million, or 8%, and $3.3 million, or 8%, for the three and nine months ended September 30, 2020, respectivel y. The increases were driven by growth in total assets under management which increased by 8% year-over-year to $17.54 billion.
Card fees for the three and nine months ended September 30, 2020 were down $1.5 million, or 12%, and $3.4 million, or 10%, respectively, due to lower transaction volume as a result of the impact of COVID-19. Card fees consist primarily of credit card interchange fees, debit card interchange fees, and merchant discounts. Card fees are reported net of certain associated expense items including customer loyalty program expenses and network expenses.
Brokerage revenue of $10.6 million for the three months ended September 30, 2020 was down $466 thousand, or 4%, and for the nine months ended September 30, 2020 was $33.0 million, up $2.5 million, or 8%. The year-over-year growth was driven by growth in assets under management, increasing contributions from 2019 new hires, and higher transaction revenue from elevated market volatility. Brokerage revenue consists primarily of brokerage commissions as well as advisory fees earned from the management of customer assets.
Mortgage banking income was significantly higher in the first nine months of 2020, with increases of $20.9 million and $43.7 million for the three and nine months ended September 30, 2020, respectively. Mortgage banking income was driven by higher production and sales, including an increase in refinance volume, due primarily to a decline in long-term interest rates. Total secondary market mortgage loan production was $653.9 million, up $371.3 million, and $1.54 billion, up $916.9 million, for the three and nine months ended September 30, 2020, respectively.
Capital markets income primarily includes fee income from customer deri vative transactions. Additionally, capital markets income includes fee income from capital raising investment banking transactions and foreign exchange as well as other miscellaneous income from capital market transactions. While capital markets income was $1.7 million lower for the three months ended September 30, 2020 , capital markets income for the first nine months of 2020 was up $1.4 million, as commercial clients locked in lower rates on borrowings late in the first quarter.
Income from BOLI, which includes increases in the cash surrender value of policies and proceeds from insurance benefits, increased $2.6 million, or 51%, and $6.0 million , or 38%, for the three and nine months ended September 30, 2020,
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respectively, due primarily to additional investments in BOLI policies during the first quarter of 2020. The first nine months of 2020 included income on proceeds from insurance benefits of $1.3 million compared to $233 thousand in 2019.
Investment securities gains (losses), net, of $(1.6) million and $76.6 million for the three and nine months ended September 30, 2020, respectively, reflected strategic repositioning of the portfolio primarily during the latter part of the second quarter of 2020. The transactions were primarily focused on agency mortgage-backed securities, but also included the disposition of Synovus' remaining $155.0 million in asset-backed securities.
Gain on sale and increase/(decrease) in fair value of private equity investments included realized gains during the second quarter of 2020 from the sale of positions in two publicly traded equity investments, offset partially by write-downs on two smaller remaining investments.
The main components of other non-interest revenue are fees for letters of credit and unused lines of credit, safe deposit box fees, access fees for ATM use, other service charges, income from insurance commissions, gains from sales of GGL/SBA loans, and other miscellaneous ite ms. Insurance commission revenue for the three and nine months ended September 30, 2020 was up $1.6 million and $1.7 million, respectively. The third quarter of 2020 included a $2.8 million favorable valuation adjustment for tax credit investments and a gain of $2.5 million from the sale of non-relationship mortgage loans. Additionally, the first quarter of 2020 included a sale-leaseback gain of $2.4 million associated with a bank office property while the second quarter of 2020 included an unfavorable valuation adjustment of $1.6 million for tax credit investments.
Non-interest Expense
Non-interest expense for the third quarter of 2020 was $316.7 million, up $40.3 million, or 15%, compared to the third quarter of 2019 and adjusted non-interest expense of $268.7 million was up $10.3 million, or 4%. On a year-to-date basis, non-interest expense was up $44.2 million, or 5%, and adjusted non-interest expense was up $58.5 million, or 8%. During the three months ended September 30, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing the goodwill allocated to the Consumer Mortgage reporting un it. The increase in adjusted expense during the first nine months of 2020 was largely driven by mortgage production commissions, expense associated with Synovus' internal revenue growth and efficiency initiatives, COVID-19 related expenses, and investments in talent and technology. The efficiency ratio-FTE for the first nine months of 2020 was 57.66%, compared to 57.17% for the first nine months of 2019. The adjusted tangible efficiency ratio for the first nine months of 2020 was 56.14%, up 478 bps compared to the same period a year ago. Excluding expenses associated with Synovus Forward initiatives, we expect adjusted non-interest expense in the fourth quarter to be in-line with adjusted non-interest expense in the third quarter of 2020. See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to GAAP measures.
The following table summarizes the components of non-interest expense.
Table 6 - Non-interest Expense
Three Months Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2020 2019 % Change 2020 2019 % Change
Salaries and other personnel expense $ 154,994 $ 142,516 9 % $ 464,268 $ 424,952 9 %
Net occupancy, equipment, and software expense 41,554 41,017 1 125,475 119,262 5
Third-party processing and other services 20,620 18,528 11 63,466 55,403 15
Professional fees 13,377 9,719 38 39,358 25,379 55
FDIC insurance and other regulatory fees 6,793 7,242 (6) 18,922 21,872 (14)
Amortization of intangibles 2,640 2,901 (9) 7,920 8,702 (9)
Goodwill impairment 44,877 — nm 44,877 — nm
Earnout liability adjustments — 10,457 nm 4,908 10,457 nm
Merger-related expense — 353 nm — 57,493 nm
Restructuring charges 2,882 (66) nm 8,924 (29) nm
Loss on early extinguishment of debt 154 4,592 nm 2,057 4,592 nm
Valuation adjustment to Visa derivative — 2,500 nm — 2,500 nm
Other operating expenses 28,764 36,551 (21) 96,901 102,264 (5)
Total non-interest expense $ 316,655 $ 276,310 15 % $ 877,076 $ 832,847 5 %


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Three and Nine Months Ended September 30, 2020 compared to September 30, 2019
Salaries and other personnel expense increased $12.5 million, or 9%, and $39.3 million, or 9%, for the three and nine months ended September 30, 2020, respectively, due primarily to higher mortgage production-based commissions, COVID-19 related bonus payments to certain front-line employee s , and investments in talent. Total headcount of 5,347 declined 81 from June 30, 2020 and 57 from September 30, 2019.
Net occupancy, equipment, and software expense increased $537 thousand, or 1%, and $6.2 million, or 5%, during the three and nine months ended September 30, 2020, respectively, primarily due to investments in technology as well as increases in net rent expense. Synovus expects net rent expense to decline during the fourth quarter of 2020, as compared to expense during the third quarter of 2020, as Synovus optimizes its physical space with branch and corporate real estate closures.
Third-party processing and other services includes all third-party core operating system and processing charges as well as third-party loan servicing charges. Third-party processing expense increased $2.1 million, or 11%, and $8.1 million, or 15%, for the three and nine months ended September 30, 2020, respectively. The increase is primarily associated with loan growth from Synovus' consumer-based lending partnerships. However, during the second quarter of 2020, Synovus restructured certain of its third-party consumer-based lending partnership arrangements with a shift of new originations to held for sale and thereby reducing future third-party loan servicing expense.
Professional fees increased $3.7 million, or 38%, and $14.0 million, or 55%, for the three and nine months ended September 30, 2020, respectively, from increases in consulting fees related to Synovus' internal revenue growth and efficiency initiative, "Synovus Forward".
FDIC insurance and other regulatory fees were down $449 thousand and $3.0 million for the three and nine months ended September 30, 2020, respectively, due primarily to strategic balance sheet management actions, aimed at reducing FDIC expense.
