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Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2014
Equity [Abstract]  
Other Comprehensive Income (Loss)
Note 9 - Other Comprehensive Income (Loss)
The following table illustrates activity within the balances in accumulated other comprehensive income (loss) by component, and is shown for the nine and three months ended September 30, 2014 and 2013.
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 as of December 31, 2013
$
(13,099
)
 
(28,936
)
 
777

 
(41,258
)
Other comprehensive income before reclassifications
—

 
16,888

 
243

 
17,131

Amounts reclassified from accumulated other comprehensive income (loss)
206

 
(818
)
 
(88
)
 
(700
)
Net current period other comprehensive income (loss)
206

 
16,070

 
155

 
16,431

Balance as of September 30, 2014
$
(12,893
)
 
(12,866
)
 
932

 
(24,827
)
 
 
 
 
 
 
 
 
Balance as of July 1, 2014
$
(12,962
)
 
(1,686
)
 
932

 
(13,716
)
Other comprehensive income before reclassifications
—

 
(11,180
)
 
—

 
(11,180
)
Amounts reclassified from accumulated other comprehensive income (loss)
69

 
—

 
—

 
69

Net current period other comprehensive income (loss)
69

 
(11,180
)
 
—

 
(11,111
)
Balance as of September 30, 2014
$
(12,893
)
 
(12,866
)
 
932

 
(24,827
)
 
 
 
 
 
 
 
 

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 as of December 31, 2012
$
(13,373
)
 
17,111

 
363

 
4,101

Other comprehensive income (loss) before reclassifications
—

 
(32,698
)
 
519

 
(32,179
)
Amounts reclassified from accumulated other comprehensive income (loss)
205

 
(1,581
)
 
(60
)
 
(1,436
)
Net current period other comprehensive income (loss)
205

 
(34,279
)
 
459

 
(33,615
)
Balance as of September 30, 2013
$
(13,168
)
 
(17,168
)
 
822

 
(29,514
)
 
 
 
 
 
 
 
 
Balance as of July 1, 2013
$
(13,237
)
 
(20,689
)
 
866

 
(33,060
)
Other comprehensive income (loss) before reclassifications
—

 
4,212

 
—

 
4,212

Amounts reclassified from accumulated other comprehensive income (loss)
69

 
(691
)
 
(44
)
 
(666
)
Net current period other comprehensive income (loss)
69

 
3,521

 
(44
)
 
3,546

Balance as of September 30, 2013
$
(13,168
)
 
(17,168
)
 
822

 
(29,514
)
 
 
 
 
 
 
 
 

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). Thus, during the years 2010 and 2011, Synovus recorded a deferred tax asset valuation allowance associated with unrealized gains and 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 financial instruments, equity securities, and debt securities as a single portfolio. As of September 30, 2014, 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.
The following table illustrates activity within the reclassifications out of accumulated other comprehensive income (loss), for the nine and three months ended September 30, 2014 and 2013.
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
For the Nine Months Ended September 30, 2014
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
Net unrealized gains (losses) on cash flow hedges:
 
 
 
 
  Amortization of deferred losses
 
$
(336
)
 
Interest expense
 
 
130

 
Income tax (expense) benefit
 
 
$
(206
)
 
Reclassifications, net of income taxes
Net unrealized gains (losses) on investment securities available for sale:
 
 
 
 
  Realized gain on sale of securities
 
$
1,331

 
Investment securities gains, net
 
 
(513
)
 
Income tax (expense) benefit
 
 
$
818

 
Reclassifications, net of income taxes
Post-retirement unfunded health benefit:
 
 
 
 
  Amortization of actuarial gains
 
$
144

 
Salaries and other personnel expense
 
 
(56
)
 
Income tax (expense) benefit
 
 
$
88

 
Reclassifications, net of income taxes
 
 
 
 
 
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
For the Three Months Ended September 30, 2014
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
Net unrealized gains (losses) on cash flow hedges:
 
 
 
 
  Amortization of deferred losses
 
$
(112
)
 
Interest expense
 
 
43

 
Income tax (expense) benefit
 
 
$
(69
)
 
Reclassifications, net of income taxes
 
 
 
 
 
 
 
 
 
 

Reclassifications out of Accumulated Other Comprehensive Income (Loss)
For the Nine Months Ended September 30, 2013
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
Net unrealized gains (losses) on cash flow hedges:
 
 
 
 
  Amortization of deferred losses
 
$
(336
)
 
Interest expense
 
 
131

 
Income tax (expense) benefit
 
 
$
(205
)
 
Reclassifications, net of income taxes
Net unrealized gains (losses) on investment securities available for sale:
 
 
 
 
  Realized gain on sale of securities
 
$
2,571

 
Investment securities gains, net
 
 
(990
)
 
Income tax (expense) benefit
 
 
$
1,581

 
Reclassifications, net of income taxes
Post-retirement unfunded health benefit:
 
 
 
 
  Amortization of actuarial gains
 
$
98

 
Salaries and other personnel expense
 
 
(38
)
 
Income tax (expense) benefit
 
 
$
60

 
Reclassifications, net of income taxes
 
 
 
 
 
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
For the Three Months Ended September 30, 2013
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
Net unrealized gains (losses) on cash flow hedges:
 
 
 
 
  Amortization of deferred losses
 
$
(112
)
 
Interest expense
 
 
43

 
Income tax (expense) benefit
 
 
$
(69
)
 
Reclassifications, net of income taxes
Net unrealized gains (losses) on investment securities available for sale:
 
 
 
 
  Realized gain on sale of securities
 
$
1,124

 
Investment securities gains, net
 
 
(433
)
 
Income tax (expense) benefit
 
 
$
691

 
Reclassifications, net of income taxes
Post-retirement unfunded health benefit:
 
 
 
 
  Amortization of actuarial gains
 
$
72

 
Salaries and other personnel expense
 
 
(28
)
 
Income tax (expense) benefit
 
 
$
44

 
Reclassifications, net of income taxes