Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Derivative Instruments [Abstract]

The impact of derivative instruments on the consolidated balance sheets at March 31, 2014 and December 31, 2013 is presented below.



	Fair Value of Derivative Assets				Fair Value of Derivative Liabilities
(in thousands)	Location on Consolidated Balance Sheet	March 31, 2014		December 31, 2013	Location on Consolidated Balance Sheet	March 31, 2014		December 31, 2013
Derivatives not designated as hedging instruments:
Interest rate contracts	Other assets	$	34,924	38,482	Other liabilities	$	35,775	39,436
Mortgage derivatives	Other assets	1,256		1,522	Other liabilities	54		—
Visa derivative		—		—	Other liabilities	2,525		2,706
Total derivatives not designated as hedging instruments		$	36,180	40,004		$	38,354	42,142

Effect of Cash Flow Hedges on Consolidated Statements of Income

Effect of Fair Value Hedges on Consolidated Statements of Income

The pre-tax effect of fair value hedges on the consolidated statements of income for the three months ended March 31, 2014 and 2013 is presented below.



	Location of Gain (Loss) Recognized in Income	Gain (Loss) Recognized in Income
(in thousands)		Three Months Ended March 31,
Derivatives not designated as hedging instruments		2014			2013
Interest rate contracts⁽¹⁾	Other non-interest income	$	104		121
Mortgage derivatives⁽²⁾	Mortgage banking income	(320		)	(89	)
Total		$	(216	)	32

⁽¹⁾ Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions.

⁽²⁾ Gain (loss) represents net fair value adjustments recorded for interest rate lock commitments and commitments to sell mortgage loans to third party investors.

During the three months ended March 31, 2014 and 2013, Synovus also reclassified $774 thousand and $914 thousand, respectively, from hedge-related basis adjustment, a component of long-term debt, as a reduction to interest expense. These deferred gains relate to hedging relationships that have been previously terminated and are reclassified into earnings over the remaining life of the hedged items.