During the three months ended September 30, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing the goodwill allocated to the Consumer Mortgage reporting unit resulting from a combination of factors including the extended duration of lower market valuations, high volumes in refinance activity that have reduced mortgage yields, and the clarity around longer term policy actions designed to keep interest rates low.
Earnout liability fair value adjustments associated with the Global One acquisition are the result of higher than projected earnings and higher earnings estimates over the remaining contractual earnout period, reflecting the continued success of the Global One enterprise. The earnout period ends on June 30, 2021.
In connection with the FCB acquisition, Synovus incurred merger-related expense totaling $353 thousand and $57.5 million for the three and nine months ended September 30, 2019, respectively, primarily related to employment compensation agreements, severance, and professional services. See "Part I - Item 1. Financial Statements and Supplementary Data - Note 2 - Acquisitions" in this Report for more information on the acquisition of FCB.
During the three and nine months ended September 30, 2020, Synovus recorded $2.9 million and $8.9 million, respectively, in restructuring charges primarily related to branch closures and restructuring of corporate real estate as part of the Synovus Forward initiative. Synovus Bank operated 292 branches at September 30, 2020 and at November 2, 2020 Synovus Bank operated 288 branches, compared to 298 branches at December 31, 2019, following the closing of 12 branches and opening of two new branches during 2020. See "Part I - Item 1. Financial Statements and Supplementary Data - Note 12 - Subsequent Events", regarding Synovus' voluntary early retirement program and associated one-time termination benefit restructuring charge of approximately $14 million recorded in October, 2020.
On February 25, 2020, Synovus terminated a $250.0 million long-term FHLB obligation and incurred a $1.9 million loss on early extinguishment of debt and on September 15, 2020, Synovus terminated a $500 million long-term FHLB obligation and incurred a $154 thousand loss on early extinguishment of debt.
Other operating expenses includes advertising, travel, insurance, network and communication, other taxes, subscriptions and dues, other loan and ORE expense, postage and freight, training, business development, supplies, donations, and other miscellaneous expenses. Other operating expenses were down $7.8 million and $5.4 million, for the three and nine months ended September 30, 2020, respectively. Advertising expense was down $3.3 million and $6.7 million for the three and nine months ended September 30, 2020, respectively, and travel expense was down $1.8 million and $4.8 million for the three and nine months ended September 30, 2020, respectively. Other operating expenses for the nine months ended September 30, 2020 includes a $2.7 million valuation adjustment on a MPS receivable, a $2.5 million charge from termination of customer swaps, and a $1.0 million donation to the United Negro College Fund.
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Income Tax Expense
Income tax expense was $39.8 million for the three months ended September 30, 2020, representing an effective tax rate of 30.3%, compared to income tax expense of $51.3 million for the three months ended September 30, 2019, representing an effective tax rate of 27 .4%. The increase in the effective tax rate for the three months ended September 30, 2020, as compared to the three months ended September 30, 2019, is primarily related to a non-deductible goodwill impairment charge of $44.9 million recorded during the third quarter of 2020.
Income tax expense was $74.3 million for the nine months ended September 30, 2020, representing an effective tax rate of 25.0%, compared to income tax expense of $146.3 million for the nine months ended September 30, 2019, representing an effective tax rate of 26.2%. The effective tax rate for the nine months ended September 30, 2020 includes the impact of the non-deductible goodwill impairment charge recognized during the third quarter of 2020, partly offset by discrete tax benefits including a $2.7 million benefit for carrying back net operating loss deductions to pre-TJCA tax periods, as allowed by the CARES Act, a $1.4 million benefit for a state tax rate change, and $2.3 million in other net discrete benefit items, including discrete items related to prior periods. The effective tax rate in the first nine months of 2019 was higher largely due to nondeductible merger-related expenses associated with the FCB acquisition.
Synovus’ effective tax rate considers many factors including, but not limited to, the level of pre-tax income, BOLI, tax-exempt interest, certain income tax credits, and nondeductible expenses. In addition, the effective tax rate is affected by items that may occur in any given period but are not consistent from period-to-period, such as tax benefits related to share-based compensation, jurisdiction statutory tax rate changes, valuation allowance changes, and changes to unrecognized tax benefits. Accordingly, the comparability of the effective tax rate between periods may be impacted.
With the exception of the net operating loss carryback deductions and certain state concessions, we do not expect the provisions of the CARES Act to have a significant impact on the Company’s current tax provision. With regard to the CARES Act payroll tax deferrals, Synovus estimates the payment of approximately $16.6 million of employer payroll taxes otherwise due in 2020 will be delayed, with 50% due by December 31, 2021 and the remaining 50% by December 31, 2022.
CREDIT QUALITY, CAPITAL RESOURCES AND LIQUIDITY
Credit Quality
Synovus continuously monitors the quality of its loan portfolio by industry, property type, geography, as well as credit quality metrics. Credit metrics deteriorated slightly during the third quarter of 2020 with slight increases in NPAs, NPLs, and past dues from June 30, 2020; however, these increases were primarily isolated to specific credits, and we have not experienced widespread deterioration in the portfolio.
During the three months ended September 30, 2020, loan downgrades to Special Mention and Substandard totaled $731.0 million and $137.5 million, respectively, primarily due to downgrades of $600.0 million in the hotel portfolio, one of the hardest hit industries. Synovus' hotel loan portfolio totaled $1.41 billion at September 30, 2020 compared to $1.36 billion at June 30, 2020.
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Synovus does expect some pressure on credit metrics over the next few quarters, which aligns with the reserve builds to-date during 2020 under CECL. We are continuously working with our customers to evaluate how the current economic conditions are impacting, and will continue to impact, their business operations.
The table below includes selected credit quality metrics.
Table 7 - Credit Quality Metrics
(dollars in thousands) September 30, 2020 December 31, 2019 September 30, 2019
Non-performing loans
$ 168,837 $ 101,636 $ 115,915
ORE and other assets
23,280 35,810 35,400
Non-performing assets
$ 192,117 $ 137,446 $ 151,315
Total loans
$ 39,549,847 $ 37,162,450 $ 36,417,826
Non-performing loans as a % of total loans
0.43 % 0.27 % 0.32 %
Non-performing assets as a % of total loans, ORE, and specific other assets
0.49 0.37 0.42
Loans 90 days past due and still accruing
$ 7,512 $ 15,943 $ 15,660
As a % of total loans
0.02 % 0.04 % 0.04 %
Total past due loans and still accruing
$ 57,316 $ 123,793 $ 88,219
As a % of total loans
0.14 % 0.33 % 0.24 %
Net charge-offs, quarter $ 28,466 $ 8,821 $ 19,925
Net charge-offs/average loans, quarter 0.29 % 0.10 % 0.22 %
Net charge-offs, year-to-date $ 72,573 $ 57,612 $ 48,792
Net charge-offs/average loans, year-to-date 0.25 % 0.16 % 0.18 %
Provision for loan losses, quarter $ 43,618 $ 24,470 $ 27,562
Provision for unfunded commitments, quarter (235) * *
Provision for credit losses, quarter $ 43,383 $ 24,470 $ 27,562
Provision for loan losses, year-to-date 311,977 87,720 63,250
Provision for unfunded commitments, year-to-date 31,979 * *
Provision for credit losses, year-to-date 343,956 87,720 63,250
Allowance for loan losses 603,800 281,402 265,013
Reserve for unfunded commitments 60,794 1,375 1,496
Allowance for credit losses $ 664,594 $ 282,777 $ 266,509
ACL to loans coverage ratio
1.68 % 0.76 % 0.73 %
ALL to loans coverage ratio
1.53 0.76 0.73
ACL/NPLs 393.63 278.23 229.92
ALL/NPLs 357.62 276.87 228.63
*    Prior to CECL implementation on January 1, 2020, the provision for unfunded commitments was reflected within other non-interest expense.
