XML 24 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Shareholders' Equity and Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Shareholders' Equity and Other Comprehensive Income (Loss)
Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss)
Repurchases of Common Stock
Synovus announced on January 26, 2021 that its Board of Directors authorized share repurchases of up to $200 million in 2021. During the three months ended June 30, 2021, Synovus repurchased under this program a total of $92.5 million, or 1.9 million shares of its common stock, at an average price of $47.51 per share. Synovus made no share repurchases during the three months ended March 31, 2021.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2021 and 2020.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)
Net unrealized gains (losses) on investment securities available for sale(1)
Net unrealized gains (losses) on cash flow hedges(1)
Post-retirement unfunded health benefitTotal
Balance at March 31, 2021$(15,316)$30,594 $— $15,278 
Other comprehensive income (loss) before reclassifications34,617 (1,437)— 33,180 
Amounts reclassified from AOCI— (2,732)— (2,732)
Net current period other comprehensive income (loss)34,617 (4,169)— 30,448 
Balance at June 30, 2021$19,301 $26,425 $— $45,726 
Balance at March, 31, 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, December 31, 2020$105,669 $52,966 $— $158,635 
Other comprehensive income (loss) before reclassifications(87,843)(22,620)— (110,463)
Amounts reclassified from AOCI1,475 (3,921)— (2,446)
Net current period other comprehensive income (loss)(86,368)(26,541)— (112,909)
Balance at June 30, 2021$19,301 $26,425 $— $45,726 
Balance, December 31, 2019$83,666 $(18,487)$462 $65,641 
Other comprehensive income (loss) before reclassifications108,484 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 
(1)    For all periods presented, 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.