The following table summarizes Synovus' investment securities available for sale as of June 30, 2013 and December 31, 2012.



	June 30, 2013
(in thousands)	Amortized Cost⁽¹⁾		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	357	—	—		357
U.S. Government agency securities	35,049		1,476	(229	)	36,296
Securities issued by U.S. Government sponsored enterprises	186,489		1,598	—		188,087
Mortgage-backed securities issued by U.S. Government agencies	209,001		2,963	(2,403	)	209,561
Mortgage-backed securities issued by U.S. Government sponsored enterprises	2,319,412		13,576	(27,637	)	2,305,351
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	321,971		1,147	(3,603	)	319,515
State and municipal securities	10,761		265	(2	)	11,024
Equity securities	3,648		1,305	—		4,953
Other investments	3,000		—	(438	)	2,562
Total investments securities available for sale	$	3,089,688	22,330	(34,312	)	3,077,706

	December 31, 2012
(in thousands)	Amortized Cost⁽¹⁾		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	356	—	—		356
U.S. Government agency securities	35,791		2,255	—		38,046
Securities issued by U.S. Government sponsored enterprises	289,523		3,787	—		293,310
Mortgage-backed securities issued by U.S. Government agencies	238,381		7,220	(8	)	245,593
Mortgage-backed securities issued by U.S. Government sponsored enterprises	1,832,076		37,646	(2,229	)	1,867,493
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	513,637		2,534	(1,682	)	514,489
State and municipal securities	15,218		582	(2	)	15,798
Equity securities	3,648		92	—		3,740
Other investments	3,000		—	(713	)	2,287
Total investments securities available for sale	$	2,931,630	54,116	(4,634	)	2,981,112

⁽¹⁾ Amortized cost is adjusted for other-than-temporary impairment charges, which have been recognized in the consolidated statements of income.

At June 30, 2013 and December 31, 2012, investment securities with a fair value of $2.31 billion and $2.28 billion respectively, were pledged to secure certain deposits, securities sold under repurchase agreements, and payment network arrangements as required by law and contractual agreements.

Synovus has reviewed investment securities that are in an unrealized loss position as of June 30, 2013 and December 31, 2012 for OTTI and does not consider any securities in an unrealized loss position to be other-than-temporarily impaired. If Synovus intended to sell a security in an unrealized loss position, the entire unrealized loss would be reflected in income. Synovus does not intend to sell any of these investment securities prior to the recovery of the unrealized loss, which may 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.

Declines in the fair value of available for sale securities below their cost that are deemed to have OTTI are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. Currently, unrealized losses on debt securities are attributable to increases in interest rates on comparable securities from the date of purchase. Synovus regularly evaluates its investment securities portfolio to ensure that there are no conditions that would indicate that unrealized losses represent OTTI. These factors include the length of time the security has been in a loss position, the extent that the fair value is below amortized cost, and the credit standing of the issuer. As of June 30, 2013 there were 79 securities in a loss position for less than twelve months and 6 securities in a loss position for more than 12 months.

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 June 30, 2013 and December 31, 2012, are presented below.



	June 30, 2013
	Less than 12 Months			12 Months or Longer		Total
(in thousands)	Fair Value		Gross Unrealized Losses	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
U.S. Treasury securities	$	—	—	—	—	—	—
U.S. Government agency securities	14,301		229	—	—	14,301	229
Securities issued by U.S. Government sponsored enterprises	—		—	—	—	—	—
Mortgage-backed securities issued by U.S. Government agencies	123,112		2,134	6,251	269	129,363	2,403
Mortgage-backed securities issued by U.S. Government sponsored enterprises	1,736,306		27,637	—	—	1,736,306	27,637
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	137,351		3,603	—	—	137,351	3,603
State and municipal securities	—		—	37	2	37	2
Equity securities	—		—	—	—	—	—
Other investments	—		—	2,562	438	2,562	438
Total	$	2,011,070	33,603	8,850	709	2,019,920	34,312

	December 31, 2012
	Less than 12 Months			12 Months or Longer		Total
(in thousands)	Fair Value		Gross Unrealized Losses	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
U.S. Treasury securities	$	—	—	—	—	—	—
U.S. Government agency securities	—		—	—	—	—	—
Securities issued by U.S. Government sponsored enterprises	—		—	—	—	—	—
Mortgage-backed securities issued by U.S. Government agencies	3,314		8	2	—	3,316	8
Mortgage-backed securities issued by U.S. Government sponsored enterprises	286,452		2,229	—	—	286,452	2,229
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	42,036		325	168,906	1,357	210,942	1,682
State and municipal securities	—		—	35	2	35	2
Equity securities	—		—	—	—	—	—
Other investments	2,287		713	—	—	2,287	713
Total	$	334,089	3,275	168,943	1,359	503,032	4,634

The amortized cost and fair value by contractual maturity of investment securities available for sale at June 30, 2013 are shown below. The expected life of mortgage-backed securities 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, mortgage-backed securities 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 June 30, 2013
(in thousands)	Within One Year		1 to 5 Years	5 to 10 Years	More Than 10 Years	No Stated Maturity	Total
Amortized Cost
U.S. Treasury securities	$	357	—	—	—	—	357
U.S. Government agency securities	—		1,266	31,757	2,026	—	35,049
Securities issued by U.S. Government sponsored enterprises	2,000		184,489	—	—	—	186,489
Mortgage-backed securities issued by U.S. Government agencies	1		190	287	208,523	—	209,001
Mortgage-backed securities issued by U.S. Government sponsored enterprises	1,751		4,982	1,926,494	386,185	—	2,319,412
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	—		—	264	321,707	—	321,971
State and municipal securities	3,436		3,899	403	3,023	—	10,761
Equity securities	—		—	—	—	3,648	3,648
Other investments	—		—	—	3,000	—	3,000
Total amortized cost	$	7,545	194,826	1,959,205	924,464	3,648	3,089,688
Fair Value
U.S. Treasury securities	$	357	—	—	—	—	357
U.S. Government agency securities	—		1,392	32,624	2,280	—	36,296
Securities issued by U.S. Government sponsored enterprises	2,015		186,072	—	—	—	188,087
Mortgage-backed securities issued by U.S. Government agencies	1		197	298	209,065	—	209,561
Mortgage-backed securities issued by U.S. Government sponsored enterprises	1,819		5,256	1,904,668	393,608	—	2,305,351
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises	—		—	267	319,248	—	319,515
State and municipal securities	3,468		3,965	430	3,161	—	11,024
Equity securities	—		—	—	—	4,953	4,953
Other investments	—		—	—	2,562	—	2,562
Total fair value	$	7,660	196,882	1,938,287	929,924	4,953	3,077,706

Proceeds from sales, gross gains, and gross losses on sales of securities available for sale during the six and three months ended June 30, 2013 and 2012 are presented below.



	Six Months Ended June 30,					Three Months Ended June 30,
(in thousands)	2013			2012		2013		2012
Proceeds from sale and maturity of investment securities available for sale	$	347,386		733,621		135,146		258,846
Gross realized gains	2,036			24,703		1,760		4,170
Gross realized losses	(588		)	(450	)	(357	)	—
Investment securities gains, net	$	1,448		24,253		1,403		4,170