Non-performing Assets
Total NPAs as a percentage of total loans, ORE, and specific other assets were 0.49% at September 30, 2020 compared to 0.37% at December 31, 2019 and 0.42% at September 30, 2019. Total NPAs were $192.1 million at September 30, 2020 compared to $137.4 million at December 31, 2019 and $151.3 million at September 30, 2019. The increase in NPLs and NPAs compared to December 31, 2019 was mostly isolated to a few larger commercial relationships being designated as non-performing.
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Provision for Credit Losses and Allowance for Credit Losses
Provision for credit losses (which includes the provision for loan losses and unfunded commitments) of $43.4 million for the three months ended September 30, 2020 included net charge-offs of $28.5 million and the impact of downgrades largely concentrated in the hotel portfolio, which were mostly offset by improvement in the economic forecast which included adjustments for the estimated impact of currently enacted government stimulus plans, as well as reserve releases from loan dispositions. Provision for credit losses of $344.0 million for the nine months ended September 30, 2020, resulted in the building of the ACL required under CECL primarily as a result of uncertainty and deterioration in the economic environment due to the impact of COVID-19. The amount of provision for credit losses going forward will continue to fluctuate based on a number of factors including economic outlook, loan growth, loan mix, risk grade migration, as well as the timing and impact of any future government stimulus plans. The ACL at September 30, 2020 totaled $664.6 million consisting of an ALL of $603.8 million and reserve for unfunded commitments of $60.8 million, resulting in an ACL to loans coverage ratio of 1.68% and an ACL to NPLs ratio of 394%. Excluding PPP loans, the ACL to loans coverage ratio was 1.80%.
Table 8 - Accruing TDRs by Risk Grade
September 30, 2020 December 31, 2019 September 30, 2019
(dollars in thousands) Amount % Amount % Amount %
Pass $ 69,433 42.5 % $ 70,574 53.0 % $ 65,171 50.1 %
Special mention 13,303 8.1 11,735 8.8 14,053 10.8
Substandard accruing 80,775 49.4 50,836 38.2 50,795 39.1
Total accruing TDRs $ 163,511 100.0 % $ 133,145 100.0 % $ 130,019 100.0 %
Troubled Debt Restructurings
Accruing TDRs were $163.5 million at September 30, 2020, compared to $133.1 million at December 31, 2019 and $130.0 million at September 30, 2019. Accruing TDRs increased $30.4 million from December 31, 2019 and $33.5 million from September 30, 2019. The primary driver of the increase in accruing TDRs compared to December 31, 2019 is a result of a large relationship being designated as an accruing TDR in the first quarter of 2020 due to interest rate and term concessions. Non-accruing TDRs were $4.6 million at September 30, 2020, compared to $17.1 million at December 31, 2019 and $13.6 million at September 30, 2019.
Accruing TDRs are considered performing because they are performing in accordance with the re structured terms. At September 30, 2020, December 31, 2019, and September 30, 2019, approximately 99% , 99%, and 98%, respectively, of accruing TDRs were current. In addition, subsequent defaults on accruing TDRs (defaults 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 within twelve months of the TDR designation) have continued to remain at low levels.
Non-TDR Modifications due to COVID-19
Regulatory agencies encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of COVID-19. In the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (initially issued on March 22, 2020 and revised on April 7, 2020), for example, the regulatory agencies expressed their view of loan modification programs as positive actions that may mitigate adverse effects on borrowers due to COVID-19 and their unwillingness to criticize institutions for working with borrowers in a safe and sound manner. Moreover, the Interagency Statement provided that eligible loan modifications related to COVID-19 may be accounted for under section 4013 of the CARES Act or in accordance with ASC 310-40. Section 4013 of the CARES Act allows banks to elect to not consider loan modifications related to COVID-19 that are made between March 1, 2020 and the earlier of December 31, 2020, or 60 days after the National Emergency ends to borrowers that are current (i.e., less than 30 days past due as of December 31, 2019) as TDRs. The regulatory agencies further stated that performing loans granted payment deferrals due to COVID-19 are not considered past due or non-accrual. FASB confirmed the foregoing regulatory agencies' view, that such short-term modifications (e.g., six months) made on a good-faith basis in response to COVID-19 for borrowers who are current are not TDRs . Beginning in late March 2020, Synovus provided rel ief programs consisting primarily of 90-day payment deferral relief to borrowers negatively impacted by COVID-19 and has primarily accounted for these loan modifications in accordance with ASC 310-40 . During the third quarter, upon evaluation of facts and circumstances, the CARES Act was elected for certain loan modifications that met the criteria of section 4013 of the CARES Act. The deferred payments along with interest accrued during the deferral period are generally due and payable on the maturity date of the existing loan. Based on the terms of the deferral r elief program which did not provide for forgiveness of interest, Synovus has recognized interest income on loans during the deferral period. As of September 30, 2020, approximately 1% of the total loan portfolio was in a P&I deferral status, down significantly from approximately 15% of our loan portfolio that had been granted P&I deferral through our relief programs as of the filing of our first quarter 2020 10-Q. In addition to our
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P&I deferment program, we have also provided borrowers who have been impacted during the current crisis with other modifications such as interest only relief or amortization extensions on approximately 2% of total loans.
Capital Resources
Synovus and Synovus Bank are required to comply with capital adequacy standards established by their primary federal regulator, the Federal Reserve. Synovus and Synovus Bank measure capital adequacy using the standardized approach to Basel III. At September 30, 2020, Synovus and Synovus Bank's capital levels exceeded well-capitalized requirements currently in effect. The following table presents certain ratios used to measure Synovus and Synovus Bank's capitalization.
Table 9 - Capital Ratios
(dollars in thousands) September 30, 2020 December 31, 2019
CET1 capital
Synovus Financial Corp. $ 3,913,402 $ 3,743,459
Synovus Bank 4,674,063 4,640,501
Tier 1 risk-based capital
Synovus Financial Corp. 4,450,547 4,280,604
Synovus Bank 4,674,063 4,640,501
Total risk-based capital
Synovus Financial Corp. 5,536,918 5,123,381
Synovus Bank 5,201,409 4,923,279
CET1 capital ratio
Synovus Financial Corp. 9.30 % 8.95 %
Synovus Bank 11.08 11.10
Tier 1 risk-based capital ratio
Synovus Financial Corp. 10.57 10.23
Synovus Bank 11.08 11.10
Total risk-based capital to risk-weighted assets ratio
Synovus Financial Corp. 13.16 12.25
Synovus Bank 12.33 11.78
Leverage ratio
Synovus Financial Corp. 8.48 9.16
Synovus Bank 8.91 9.94
Tangible common equity ratio (1)
Synovus Financial Corp. 7.67 8.08
(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for the applicable reconciliation to the most comparable GAAP measure.
At September 30, 2020, Synovus' CET1 ratio increased to 9.30%, well in excess of regulatory requirements including the capital conservation buffer of 2.5 %. The September 30, 2020 CET1 ratio improved 40 bps compared to June 30, 2020 and 35 bps compared to December 31, 2019 from a combination of earnings and balance sheet activities. These balance sheet activities included the settlement of our second quarter bond repositioning and our on-going efforts to manage non-relationship loan portfolios as we prioritize our balance sheet for core, client relationships. We remain focused on supporting our overall capital position and are targeting the higher end of our CET1 operating range of 9.0% to 9.5%, given the heightened uncertainty in the current economic environment. For additional information on regulatory capital requirements, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 11 - Regulatory Capital" to the consolidated financial statements of Synovus' 2019 Form 10-K. Management reviews the Company's capital position on an on-going basis and believes, based on internal capital analyses and earnings projections, that Synovus is well positioned to meet relevant regulatory capital standards.
