Shareholders' Equity and Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2020

Shareholders' Equity and Other Comprehensive Income (Loss)

Note 6 - Shareholders' Equity and Other Comprehensive Income (Loss)

Repurchases of Common Stock

During the three months ended June 30, 2020, Synovus did not repurchase any shares of its common stock. During the six months ended June 30, 2020, Synovus repurchased $16.2 million, or 450 thousand shares of its common stock, at an average price of $36.08 per share, under the share repurchase program announced on January 24, 2020.

Dividends

The following table presents dividends declared related to common stock. For information related to preferred stock dividends, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 10 - Shareholders' Equity and Other Comprehensive Income" to the consolidated financial statements of Synovus' 2019 Form 10-K.


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Cash dividends declared per share	$	0.33	$	0.30	$	0.66	$	0.60

Equity-Based Compensation Plans

The following tables summarize the status of Synovus' stock options, restricted share units, market restricted share units, and performance share units as of June 30, 2020 and activity for the six months ended June 30, 2020.


	Stock Options
(in thousands, except per share amounts)	Quantity	Weighted-Average Exercise Price Per Share
Outstanding at January 1, 2020	3,037	$	22.74
Exercised	(232)	28.59
Expired/canceled	(16)	25.00
Outstanding at June 30, 2020	2,789	$	22.24


	RSUs, MRSUs, and PSUs
(in thousands, except per share amounts)	Quantity	Weighted-Average Grant Date Fair Value Per Share
Non-vested at January 1, 2020	1,312	$	39.28
Granted	743	35.11
Quantity change based on TSR and performance factors	44	35.11
Dividend equivalents granted	41	35.11
Vested	(582)	38.40
Forfeited	(48)	36.22
Non-vested at June 30, 2020	1,510	$	37.43

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, 2020 and 2019.


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⁾		Post-retirement unfunded health benefit		Total
Balance, April 1, 2020	$	194,524	$	61,925	$	462	$	256,911
Other comprehensive income (loss) before reclassifications	(8,847)		6,538		—		(2,309)
Amounts reclassified from AOCI	(51,432)		(200)		—		(51,632)
Net current period other comprehensive income (loss)	(60,279)		6,338		—		(53,941)
Balance at June 30, 2020	$	134,245	$	68,263	$	462	$	202,970

Balance, April 1, 2019	$	(7,071)	$	(12,137)	$	866	$	(18,342)
Other comprehensive income (loss) before reclassifications	66,290		—		—		66,290
Amounts reclassified from AOCI	1,367		—		(26)		1,341
Net current period other comprehensive income (loss)	67,657		—		(26)		67,631
Balance at June 30, 2019	$	60,586	$	(12,137)	$	840	$	49,289

Balance, December 31, 2019	$	83,666	$	(18,487)	$	462	$	65,641
Other comprehensive income (loss) before reclassifications	108,484		87,039		—		195,523
Amounts reclassified from AOCI	(57,905)		(289)		—		(58,194)
Net current period other comprehensive income (loss)	50,579		86,750		—		137,329
Balance at June 30, 2020	$	134,245	$	68,263	$	462	$	202,970

Balance, December 31, 2018	$	(83,179)	$	(12,137)	$	896	$	(94,420)
Other comprehensive income (loss) before reclassifications	142,453		—		—		142,453
Amounts reclassified from AOCI	1,312		—		(56)		1,256
Net current period other comprehensive income (loss)	143,765		—		(56)		143,709
Balance at June 30, 2019	$	60,586	$	(12,137)	$	840	$	49,289

⁽¹⁾For all periods presented, the ending balance in net unrealized gains (losses) on cash flow hedges and investment securities available for sale includes unrealized losses of $12.1 million and $13.3 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.