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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Summary of Derivative Instruments [Abstract] |
Impact of Derivatives on Balance Sheet | The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets. Beginning on October 19, 2020, CME Group Inc. transitioned price alignment and discounting for swap futures from the daily EFFR to the SOFR. This change did not have a material impact on Synovus' financial statements.
| December 31, 2020 |  | December 31, 2019
|  |  | Fair Value |  |  |  | Fair Value
(in thousands) | Notional Amount |  | Derivative Assets(1) |  | Derivative Liabilities(2) |  | Notional Amount |  | Derivative Assets(1) |  | Derivative Liabilities(2)
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 3,000,000 |  |  | $ | 80,802 |  |  | $ | — |  |  | $ | 2,000,000 |  |  | $ | 54 |  |  | $ | 8,624 |
Total derivatives designated as hedging instruments |  |  | $ | 80,802 |  |  | $ | — |  |  |  |  | $ | 54 |  |  | $ | 8,624 |
Derivatives not designated: as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts(3) | $ | 8,784,141 |  |  | $ | 314,234 |  |  | $ | 153,204 |  |  | $ | 7,258,159 |  |  | $ | 138,672 |  |  | $ | 25,849 |
Mortgage derivatives - interest rate lock commitments | 306,138 |  |  | 6,259 |  |  | — |  |  | 70,481 |  |  | 1,290 |  |  | — |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 230,500 |  |  | — |  |  | 1,611 |  |  | 107,000 |  |  | — |  |  | 168 |
Other contracts(4) | 234,884 |  |  | — |  |  | 304 |  |  | 145,764 |  |  | — |  |  | 91 |
Visa derivative | — |  |  | — |  |  | 2,048 |  |  | — |  |  | — |  |  | 2,339 |
Total derivatives not designated as hedging instruments |  |  | $ | 320,493 |  |  | $ | 157,167 |  |  |  |  | $ | 139,962 |  |  | $ | 28,447 |
(1) Derivative assets are recorded in other assets on the consolidated balance sheets. (2) Derivative liabilities are recorded in other liabilities on the consolidated balance sheets. (3) Includes interest rate contracts for customer swaps and offsetting positions, net of variation margin payments. (4) Includes risk participation agreements sold. Additionally, the notional amount of risk participation agreements purchased was $2.6 million and $3.0 million at December 31, 2020 and 2019, respectively.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the years ended December 31, 2020, 2019, and 2018.
(in thousands) | 2020 |  | 2019 |  | 2018
Total amounts presented in the consolidated statements of income in interest income on loans | $ | 22,215 |  |  | $ | — |  |  | $ | — |
Gain/loss on cash flow hedging relationships:(1) |  |  |  |  |
Interest rate swaps: |  |  |  |  |
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 2,765 |  |  | — |  |  | — |
Pre-tax income recognized on cash flow hedges | $ | 2,765 |  |  | $ | — |  |  | $ | — |
(1) See "Part II - Item 8. Financial Statements and Supplementary Data - Note 11 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.
Effect of Fair Value Hedges on the Consolidated Statements of Income | The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2020, 2019 and 2018 is presented below.
|  |  | Gain (Loss) Recognized in Consolidated Statements of Income
|  |  | For The Years Ended December 31,
(in thousands) | Location in Consolidated Statements of Income |  | 2020 |  | 2019 |  | 2018
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts(1) | Capital markets income |  | $ | (777) |  |  | $ | (338) |  |  | $ | (29) |
Other contracts(2) | Capital markets income |  | (213) |  |  | (91) |  |  | — |
Mortgage derivatives - interest rate lock commitments | Mortgage banking income |  | 4,969 |  |  | 346 |  |  | 8 |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income |  | (1,443) |  |  | 651 |  |  | (691) |
Visa derivative | Other non-interest expense |  | (890) |  |  | (3,611) |  |  | (2,328) |
Total derivatives not designated as hedging instruments |  |  | $ | 1,646 |  |  | $ | (3,043) |  |  | $ | (3,040) |
(1) Additionally, losses related to termination of customer swaps of $2.5 million were recorded in other non-interest expense during 2020. Gain (loss) represents net fair value adjustments (including credit related adjustments) for customer swaps and offsetting positions. (2) Includes risk participation agreements sold

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