As a result of the greater economic uncertainty associated with the current pandemic, Synovus suspended its share repurchase activity beyond the $16.2 million (450 thousand shares) of its common stock repurchased during the first quarter.
On August 26, 2020, the federal banking regulators issued a final rule (followin g an interim final rule issued on March 27, 2020) that allows electing banking organizations that adopt CECL during 2020 to mitigate the estimated effects of CECL on regulatory capital for two years, followed by a three-year phase-in transition period. Synovus adopted CECL on January 1, 2020 and the September 30, 2020 regulatory capital ratios reflect Synovus' election of the five-year transition provision. For
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additional information on Synovus' adoption of CECL, see "Part I - Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation and Accounting Policies" in this Report.
Dividends
Synovus has historically paid a quarterly cash dividend to the holders of its common stock. Management and the Board of Directors closely monitor current and projected capital levels, liquidity (including div idends from subsidiaries), financial markets and other economic trends, as well as regulatory requirements regarding the payment of dividends. As Synovus navigates through the current recession and regulatory guidelines , the approach to common stock dividends will be continually evaluated based on an assessment of long-term earnings, capital projections, and liquidity.
Synovus' ability to pay dividends on its common stock and preferred stock is primarily dependent upon dividends and distributions that it receives from its bank and non-banking subsidiar ies, which are restricted by various regulations administered by federal and state bank regulatory authorities.
Synovus declared common stock dividends of $145.8 million, or $0.99 per common share, for the nine months ended September 30, 2020 , up from $138.9 million, or $0.90 per common share, for the nine months ended September 30, 2019, respectively. In addition, Synovus declared dividends on its preferred stock of $24.9 million and $14.6 million during the nine months ended September 30, 2020 and 2019, respectively.
Liquidity
Liquidity represents the extent to which Synovus has readily available sources of funding to meet the needs of depositors, borrowers and creditors, to support asset growth, and to otherwise sustain operations of Synovus and its subsidiaries, at a reasonable cost, on a timely basis, and without adverse consequences. ALCO monitors Synovus' economic, competitive, and regulatory environment and is responsible for measuring, monitoring, and reporting on liquidity and funding risk as well as market risk.
In accordance with Synovus policies and regulatory guidance, ALCO evaluates contractual and anticipated cash flows under normal and stressed conditions to properly manage the Company’s liquidity profile. Synovus places an emphasis on maintaining numerous sources of current and contingent liquidity to meet its obligations to depositors, borrowers, and creditors on a timely basis. Liquidity is generated through various sources, including, but not limited to, maturities and repayments of loans by customers, maturities and sales of investment securities, and growth in core or wholesale deposits. Management continuously monitors and maintains appropriate levels of liquidity so as to provide adequate funding sources to manage customer deposit withdrawals, loan requests, and other funding demands.
Synovus Bank also generates liquidity through the issuance of brokered certificates of deposit and money market accounts. Synovus Bank accesses these funds from a broad geographic base to diversify its sources of fu nding and liquidity. Synovus Bank also has t he capacity to access funding through its membership in the FHLB system and through the Federal Reserve discount window. During the first quarter of 2020, Synovus increased its FHLB availability by over $2.0 billion through expanding pledged collateral. At September 30, 2020, based on currently pledged collateral, Synovus Bank had access to incremental FHLB funding of $4.57 billion, subject to FHLB credit policies.
In addition to bank level liquidity management, Synovus must manage liquidity at the parent company level for various operating needs including the servicing of debt, the payment of dividends on our common stock and preferred stock, share repurchases, payment of general corporate expenses and potential capital infusions into subsidiaries. The primary source of liquidity for Synovus consists of dividends from Synovus Bank, which is governed by certain rules and regulations of the GA DBF and the Federal Reserve Bank. Synovus' ability to receive dividends from Synovus Bank in future periods will depend on a number of factors, including, without limitation, Synovus Bank's future profits, asset quality, liquidit y, and overall condition. I n addition, both the GA DBF and Federal Reserve Bank may require approval to pay dividends, based on certain regulatory statutes and limitations.
On February 12, 2020, Synovus Bank issued $400.0 million aggregate principal amount of 2.289% Fixed-to-Floating Rate Senior Bank Notes due 2023. From and including the original issue date to, but excluding, February 10, 2022, the Notes bear interest at a fixed rate of 2.289% p er annum, payable semi-annually in arrears on each February 10 and August 10, beginning on August 10, 2020. Unless redeemed, from and including February 10, 2022 to but excluding the Maturity Date, the interest rate on the Notes is computed quarterly using an interest rate based on the SOFR with a daily index maturity plus a spread of 94.5 bps per annum, payable quarterly in arrears. Synovus Bank may redeem the Notes, at its option, on February 10, 2022 (which is the date that is one year prior to the Maturity Date) upon not less than 10 nor more than 60 days’ prior notice given to holders of the Notes. The redemption price for any redemption is 100% of the principal amount of the Notes, plus accrued and unpaid interest thereon to but excluding the date of redemption. The Notes are not redeemable at the option or election of holders.
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On February 25, 2020, Synovus terminated a $250.0 million long-term FHLB obligation and incurred a $1.9 million loss on early extinguishment of debt and on September 15, 2020, Synovus terminated a $500 million long-term FHLB obligation and incurred a $154 thousand loss on early extinguishment of debt.
Synovus presently believes that the sources of liquidity discussed above, including existing liquid funds on hand, are sufficient to meet its anticipated funding needs. However, if economic conditions were to significantly deteriorate, regulatory capital requirements for Synovus or Synovus Bank were to increase as the result of regulatory directives or otherwise, or Synovus believes it is prudent to enhance current liquidity levels, then Synovus may seek additional liquidity from external sources. See "Part I- Item 1A. Risk Factors - the COVID-19 pandemic has resulted in significant market volatility and lower interest rates that could materially affect Synovus’ results of operations and access to capital" of this Report and "Part I – Item 1A. Risk Factors - Changes in the cost and availability of funding due to changes in the deposit market and credit market may adversely affect our capital resources, liquidity and financial results " of Synovus' 2019 Form 10-K. Furthermore, Synovus may, from time to time, take advantage of attractive market opportunities to refinance its existing debt, redeem its preferred stock, or strengthen its liquidity or capital position.
Earning Assets and Sources of Funds
Average total assets for the nine months ended September 30, 2020 increased $5.00 billion, or 11%, to $51.57 billion as compared to $46.57 billion for the first nine months of 2019. Average earning assets increased $4.18 billion, or 10%, in the first nine months of 2020 compared to the same period in 2019 and represented 91.8% of average total assets at September 30, 2020, as compared to 92.7% at September 30, 2019. The increase in average earning assets primarily resulted from a $3.17 billion, or 9%, increase in average loans, net, which included average PPP loans of $1.64 bill ion, as well as a $578.3 million increase in average interest-bearing funds held at the Federal Reserve Bank and a $287.4 million increase in loans held for sale.
