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Shareholders' Equity and Other Comprehensive Income
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022.
 
 
(shares in thousands)
Series D Preferred Stock Issued Series E Preferred Stock IssuedTotal Preferred Stock Issued Common Stock IssuedTreasury Stock HeldCommon Stock Outstanding
Balance at December 31, 20218,000 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, 20228,000 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, 20238,000 14,000 22,000 171,360 24,655 146,705 
Restricted share unit activity— — — 528 — 528 
Stock options exercised— — — 298 — 298 
Repurchase of common stock— — — — 6,365 (6,365)
Balance at December 31, 20248,000 14,000 22,000 172,186 31,020 141,166 
Preferred Stock
The following table presents a summary of preferred stock as of December 31, 2024, 2023, and 2022.
Issuance DatePublic Offering AmountNet ProceedsEarliest Redemption DateLiquidation Preference
Series DJune 21, 2018$200.0  million$195.1  millionJune 21, 2023
$25 per share
Series EJuly 1, 2019$350.0  million$342.0  millionJuly 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 changed and will 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 2024, Synovus repurchased 6.4 million shares of common stock at an average price of $42.40 per share through open market transactions under the share repurchase program approved on December 14, 2023. On December 13, 2024, the Board of Directors approved share repurchases of up to $400 million of common stock and $50 million of preferred stock in 2025.
During 2023, Synovus did not repurchase any common stock under the share repurchase program announced on January 18, 2023.
During 2022, Synovus repurchased $13.0 million, or 281 thousand shares, of common stock through open market transactions under the share repurchase program announced on January 20, 2022.
Accumulated Other Comprehensive Income (Loss)
The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2024, 2023, and 2022.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)Unamortized holding (losses) gains on AFS investment securities transferred to HTM
Net unrealized gains (losses) on AFS investment securities (1)
Net unrealized gains (losses) on Cash Flow Hedges (1)
Total
Balance at December 31, 2021$— $(67,980)$(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)$(1,117,073)
Other comprehensive income (loss) before reclassifications(537,434)392,169 (53,173)(198,438)
Amounts reclassified from AOCI44,606 194,677 105,463 344,746 
Net current period other comprehensive income (loss)(492,828)586,846 52,290 146,308 
Balance at December 31, 2024$(492,828)$(411,413)$(66,524)$(970,765)
(1)    For December 31, 2022 and 2021, the ending balance in net unrealized gains (losses) includes unrealized losses on investment securities available for sale and cash flow hedges 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, 2024 and 2023, the ending balance in net unrealized gains (losses) includes unrealized losses on investment securities available for sale of $10.2 million and $16.4 million, respectively, and cash flow hedges of $11.6 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.