Shareholders' Equity and Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 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 June 30, 2024, Synovus repurchased 2.3 million shares of common stock at an average price of $38.95 per share via open market transactions. During the six months ended June 30, 2024, Synovus repurchased 3.1 million shares of common stock at an average price of $38.54 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 and six months ended June 30, 2024 and 2023.

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)	Net unamortized holding (losses) gains on AFS investment securities transferred to HTM		Net unrealized gains (losses) on investment securities AFS(1)		Net unrealized gains (losses) on cash flow hedges(1)		Total
Balance at March 31, 2024	$	—	$	(1,116,309)	$	(131,885)	$	(1,248,194)
Other comprehensive income (loss) before reclassifications	(537,434)		511,079		(13,861)		(40,216)
Amounts reclassified from AOCI	15,654		194,677		27,705		238,036
Net current period other comprehensive income (loss)	(521,780)		705,756		13,844		197,820
Balance at June 30, 2024	$	(521,780)	$	(410,553)	$	(118,041)	$	(1,050,374)
Balance at March 31, 2023	$	—	$	(1,105,221)	$	(184,106)	$	(1,289,327)
Other comprehensive income (loss) before reclassifications	—		(82,866)		(55,325)		(138,191)
Amounts reclassified from AOCI	—		—		32,343		32,343
Net current period other comprehensive income (loss)	—		(82,866)		(22,982)		(105,848)
Balance at June 30, 2023	$	—	$	(1,188,087)	$	(207,088)	$	(1,395,175)
Balance at December 31, 2023	$	—	$	(998,259)	$	(118,814)	$	(1,117,073)
Other comprehensive income (loss) before reclassifications	(537,434)		393,029		(57,138)		(201,543)
Amounts reclassified from AOCI	15,654		194,677		57,911		268,242
Net current period other comprehensive income (loss)	(521,780)		587,706		773		66,699
Balance at June 30, 2024	$	(521,780)	$	(410,553)	$	(118,041)	$	(1,050,374)
Balance at December 31, 2022	$	—	$	(1,220,263)	$	(221,854)	$	(1,442,117)
Other comprehensive income (loss) before reclassifications	—		32,955		(47,759)		(14,804)
Amounts reclassified from AOCI	—		(779)		62,525		61,746
Net current period other comprehensive income (loss)	—		32,176		14,766		46,942
Balance at June 30, 2023	$	—	$	(1,188,087)	$	(207,088)	$	(1,395,175)

(1)    For June 30, 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 June 30, 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.