Average interest-bearing liabilities increased $2.19 billion, or 7%, to $34.11 billion for the first nine months of 2020 compared to the same period in 2019. The increase in average interest-bearing liabilities resulted from a $3.08 billion, or 28%, increase in average money market deposits (includes an increase of $863.7 million in other brokered deposits), a $879.2 million increase in average interest-bearing demand deposits, and a $451.8 million increase in average long-term debt, including $400.0 million of senior notes issued in February 2020. These increases were partially offset by a $1.98 billion, or 19%, decrease in average time deposits (includes an increase of $ 230.2 millio n in brokered time deposits) and a $316.6 million decrease in other short-term borrowings. Average non-interest-bearing demand deposits increased $2.13 billion, or 23%, to $11.37 billion for the first nine months of 2020 compared to the same period in 2019, due largely to liquidity associated with PPP lending.
Net interest income for the nine months ended September 30, 2020 was $1.13 billion, down $69.7 million, or 6%, compared to the same period in 2019. The decrease in year-over-year net interest income was due to declines of $62.5 million in PAA (primarily comprised of declines of $27.0 million of loan accretion and $32.9 million of deposit premium amortization) associated with the FCB acquisition and declines in market interest rates, which were somewhat offset by higher average earning assets. Net interest margin was down 52 bps over the comparable nine-month periods to 3.20%, due primarily to the decline in market interest rates in addition to declines in PAA. For the nine months ended September 30, 2020, the yield on earning assets was 3.88%, a decrease of 91 bps compared to the nine months ended September 30, 2019, while the effective cost of funds decreased 39 bps to 0.68%. The yield on loans decreased 96 bps to 4.20% while the yield on investment securities decreased 36 bps to 2.72% over the nine months ended September 30, 2019.
On a sequential quarter basis, net interest income was up $424 thousand and net interest margin for the third quarter was 3.10%, which was down 3 bps compared to the second quarter of 2020 . The sequential quarter decline in net interest margin was primarily driven by the impact of bond repositioning and student loan sales executed in the second quarter of 2020, partially offset by further declines in deposit pricing and favorable deposit remixing trends. The third quarter included average PPP loan balances of $2.70 billion versus $2.21 billion in the second quarter and $11.9 million in accretion of associated PPP processing fees versus $9.2 million in the second quarter. For the third quarter of 2020, the yield on earning assets decreased 17 bps, while the effective cost of funds decreased 14 bps compared to the second quarter of 2020.
We continue to expect modest downward pressure on NIM as the repricing within our fixed-rate asset portfolios is partially offset by continued declines in overall deposit costs. Excluding the potential impacts from PPP forgiveness, we expect net interest income and net interest margin to decrease modestly in the fourth quarter of 2020 as compared to the third quarter of 2020.
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Quarterly yields earned on average interest-earning assets and rates paid on average interest-bearing liabilities for the five most recent quarters are presented below.
Table 10 - Average Balances and Yields/Rates 2020 2019
(dollars in thousands) (yields and rates annualized) Third Quarter Second Quarter First Quarter Fourth Quarter Third Quarter
Interest Earning Assets:
Investment securities (1)(2)
$ 7,227,400 6,618,533 6,680,047 6,696,768 6,831,036
Yield
2.39 % 2.72 3.09 3.12 3.14
Trading account assets (3)
$ 5,391 6,173 6,306 7,986 5,519
Yield
1.69 % 2.19 2.70 2.69 4.01
Commercial loans (2)(4)
$ 30,730,135 30,236,919 27,607,343 26,698,202 26,567,719
Yield
3.80 % 3.95 4.57 4.82 5.09
Consumer loans (4)
$ 9,032,437 9,899,172 9,985,702 9,809,832 9,633,603
Yield
4.08 % 4.34 4.60 5.07 5.08
Allowance for loan losses
$ (591,098) (498,545) (368,033) (269,052) (258,024)
Loans, net (4)
$ 39,171,474 39,637,546 37,225,012 36,238,982 35,943,298
Yield
3.92 % 4.08 4.62 4.93 5.13
Mortgage loans held for sale
$ 244,952 221,157 86,415 117,909 99,556
Yield
2.92 % 3.09 3.67 3.77 3.93
Other loans held for sale $ 493,940 19,246 — — 475
Yield 3.61 % 4.19 — — —
Other earning assets (5)
$ 1,265,880 1,709,086 652,130 514,635 513,160
Yield
0.11 % 0.11 1.02 1.71 2.08
Federal Home Loan Bank and Federal Reserve Bank Stock (3)
$ 200,923 247,801 284,082 278,586 254,994
Yield
2.73 % 3.60 3.38 2.85 3.85
Total interest earning assets
$ 48,609,960 48,459,542 44,933,992 43,854,866 43,648,038
Yield
3.58 % 3.75 4.33 4.60 4.78
Interest-Bearing Liabilities:
Interest-bearing demand deposits
$ 7,789,095 7,260,940 6,445,986 6,381,282 6,138,810
Rate
0.19 % 0.21 0.51 0.60 0.69
Money market accounts, excluding brokered deposits
$ 13,272,972 12,238,479 11,548,014 10,526,296 10,138,783
Rate
0.36 % 0.46 1.00 1.13 1.26
Savings deposits
$ 1,114,956 1,036,024 926,822 915,640 900,366
Rate
0.02 % 0.02 0.05 0.05 0.05
Time deposits under $100,000
$ 1,379,923 1,621,943 1,761,741 1,873,350 2,100,492
Rate
1.03 % 1.43 1.64 1.27 1.39
Time deposits over $100,000
$ 3,863,821 4,772,555 5,051,705 5,198,266 5,957,691
Rate
1.44 % 1.80 2.04 1.51 1.69
Other brokered deposits
$ 1,912,114 1,998,571 1,376,669 1,156,131 993,078
Rate
0.23 % 0.25 1.42 1.84 2.47
Brokered time deposits
$ 2,232,940 2,244,429 2,166,496 2,121,069 2,119,149
Rate
1.59 % 1.86 2.11 2.16 2.27
Total interest-bearing deposits
$ 31,565,821 31,172,941 29,277,433 28,172,034 28,348,369
Rate
0.54 % 0.73 1.18 1.16 1.32
Federal funds purchased and securities sold under repurchase agreements
$ 180,342 250,232 167,324 192,731 221,045
Rate
0.09 % 0.12 0.30 0.24 0.22
Other short-term borrowings
$ 46,739 550,000 1,384,362 1,565,507 1,307,370
Rate
1.12 % 1.23 1.66 1.87 2.31
Long-term debt
$ 2,234,665 2,834,188 2,678,651 2,153,983 2,286,221
Rate
2.71 % 2.36 2.78 3.07 3.32
Total interest-bearing liabilities
$ 34,027,567 34,807,361 33,507,770 32,084,255 32,163,005
Rate
0.68 % 0.86 1.30 1.30 1.47
Non-interest-bearing demand deposits
$ 12,773,676 11,923,534 9,409,774 9,706,784 9,365,776
Cost of funds
0.50 % 0.65 1.04 1.02 1.16
Effective cost of funds (6)
0.48 % 0.62 0.96 0.95 1.09
Net interest margin
3.10 % 3.13 3.37 3.65 3.69
Taxable equivalent adjustment (2)
$ 956 861 786 769 819
(1) Excludes net unrealized gains (losses).
(2) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
(3) Included as a component of other assets on the consolidated balance sheets.
(4) Average loans are shown net of deferred fees and costs. NPLs are included.
(5) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
(6) Includes the impact of non-interest-bearing capital funding sources.
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Net Interest Income and Rate/Volume Analysis
The following table sets forth the major components of net interest income and the related annualized yields and rates for the nine months ended September 30, 2020 and 2019, as well as the variances between the periods caused by changes in interest rates versus changes in volume.
