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Shareholders' Equity and Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 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 September 30, 2024, Synovus repurchased 2.3 million shares of common stock at an average price of $43.58 per share via open market transactions. During the nine months ended September 30, 2024, Synovus repurchased 5.4 million shares of common stock at an average price of $40.66 per share via open market transactions.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2024 and 2023.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)Net unamortized holding (losses) gains on AFS investment securities transferred to HTM
Net unrealized gains (losses) on investment securities AFS(1)
Net unrealized gains (losses) on cash flow hedges(1)
Total
Balance at June 30, 2024$(521,780)$(410,553)$(118,041)$(1,050,374)
Other comprehensive income (loss) before reclassifications— 193,466 40,189 233,655 
Amounts reclassified from AOCI15,044 — 27,889 42,933 
Net current period other comprehensive income (loss)15,044 193,466 68,078 276,588 
Balance at September 30, 2024$(506,736)$(217,087)$(49,963)$(773,786)
Balance at June 30, 2023$— $(1,188,087)$(207,088)$(1,395,175)
Other comprehensive income (loss) before reclassifications— (291,190)(29,580)(320,770)
Amounts reclassified from AOCI— — 36,541 36,541 
Net current period other comprehensive income (loss)— (291,190)6,961 (284,229)
Balance at September 30, 2023$— $(1,479,277)$(200,127)$(1,679,404)
Balance at December 31, 2023$— $(998,259)$(118,814)$(1,117,073)
Other comprehensive income (loss) before reclassifications(537,434)586,495 (16,949)32,112 
Amounts reclassified from AOCI30,698 194,677 85,800 311,175 
Net current period other comprehensive income (loss)(506,736)781,172 68,851 343,287 
Balance at September 30, 2024$(506,736)$(217,087)$(49,963)$(773,786)
Balance at December 31, 2022$— $(1,220,263)$(221,854)$(1,442,117)
Other comprehensive income (loss) before reclassifications— (258,235)(77,338)(335,573)
Amounts reclassified from AOCI— (779)99,065 98,286 
Net current period other comprehensive income (loss)— (259,014)21,727 (237,287)
Balance at September 30, 2023$— $(1,479,277)$(200,127)$(1,679,404)
(1)    For September 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 September 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.