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Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Other Comprehensive Income (Loss)
Note 7 - Other Comprehensive Income (Loss)
The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the six and three months ended June 30, 2018 and 2017.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)
Net unrealized gains (losses) on cash flow hedges
 
Net unrealized gains (losses) on investment securities available for sale
 
Post-retirement unfunded health benefit
 
Total
Balance at December 31, 2017
$
(12,137
)
 
$
(43,470
)
 
$
853

 
$
(54,754
)
Other comprehensive income (loss) before reclassifications
—

 
(64,409
)
 
—

 
(64,409
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
960

 
(46
)
 
914

Net current period other comprehensive loss
—

 
(63,449
)
 
(46
)
 
(63,495
)
Reclassification from adoption of ASU 2018-02
—

 
(7,763
)
 
175

 
(7,588
)
Cumulative-effect adjustment from adoption of ASU 2016-01
—

 
117

 
—

 
117

Balance as of June 30, 2018
$
(12,137
)
 
$
(114,565
)
 
$
982

 
$
(125,720
)
 
 
 
 
 
 
 
 
Balance as of April 1, 2018
$
(12,137
)
 
$
(96,647
)
 
$
1,007

 
$
(107,777
)
Other comprehensive income (loss) before reclassifications
—

 
(18,878
)
 
—

 
(18,878
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
960

 
(25
)
 
935

Net current period other comprehensive income
—

 
(17,918
)
 
(25
)
 
(17,943
)
Balance as of June 30, 2018
$
(12,137
)
 
$
(114,565
)
 
$
982

 
$
(125,720
)
 
 
 
 
 
 
 
 


(in thousands)
Net unrealized gains (losses) on cash flow hedges
 
Net unrealized gains (losses) on investment securities available for sale
 
Post-retirement unfunded health benefit
 
Total
Balance at December 31, 2016
$
(12,217
)
 
$
(44,324
)
 
$
882

 
$
(55,659
)
Other comprehensive income before reclassifications
—

 
12,453

 
—

 
12,453

Amounts reclassified from accumulated other comprehensive income (loss)
80

 
(4,715
)
 
(24
)
 
(4,659
)
Net current period other comprehensive income
80

 
7,738

 
(24
)
 
7,794

Balance as of June 30, 2017
$
(12,137
)
 
$
(36,586
)
 
$
858

 
$
(47,865
)
 
 
 
 
 
 
 
 
Balance as of April 1, 2017
$
(12,177
)
 
$
(43,444
)
 
$
870

 
$
(54,751
)
Other comprehensive income before reclassifications
—

 
6,857

 
—

 
6,857

Amounts reclassified from accumulated other comprehensive income (loss)
40

 
1

 
(12
)
 
29

Net current period other comprehensive income (loss)
40

 
6,858

 
(12
)
 
6,886

Balance as of June 30, 2017
$
(12,137
)
 
$
(36,586
)
 
$
858

 
(47,865
)
 
 
 
 
 
 
 
 

In accordance with ASC 740-20-45-11(b), a deferred tax asset valuation allowance associated with unrealized gains and losses not recognized in income is charged directly to other comprehensive income (loss). During the years 2010 and 2011, Synovus recorded a deferred tax asset valuation allowance associated with net unrealized losses not recognized in income directly to other comprehensive income (loss) by applying the portfolio approach for allocation of the valuation allowance. Synovus has consistently applied the portfolio approach which treats derivative instruments and available for sale securities as a single portfolio. As of June 30, 2018, the ending balance in net unrealized gains (losses) on cash flow hedges and net unrealized gains (losses) on investment securities available for sale includes unrealized losses of $12.1 million and $13.3 million, respectively, related to the residual tax effects remaining in OCI due to the previously established deferred tax asset valuation allowance. Under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Details About
Accumulated Other Comprehensive Income (Loss) Components
 
Amount Reclassified from
Accumulated Other
Comprehensive Income (Loss)
 
Affected Line Item
in the Statement Where
Net Income is Presented
 
 
For the Six Months Ended June 30,
 
 
 
 
2018
 
2017
 
 
Net unrealized gains (losses) on cash flow hedges:
 
 
 
 
 
 
  Amortization of deferred losses
 
$
—

 
$
(130
)
 
Interest expense
 
 
—

 
50

 
Income tax (expense) benefit
 
 
$
—

 
$
(80
)
 
Reclassifications, net of income taxes
 
 
 
 
 
 
 
Net unrealized gains on investment securities available for sale:
 
 
 
 
 
 
  Realized (losses) gains on sale of securities
 
$
(1,296
)
 
$
7,667

 
Investment securities gains, net
 
 
336

 
(2,952
)
 
Income tax (expense) benefit
 
 
$
(960
)
 
$
4,715

 
Reclassifications, net of income taxes
Post-retirement unfunded health benefit:
 
 
 
 
 
 
  Amortization of actuarial gains
 
$
68

 
$
40

 
Salaries and other personnel expense
 
 
(22
)
 
(16
)
 
Income tax (expense) benefit
 
 
$
46

 
$
24

 
Reclassifications, net of income taxes
 
 
 
 
 
 
 

Details About
Accumulated Other Comprehensive Income (Loss) Components
 
Amount Reclassified from
Accumulated Other
Comprehensive Income (Loss)
 
Affected Line Item
in the Statement Where
Net Income is Presented
 
 
For the Three Months Ended June 30,
 
 
 
 
2018
 
2017
 
 
Net unrealized gains (losses) on cash flow hedges:
 
 
 
 
 
 
  Amortization of deferred losses
 
$
—

 
$
(65
)
 
Interest expense
 
 
—

 
25

 
Income tax (expense) benefit
 
 
$
—

 
$
(40
)
 
Reclassifications, net of income taxes
 
 
 
 
 
 
 
Net unrealized gains on investment securities available for sale:
 
 
 
 
 
 
  Realized losses on sale of securities
 
$
(1,296
)
 
$
(1
)
 
Investment securities gains, net
 
 
336

 
—

 
Income tax (expense) benefit
 
 
$
(960
)
 
$
(1
)
 
Reclassifications, net of income taxes
Post-retirement unfunded health benefit:
 
 
 
 
 
 
  Amortization of actuarial gains
 
$
34

 
$
20

 
Salaries and other personnel expense
 
 
(9
)
 
(8
)
 
Income tax (expense) benefit
 
 
$
25

 
$
12

 
Reclassifications, net of income taxes