Table 11 - Net Interest Income and Rate/Volume Analysis
Nine Months Ended September 30, 2020 Compared to 2019
Average Balances Interest Annualized Yield/Rate Change due to Increase (Decrease)
(dollars in thousands) 2020 2019 2020 2019 2020 2019 Volume Rate
Assets
Interest earning assets:
Investment securities $ 6,843,400 $ 6,775,287 $ 139,791 $ 156,554 2.72 % 3.08 % $ 1,571 $ (18,334) $ (16,763)
Trading account assets 5,955 4,153 99 84 2.22 2.70 37 (22) 15
Taxable loans, net (1)
38,671,202 35,421,137 1,203,839 1,360,511 4.16 5.14 125,062 (281,734) (156,672)
Tax-exempt loans, net (1)(2)
494,885 348,246 12,366 10,453 3.34 4.01 4,402 (2,489) 1,913
Allowance for loan losses (486,276) (256,727)
Loans, net 38,679,811 35,512,656 1,216,205 1,370,964 4.20 5.16 129,464 (284,223) (154,759)
Mortgage loans held for sale 184,396 68,558 4,291 2,122 3.10 4.13 3,581 (1,412) 2,169
Other loans held for sale 172,241 692 4,756 22 3.63 4.11 5,279 (545) 4,734
Other earning assets (3)
1,209,239 567,433 2,477 9,964 0.27 2.32 11,099 (18,586) (7,487)
Federal Home Loan Bank and Federal Reserve Bank stock 244,111 233,943 6,000 6,931 3.28 3.95 301 (1,232) (931)
Total interest earning assets 47,339,153 43,162,722 1,373,619 1,546,641 3.88 4.79 151,332 (324,354) (173,022)
Cash and due from banks 532,808 516,789
Premises and equipment, net 485,790 486,141
Other real estate 11,709 14,803
Cash surrender value of bank-owned life insurance 989,238 765,204
Other assets (4)
2,209,923 1,621,335
Total assets $ 51,568,621 $ 46,566,994
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits $ 7,167,617 $ 6,288,424 $ 15,561 $ 32,611 0.29 % 0.69 % $ 4,541 $ (21,591) $ (17,050)
Money market accounts 14,119,510 11,035,016 61,799 109,711 0.58 1.33 30,712 (78,624) (47,912)
Savings deposits 1,026,259 901,867 204 371 0.03 0.05 46 (213) (167)
Time deposits 8,361,942 10,344,873 108,106 131,773 1.73 1.70 (25,236) 1,569 (23,667)
Federal funds purchased and securities sold under repurchase agreements 199,230 251,385 242 404 0.16 0.21 (82) (80) (162)
Other short-term borrowings 658,128 974,696 7,643 18,195 1.53 2.46 (5,830) (4,722) (10,552)
Long-term debt 2,581,232 2,129,424 50,645 54,785 2.54 3.39 11,466 (15,606) (4,140)
Total interest-bearing liabilities 34,113,918 31,925,685 244,200 347,850 0.94 1.44 15,617 (119,267) (103,650)
Non-interest-bearing deposits 11,374,121 9,242,993
Other liabilities 1,028,401 691,357
Shareholders' equity 5,052,181 4,706,959
Total liabilities and equity $ 51,568,621 $ 46,566,994
Interest rate spread: 2.94 % 3.35 %
Net interest income - FTE/margin (5)
$ 1,129,419 $ 1,198,791 3.20 % 3.72 % $ 135,715 $ (205,087) $ (69,372)
Taxable equivalent adjustment 2,603 2,256
Net interest income, actual $ 1,126,816 $ 1,196,535
(1) Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2020 - $42.8 million, 2019 - $26.4 million.
(2) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.
(3) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
(4) Includes average net unrealized gains (losses) on investment securities available for sale of $212.9 million and $14.7 million for the nine months ended September 30, 2020 and 2019, respectively.
(5) The net interest margin is calculated by dividing annualized net interest income - FTE by average total interest earnings assets.
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Market Risk Analysis
Interest rate risk is the primary market risk to which Synovus is potentially exposed. Synovus measures its sensitivity to changes in market interest rates through the use of a simulation model which incorporates all of Synovus’ earning assets and liabilities. These simulations are used to determine a baseline net interest income projection and the sensitivity of the income profile based on changes in interest rates. These simula tions incorporate assumptions and factors, including, but not limited to, changes in market rates, in the size or composition of the balance sheet, and in repricing characteris tics as well as customer behaviors. This process is reviewed and updated on an on-going basis in a manner consistent with Synovus’ ALCO governance framework.
Synovus has modeled its baseline net interest income projection assuming a flat interest rate environment with the federal funds rate at the Federal Reserve’s current targeted range of 0% to 0.25% and the current prime rate of 3.25%. Synovus has modeled the impact of a gradual increase in market interest rates across the yield curve of 100 and 200 bps and a gradual decline of 25 bps to determine the sensitivity of net interest income for the next twelve months. The lesser decline of the downrate scenario presented was selected in light of the low absolute level of monetary policy rates and generally incorporates an assumption that rates are floored at the zero-lower-bound. Synovus' current rate risk position is considered asset-sensitive and would be expected to benefit net interest income in a rising interest rate environment and reduce net interest income in a declining interest rate environment. The following table represents the estimated sensitivity of net interest income at September 30, 2020, with comparable information for December 31, 2019.
Table 12 - Twelve Month Net Interest Income Sensitivity
Estimated % Change in Net Interest Income as Compared to Unchanged Rates (for the next twelve months)
Change in Short-term Interest Rates (in bps) September 30, 2020 December 31, 2019
+200 2.4% 2.8%
+100 1.0% 2.0%
Flat —% —%
-25 (0.2)% N/A
The net interest income simulation model is the primary tool utilized to evaluate potential interest rate risks over a shorter-term time horizon. Synovus also evaluates potential longer-term interest rate risk through modeling and evaluation of the sensitivity of the Company's Economic Value of Equity (EVE). The EVE measurement process estimates the net fair value of assets, liabilities, and off-balance sheet financial instruments under various interest rate scenarios. Management uses EVE sensitivity analyses as an additional means of measuring interest rate risk and incorporates this form of analysis within its governance and limits framework.
LIBOR
In July 2017, the Financial Conduct Authority, which regulates LIBOR, announced that it intends to stop persuading or compelling banks to submit rates for the calculation of LIBOR after 2021, confirming the continuation of LIBOR will not be guaranteed beyond that date. However, due to the COVID-19 pandemic, the FCA has since softened its stance on the pre-cessation end dates scheduled in 2020 and early 2021 on the issuance of instruments tied to LIBOR. The ARRC has proposed SOFR as its preferred rate as an alternative to LIBOR and has proposed a paced market transition plan to SOFR from LIBOR. The ISDA recently recommended a spread adjustment methodology for derivative products based on historical differences between LIBOR and SOFR. Organizations are currently working on industry-wide and company-specific transition plans as it relates to derivatives and cash markets exposed to LIBOR. As noted within our 10-K Risk Factors, Synovus holds instruments that may be impacted by the discontinuance of LIBOR including floating rate obligations, loans, deposits, derivatives and hedges, and other financial instruments but is not able to currently predict the associated financial impacts of the transition to an alternative reference rate. Synovus has established a cross-functional LIBOR transition working group that is in the process of i) assessing the Company's current exposure to LIBOR indexed instruments and the data, systems and processes that may also be impacted; ii) establishing an implementation plan; and iii) developing a formal governance structure for the transition.
