Shareholders' Equity and Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Shareholders' Equity and Other Comprehensive Income (Loss)

Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss)

Repurchases of Common Stock

Synovus announced on January 18, 2024 that its Board of Directors authorized share repurchases of up to $300 million of common stock and $50 million of preferred stock in 2024. During the three months ended March 31, 2024, Synovus repurchased 800 thousand shares of common stock at an average price of $37.36 per share via open market transactions.

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 months ended March 31, 2024 and 2023.

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)		Total
Balance at December 31, 2023	$	(998,259)	$	(118,814)	$	(1,117,073)
Other comprehensive income (loss) before reclassifications	(118,050)		(43,277)		(161,327)
Amounts reclassified from AOCI	—		30,206		30,206
Net current period other comprehensive income (loss)	(118,050)		(13,071)		(131,121)
Balance at March 31, 2024	$	(1,116,309)	$	(131,885)	$	(1,248,194)
Balance at December 31, 2022	$	(1,220,263)	$	(221,854)	$	(1,442,117)
Other comprehensive income (loss) before reclassifications	115,821		7,566		123,387
Amounts reclassified from AOCI	(779)		30,182		29,403
Net current period other comprehensive income (loss)	115,042		37,748		152,790
Balance at March 31, 2023	$	(1,105,221)	$	(184,106)	$	(1,289,327)

(1)    For March 31, 2024, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $10.2 million and $11.6 million, respectively, related to residual tax effects remaining in OCI primarily due to previously established deferred tax asset valuation allowances in 2010 and 2011 and state rate changes. For March 31, 2023, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 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.