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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans, including fees $ 686,094 $ 478,448 $ 1,985,881 $ 1,230,847
Investment securities available for sale 61,642 53,550 183,118 151,111
Loans held for sale 17,914 12,017 29,292 26,798
Federal Reserve Bank balances 15,483 5,584 49,711 7,965
Other earning assets 4,906 1,700 14,059 4,412
Total interest income 786,039 551,299 2,262,061 1,421,133
Interest expense:        
Deposits 292,060 46,917 707,774 79,077
Long-term debt 50,524 22,156 148,968 41,069
Other borrowings 296 4,307 25,877 5,432
Total interest expense 342,880 73,380 882,619 125,578
Net interest income 443,159 477,919 1,379,442 1,295,555
Provision for (reversal of) credit losses 72,572 25,581 143,607 49,669
Net interest income after provision for (reversal of) credit losses 370,587 452,338 1,235,835 1,245,886
Non-interest revenue:        
Service charges on deposit accounts 21,385 23,398 67,836 69,428
Fiduciary and asset management fees 20,205 19,201 59,928 59,577
Card fees 18,602 15,101 51,485 45,946
Brokerage revenue 20,237 17,140 63,703 47,038
Mortgage banking income 3,671 5,065 12,138 14,922
Capital markets income 6,377 6,839 27,077 19,704
Income from bank-owned life insurance 6,965 6,792 21,106 22,514
Investment securities gains (losses), net 0 0 1,030 0
Recovery of NPA 0 0 13,126 0
Other non-interest revenue 9,697 10,762 35,112 27,768
Total non-interest revenue 107,139 104,298 352,541 306,897
Non-interest expense:        
Salaries and other personnel expense 179,741 173,334 551,667 499,081
Net occupancy, equipment, and software expense 45,790 43,462 131,435 129,538
Third-party processing and other services 21,439 22,539 64,932 65,486
Professional fees 10,147 6,755 28,707 26,094
FDIC insurance and other regulatory fees 11,837 7,707 33,266 20,851
Restructuring charges (reversals) 17,319 956 16,476 (7,318)
Loss on other loans held for sale 30,954 0 50,064 0
Other operating expense 36,305 39,257 106,019 114,779
Total non-interest expense 353,532 294,010 982,566 848,511
Income before income taxes 124,194 262,626 605,810 704,272
Income tax expense 27,729 59,582 133,242 152,140
Net income 96,465 203,044 472,568 552,132
Less: Net income (loss) attributable to noncontrolling interest (630) 0 (796) 0
Net income attributable to Synovus Financial Corp. 97,095 203,044 473,364 552,132
Less: Preferred stock dividends 9,672 8,291 26,254 24,872
Net income available to common shareholders $ 87,423 $ 194,753 $ 447,110 $ 527,260
Net income per common share, basic (in dollars per share) $ 0.60 $ 1.34 $ 3.06 $ 3.63
Net income per common share, diluted (in dollars per share) $ 0.60 $ 1.33 $ 3.05 $ 3.60
Weighted average common shares outstanding, basic (in shares) 146,170 145,386 146,028 145,329
Weighted average common shares outstanding, diluted (in shares) 146,740 146,418 146,683 146,465