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Critical Accounting Policies
The accounting and financial reporting policies of Synovus are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Synovus has identified certain of its accounting policies as “critical accounting policies,” consisting of those related to the allowance for loan losses, fair value measurements and income taxes. In determining which accounting policies are critical in nature, Synovus has identified the policies that require significant judgment or involve complex estimates. It is management's practice to discuss critical accounting policies with the Board of Directors' Audit Committee, including the development, selection, implementation and disclosure of the critical accounting policies. The application of these policies has a significant impact on Synovus’ unaudited interim consolidated financial statements. Synovus’ financial results could differ significantly if different judgments or estimates are used in the application of these policies. All accounting policies described in "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2019 Form 10-K should be reviewed for a greater understanding of how we record and report our financial perform ance. Excluding the adoption of ASU 2016-13, Financial Instruments-Credit Losses (CECL) on January 1, 2020 as disclosed in "Part I - Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation and Accounting Policies" in this Report, there have been no significant changes to the accounting policies, estimates and assumptions, or the judgments affecting the application of these estimates and assumptions from those disclosed in Synovus' 2019 Form 10-K.
Goodwill
Goodwill assessments are highly sensitive to economic projections and the related assumptions and estimates used by management. Synovus includes goodwill impairment analysis and reporting unit valuations as part of its critical accounting policy for fair value measurements. For additional information, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2019 Form 10-K and "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - Goodwill and Other Intangible Assets" in this Report.
Non-GAAP Financial Measures
The measures entitled adjusted non-interest revenue; adjusted non-interest expense; adjusted total revenues; adjusted tangible efficiency ratio; adjusted net income per common share, diluted; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity, adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total revenues; efficiency ratio-FTE; net income per common share, diluted; return on average assets; return on average common equity; and the ratio of total shareholders' equity to total assets, respectively.
Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted total revenues and adjusted non-interest revenue are measures used by management to evaluate non-interest revenue exclusive of net investment securities gains (losses) and gains on sale and changes in fair value of private equity investments, net. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income per common share, diluted, adjusted return on average assets, and adjusted return on average common equity are measurements used by management to evaluate operating results exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus' performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by management to assess the strength of our capital position. The computations of these measures are set forth in the tables below.
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Table 14 - Reconciliation of Non-GAAP Financial Measures
Three Months Ended Nine Months Ended
(in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Adjusted non-interest revenue
Total non-interest revenue $ 114,411 $ 88,760 $ 391,752 $ 257,945
Add/subtract: Investment securities losses (gains), net 1,550 3,731 (76,594) 5,502
Subtract: Gain on sale and increase in fair value of private equity investments, net (260) (1,194) (4,712) (3,507)
Adjusted non-interest revenue $ 115,701 $ 91,297 $ 310,446 $ 259,940
Adjusted non-interest expense
Total non-interest expense $ 316,655 $ 276,310 $ 877,076 $ 832,847
Subtract: Earnout liability adjustments — (10,457) (4,908) (10,457)
Subtract: Goodwill impairment (44,877) — (44,877) —
Subtract: Merger-related expense — (353) — (57,493)
Subtract/add: Restructuring charges, net (2,882) 66 (8,924) 29
Subtract: Valuation adjustment to Visa derivative — (2,500) — (2,500)
Subtract: Loss on early extinguishment of debt, net (154) (4,592) (2,057) (4,592)
Adjusted non-interest expense $ 268,742 $ 258,474 $ 816,310 $ 757,834

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Three Months Ended Nine Months Ended
(in thousands, except per share data) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Adjusted total revenues and adjusted tangible efficiency ratio
Adjusted non-interest expense $ 268,742 $ 258,474 $ 816,310 $ 757,834
Subtract: Amortization of intangibles (2,640) (2,901) (7,920) (8,702)
Adjusted tangible non-interest expense $ 266,102 $ 255,573 $ 808,390 $ 749,132
Net interest income $ 376,990 $ 402,097 $ 1,126,816 $ 1,196,535
Add: Tax equivalent adjustment 956 819 2,603 2,256
Add: Total non-interest revenue 114,411 88,760 391,752 257,945
Total FTE revenues $ 492,357 $ 491,676 $ 1,521,171 $ 1,456,736
Add/subtract: Investment securities losses (gains), net 1,550 3,731 (76,594) 5,502
Subtract: Gain on sale and increase in fair value of private equity investments, net (260) (1,194) (4,712) (3,507)
Adjusted total revenues $ 493,647 $ 494,213 $ 1,439,865 $ 1,458,731
Efficiency ratio-FTE 64.31 % 56.20 % 57.66 % 57.17 %
Adjusted tangible efficiency ratio 53.91 51.71 56.14 51.36
Adjusted net income per common share, diluted
Net income available to common shareholders $ 83,283 $ 127,435 $ 198,414 $ 397,505
Add: Income tax expense, net related to State Tax Reform — 4,402 — 4,402
Add: Earnout liability adjustments — 10,457 4,908 10,457
Add: Goodwill impairment 44,877 — 44,877 —
Add: Merger-related expense — 353 — 57,493
Add/subtract: Restructuring charges, net 2,882 (66) 8,924 (29)
Add: Valuation adjustment to Visa derivative — 2,500 — 2,500
Add: Loss on early extinguishment of debt, net 154 4,592 2,057 4,592
Add/subtract: Investment securities losses (gains), net 1,550 3,731 (76,594) 5,502
Subtract: Gain on sale and increase in fair value of private equity investments, net (260) (1,194) (4,712) (3,507)
Subtract/add: Tax effect of adjustments (1,122) (2,478) 18,214 (10,137)
Adjusted net income available to common shareholders $ 131,364 $ 149,732 $ 196,088 $ 468,778
Weighted average common shares outstanding, diluted 147,976 154,043 148,037 158,595
Adjusted net income per common share, diluted $ 0.89 $ 0.97 $ 1.32 $ 2.96

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Table 14 - Reconciliation of Non-GAAP Financial Measures, continued
Three Months Ended Nine Months Ended
(dollars in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Adjusted return on average assets (annualized)
Net income $ 91,574 $ 135,726 $ 223,286 $ 412,096
Add: Income tax expense, net related to State Tax Reform — 4,402 — 4,402
Add: Earnout liability adjustments — 10,457 4,908 10,457
Add: Goodwill impairment 44,877 — 44,877 —
Add: Merger-related expense — 353 — 57,493
Add/subtract: Restructuring charges, net 2,882 (66) 8,924 (29)
Subtract: Valuation adjustment to Visa derivative — 2,500 — 2,500
Add: Loss on early extinguishment of debt, net 154 4,592 2,057 4,592
Add/subtract: Investment securities losses (gains), net 1,550 3,731 (76,594) 5,502
Subtract: Gain on sale and increase in fair value of private equity investments, net (260) (1,194) (4,712) (3,507)
Subtract/add: Tax effect of adjustments (1,122) (2,478) 18,214 (10,137)
Adjusted net income $ 139,655 $ 158,023 $ 220,960 $ 483,369
Net income annualized 364,305 538,478 298,258 550,971
Adjusted net income annualized 555,584 626,939 295,151 646,263
Total average assets 53,138,334 47,211,026 51,568,621 46,566,994
Return on average assets (annualized) 0.69 % 1.14 % 0.58 % 1.18 %
Adjusted return on average assets (annualized) 1.05 1.33 0.57 1.39

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Table 14 - Reconciliation of Non-GAAP Financial Measures, continued
Three Months Ended
(dollars in thousands) September 30, 2020 June 30, 2020 September 30, 2019
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income available to common shareholders $ 83,283 $ 84,901 $ 127,435
