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Shareholders' Equity and Other Comprehensive Income | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Shareholders' Equity and Other Comprehensive Income | Note 9 - Shareholders' Equity and Other Comprehensive Income The following table shows the changes in shares of preferred and common stock issued and common stock held as treasury shares for the years ended December 31, 2023, 2022, and 2021.
(shares in thousands) | Series D Preferred Stock Issued |  | Series E Preferred Stock Issued |  | Total Preferred Stock Issued |  | Common Stock Issued |  | Treasury Stock Held |  | Common Stock Outstanding
Balance at December 31, 2020 | 8,000 |  |  | 14,000 |  |  | 22,000 |  |  | 168,133 |  |  | 20,093 |  |  | 148,040 |
Warrants exercised and common stock reissued | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | 3 |
Common stock reissued for earnout payment | — |  |  | — |  |  | — |  |  | — |  |  | (125) |  |  | 125 |
Restricted share unit activity | — |  |  | — |  |  | — |  |  | 355 |  |  | — |  |  | 355 |
Stock options exercised | — |  |  | — |  |  | — |  |  | 896 |  |  | — |  |  | 896 |
Repurchase of common stock | — |  |  | — |  |  | — |  |  | — |  |  | 4,409 |  |  | (4,409) |
Balance at December 31, 2021 | 8,000 |  |  | 14,000 |  |  | 22,000 |  |  | 169,384 |  |  | 24,374 |  |  | 145,010 |
Restricted share unit activity | — |  |  | — |  |  | — |  |  | 399 |  |  | — |  |  | 399 |
Stock options exercised | — |  |  | — |  |  | — |  |  | 358 |  |  | — |  |  | 358 |
Repurchase of common stock | — |  |  | — |  |  | — |  |  | — |  |  | 281 |  |  | (281) |
Balance at December 31, 2022 | 8,000 |  |  | 14,000 |  |  | 22,000 |  |  | 170,141 |  |  | 24,655 |  |  | 145,486 |
Restricted share unit activity | — |  |  | — |  |  | — |  |  | 527 |  |  | — |  |  | 527 |
Stock options exercised | — |  |  | — |  |  | — |  |  | 692 |  |  | — |  |  | 692 |
Balance at December 31, 2023 | 8,000 |  |  | 14,000 |  |  | 22,000 |  |  | 171,360 |  |  | 24,655 |  |  | 146,705 |
Preferred Stock The following table presents a summary of preferred stock as of December 31, 2023, 2022, and 2021.
| Issuance Date |  | Public Offering Amount |  | Net Proceeds |  | Earliest Redemption Date |  |  |  | Liquidation Preference
Series D | June 21, 2018 |  | $200.0 | million |  | $195.1 | million |  | June 21, 2023 |  |  |  | $25 per share
Series E | July 1, 2019 |  | $350.0 | million |  | $342.0 | million |  | July 1, 2024 |  |  |  | $25 per share
Dividends, as declared, on Series D Preferred Stock were paid quarterly at a rate per annum equal to 6.300% for each dividend period from the original issue date to, but excluding, June 21, 2023. From and including June 21, 2023, the dividend rate was a floating rate equal to the three-month LIBOR plus a spread of 3.352% per annum. Dividends declared beyond June 30, 2023 are determined based on the floating rate index terms as described in the issuance documentation. As calculation agent, Synovus uses three-month term SOFR plus a spread of 3.614% per annum. Dividends, as declared, on Series E Preferred Stock will be paid quarterly at a rate per annum equal to 5.875% for each dividend period from the original issue date to, but excluding, July 1, 2024. From and including July 1, 2024, the dividend rate will change and reset every five years on July 1 at a rate equal to the five-year U.S. Treasury Rate plus 4.127% per annum. Dividends on all series of preferred stock are non-cumulative and, if declared, will accrue and be payable in arrears, quarterly. All series of preferred stock are redeemable at Synovus' option in whole or in part, from time to time, on the earliest redemption date or any subsequent reset date, or in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in each case, at a redemption price equal to $25 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. All series of preferred stock have no preemptive or conversion rights. Except in limited circumstances, all series of preferred stock do not have any voting rights. Common Stock Repurchases of Common Stock During 2023, Synovus did not repurchase any common stock. The Company 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. Subsequent to year-end, through February 20, 2024, Synovus repurchased $29.9 million, or 800 thousand shares, of common stock via open market transactions. During 2022, Synovus repurchased $13.0 million, or 281 thousand shares, of common stock through open market transactions under the share repurchase program announced on January 20, 2022. During 2021, Synovus repurchased $199.9 million, or 4.4 million shares, of common stock through open market transactions under the share repurchase program announced on January 26, 2021. Accumulated Other Comprehensive Income (Loss) The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2023, 2022, and 2021.
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, 2020 | $ | 105,669 |  |  | $ | 52,966 |  |  |  |  | $ | 158,635 |
Other comprehensive income (loss) before reclassifications | (174,246) |  |  | (57,705) |  |  |  |  | (231,951) |
Amounts reclassified from AOCI | 597 |  |  | (9,602) |  |  |  |  | (9,005) |
Net current period other comprehensive income (loss) | (173,649) |  |  | (67,307) |  |  |  |  | (240,956) |
Balance at December 31, 2021 | $ | (67,980) |  |  | $ | (14,341) |  |  |  |  | $ | (82,321) |
Other comprehensive income (loss) before reclassifications | (1,152,283) |  |  | (225,715) |  |  |  |  | (1,377,998) |
Amounts reclassified from AOCI | — |  |  | 18,202 |  |  |  |  | 18,202 |
Net current period other comprehensive income (loss) | (1,152,283) |  |  | (207,513) |  |  |  |  | (1,359,796) |
Balance at December 31, 2022 | $ | (1,220,263) |  |  | $ | (221,854) |  |  |  |  | $ | (1,442,117) |
Other comprehensive income (loss) before reclassifications | 163,813 |  |  | (30,791) |  |  |  |  | 133,022 |
Amounts reclassified from AOCI | 58,191 |  |  | 133,831 |  |  |  |  | 192,022 |
Net current period other comprehensive income (loss) | 222,004 |  |  | 103,040 |  |  |  |  | 325,044 |
Balance at December 31, 2023 | $ | (998,259) |  |  | $ | (118,814) |  |  |  |  | $ | (1,117,073) |
(1) For December 31, 2022, 2021, and 2020, 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. For December 31, 2023 the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $16.4 million and $12.7 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. 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.

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