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Investment Securities Available for Sale
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Investment Securities Available for Sale
Note 2 - Investment Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at March 31, 2022 and December 31, 2021 are summarized below.
March 31, 2022
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$414,397 $— $(19,811)$394,586 
U.S. Government agency securities52,865 411 (1,471)51,805 
Mortgage-backed securities issued by U.S. Government agencies 733,289 60 (46,605)686,744 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 8,169,609 4,937 (553,915)7,620,631 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 877,362 326 (54,810)822,878 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises554,868 1,020 (25,092)530,796 
Asset-backed securities337,037 — — 337,037 
Corporate debt securities and other debt securities18,333 291 — 18,624 
Total investment securities available for sale$11,157,760 $7,045 $(701,704)$10,463,101 
December 31, 2021
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$120,465 $— $(2,627)$117,838 
U.S. Government agency securities53,214 1,374 (387)54,201 
Mortgage-backed securities issued by U.S. Government agencies 790,329 768 (11,464)779,633 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 8,063,890 50,491 (102,080)8,012,301 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 951,691 4,658 (16,726)939,623 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises479,420 8,644 (6,320)481,744 
Asset-backed securities514,188 — — 514,188 
Corporate debt securities and other debt securities18,309 492 — 18,801 
Total investment securities available for sale$10,991,506 $66,427 $(139,604)$10,918,329 
At March 31, 2022 and December 31, 2021, investment securities with a carrying value of $3.74 billion and $4.03 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.            
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2022 and December 31, 2021 are presented below.
March 31, 2022
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$328,920 $(14,282)$44,313 $(5,529)$373,233 $(19,811)
U.S. Government agency securities20,691 (1,471)— — 20,691 (1,471)
Mortgage-backed securities issued by U.S. Government agencies 316,662 (19,328)365,096 (27,277)681,758 (46,605)
Mortgage-backed securities issued by U.S. Government sponsored enterprises 5,225,550 (365,535)1,966,572 (188,380)7,192,122 (553,915)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 366,174 (18,823)441,167 (35,987)807,341 (54,810)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises224,955 (8,847)146,528 (16,245)371,483 (25,092)
Total$6,482,952 $(428,286)$2,963,676 $(273,418)$9,446,628 $(701,704)
December 31, 2021
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$49,648 $(379)$47,590 $(2,248)$97,238 $(2,627)
U.S. Government agency securities21,760 (387)— — 21,760 (387)
Mortgage-backed securities issued by U.S. Government agencies 461,078 (5,858)244,264 (5,606)705,342 (11,464)
Mortgage-backed securities issued by U.S. Government sponsored enterprises 5,729,476 (82,671)643,758 (19,409)6,373,234 (102,080)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 187,431 (3,981)504,238 (12,745)691,669 (16,726)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises146,672 (2,951)83,533 (3,369)230,205 (6,320)
Total$6,596,065 $(96,227)$1,523,383 $(43,377)$8,119,448 $(139,604)
As of March 31, 2022, Synovus had 227 investment securities in a loss position for less than twelve months and 76 investment securities in a loss position for twelve months or longer. Synovus does not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position prior to the respective securities' recovery of all such unrealized losses. As such, no write-downs to the amortized cost basis of the portfolio were recorded at March 31, 2022.
At March 31, 2022, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. U.S. Treasury and agency securities and agency mortgage-backed
securities are issued, guaranteed or otherwise supported by the United States government, an agency of the United States government, or a government sponsored enterprise.
The amortized cost and fair value by contractual maturity of investment securities available for sale at March 31, 2022 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
Distribution of Maturities at March 31, 2022
(in thousands)Within One
 Year		1 to 5
Years		5 to 10
 Years		More Than
 10 Years		Total
Amortized Cost
U.S. Treasury securities$21,353 $343,202 $49,842 $— $414,397 
U.S. Government agency securities455 273 52,137 — 52,865 
Mortgage-backed securities issued by U.S. Government agencies — 835 — 732,454 733,289 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 11 — 136,502 8,033,096 8,169,609 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 129 — 877,233 877,362 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 251,596 225,872 77,400 554,868 
Asset-backed securities337,037 — — — 337,037 
Corporate debt securities and other debt securities9,501 — 8,832 — 18,333 
Total amortized cost$368,357 $596,035 $473,185 $9,720,183 $11,157,760 
Fair Value
U.S. Treasury securities$21,353 $328,920 $44,313 $— $394,586 
U.S. Government agency securities462 275 51,068 — 51,805 
Mortgage-backed securities issued by U.S. Government agencies — 845 — 685,899 686,744 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 11 — 134,665 7,485,955 7,620,631 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 130 — 822,748 822,878 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 244,983 209,622 76,191 530,796 
Asset-backed securities337,037 — — — 337,037 
Corporate debt securities and other debt securities9,506 — 9,118 — 18,624 
Total fair value$368,369 $575,153 $448,786 $9,070,793 $10,463,101 
Gross gains and gross losses on sales of securities available for sale for the three months ended March 31, 2022 and 2021 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.
Three Months Ended March 31,
(in thousands)20222021
Gross realized gains on sales$— $— 
Gross realized losses on sales— (1,990)
Investment securities gains (losses), net$— $(1,990)