Add: Income tax expense, net related to State Tax Reform — — 4,402
Add: Earnout liability adjustments — 4,908 10,457
Add: Goodwill impairment 44,877 — —
Add: Merger-related expense — — 353
Add/subtract: Restructuring charges, net 2,882 2,822 (66)
Add: Valuation adjustment to Visa derivative — — 2,500
Add: Loss on early extinguishment of debt, net 154 — 4,592
Add/subtract: Investment securities losses (gains), net 1,550 (69,409) 3,731
Subtract: Gain on sale and increase in fair value of private equity investments (260) (8,707) (1,194)
Subtract/add: Tax effect of adjustments (1,122) 19,500 (2,478)
Net income available to common shareholders $ 131,364 $ 34,015 $ 149,732
Adjusted net income available to common shareholders' annualized $ 522,600 $ 136,808 $ 594,045
Add: Amortization of intangibles 7,782 7,868 8,632
Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 530,382 $ 144,676 $ 602,677
Net income available to common shareholders annualized $ 331,322 $ 341,470 $ 505,585
Add: Amortization of intangibles 7,782 7,868 8,632
Net income available to common shareholders excluding amortization of intangibles $ 339,104 $ 349,338 $ 514,217
Total average shareholders' equity less preferred stock $ 4,553,159 $ 4,567,254 $ 4,450,301
Subtract: Goodwill (497,267) (497,267) (492,320)
Subtract: Other intangible assets, net (49,075) (51,667) (60,278)
Total average tangible shareholders' equity less preferred stock $ 4,006,817 $ 4,018,320 $ 3,897,703
Return on average common equity (annualized) 7.28 % 7.48 % 11.36 %
Adjusted return on average common equity (annualized) 11.48 3.00 13.35
Return on average tangible common equity (annualized) 8.46 8.69 13.19
Adjusted return on average tangible common equity (annualized) 13.24 3.60 15.46

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(dollars in thousands) September 30, 2020 June 30,
2020 		September 30, 2019
Tangible common equity ratio
Total assets $ 53,040,538 $ 54,121,989 $ 47,661,182
Subtract: Goodwill (452,390) (497,267) (487,865)
Subtract: Other intangible assets, net (47,752) (50,392) (58,572)
Tangible assets $ 52,540,396 $ 53,574,330 $ 47,114,745
Total shareholders' equity $ 5,064,542 $ 5,052,968 $ 4,868,838
Subtract: Goodwill (452,390) (497,267) (487,865)
Subtract: Other intangible assets, net (47,752) (50,392) (58,572)
Subtract: Preferred Stock, no par value (537,145) (537,145) (536,550)
Tangible common equity $ 4,027,255 $ 3,968,164 $ 3,785,851
Total shareholders' equity to total assets ratio 9.55 % 9.34 % 10.22 %
Tangible common equity ratio 7.67 7.41 8.04

ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The information presented in the Market Risk Analysis section of the Management's Discussion and Analysis of Financial Condition and Results of Operations is incorporated herein by reference.
ITEM 4. – CONTROLS AND PROCEDURES
In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Synovus' management, with the participation of Synovus' Chief Executive Officer and Chief Financial Officer, of the effectiveness of Synovus' disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. Based on that evaluation, Synovus' Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2020, Synovus' disclosure controls and procedures were effective.
There have been no material changes in Synovus' internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2020 that have materially affected, or are reasonably likely to materially affect, Synovus' internal control over financial reporting.

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PART II. – OTHER INFORMATION
ITEM 1. – 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 its business, Synovus and its subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. Synovus, like many other financial institutions, has been the target of legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans, allegations of violations of state and federal laws and regulations relating to banking practices, and allegations related to Synovus' participation in government stimulus programs, including putative class action matters. In addition to actual damages, if Synovus does not prevail in such asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of assets, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur.
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 of 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 and financial condition for any particular period. For additional information, see "Part I - Item 1. Financial Statements and Supplementary Data - Note 10 - Commitments and Contingencies" of this Report, which Note is incorporated herein by this reference.
ITEM 1A. – RISK FACTORS
In addition to the other information set forth in this Report, you should carefully consider the factors discussed in "Part I - Item IA - Risk Factors” of Synovus' 2019 Form 10-K and "Item 1A. - Risk Factors" of Synovus' Form 10-Q for the period ended March 31, 2020 ("1Q 2020 Form 10-Q"), which could materially affect its business, financial position, results of operations, cash flows, or future results. Please be aware that these risks may change over time and other risks may prove to be important in the future. In addition, these risks may be heightened by the disruption and uncertainty resulting from COVID-19. New risks may emerge at any time, and we cannot predict such risks or estimate the extent to which they may affect our business, financial condition or results of operations, or the trading price of our securities.
There are no material changes during the period covered by this Report to the risk factors previously disclosed in Synovus' 2019 Form 10-K and 1Q 2020 Form 10-Q.
ITEM 2. – UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS
(a) None.
(b) None.
(c) Issuer Purchases of Equity Securities:
The Company announced on January 24, 2020 that its Board of Directors authorized share repurchases in 2020 at a level that would be consistent with Synovus retaining a 9% CET1 ratio tar get. As a result of the greater economic uncertainty associated with the current pandemic, Synovus suspended its share repurchase activity beyond the $16.2 million (450 thousand shares) of its common stock repurchased during the first quarter.
ITEM 3. – DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. – MINE SAFETY DISCLOSURES
None.
ITEM 5. – OTHER INFORMATION
None.
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ITEM 6. – EXHIBITS
Exhibit
Number 		Description
3.1
3.2
4.1
31.1
31.2
32
101 Interactive Data File
104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

SYNOVUS FINANCIAL CORP.
November 6, 2020 By: /s/ Andrew J. Gregory, Jr.
Date Andrew J. Gregory, Jr.
Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)

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TABLE OF CONTENTS
Part I. Financial InformationprintItem 1. - Financial StatementsprintNote 1 - Basis Of Presentation and Accounting PoliciesprintNote 2 - AcquisitionsprintNote 3 - Investment Securities Available For SaleprintNote 4 - Loans and Allowance For Loan LossesprintNote 5 - Goodwill and Other Intangible AssetsprintNote 6 - Shareholders' Equity and Other Comprehensive Income (loss)printNote 7 - Fair Value AccountingprintNote 8 - Derivative Instruments and Hedging ActivitiesprintNote 9 - Net Income Per Common ShareprintNote 10 - Commitments and ContingenciesprintNote 11 - Segment ReportingprintNote 12 - Subsequent EventsprintItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsprintItem 3. Quantitative and Qualitative Disclosures About Market RiskprintItem 4. Controls and ProceduresprintPart II. Other InformationprintItem 1. Legal ProceedingsprintItem 1A. Risk FactorsprintItem 2. Unregistered Sales Of Securities and Use Of ProceedsprintItem 3. Defaults Upon Senior SecuritiesprintItem 4. Mine Safety DisclosuresprintItem 5. Other InformationprintItem 6. Exhibitsprint

Exhibits

3.1 Restated Articles of Incorporation of Synovus, incorporated by reference to Exhibit 3.1 of Synovus Current Report on Form 8-K dated April 22, 2020, as filed with the SEC on April 24, 2020. 3.2 Restated Bylaws of Synovus, incorporated by reference to Exhibit 3.2 of Synovus' Current Report on Form 8-K dated April 22, 2020, as filed with the SEC on April 24, 2020. 4.1 4.000% Fixed-to-Fixed Rate Subordinated Bank Note due 2030, incorporated by reference to Exhibit 4.1 of Synovus' Current Report on Form 8-K dated October 29, 2020, as filed with the SEC on October 29, 2020. 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.