Other Short-term Borrowings and Long-term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Other Short-term Borrowings and Long-term Debt

Note 8 - Other Short-term Borrowings and Long-term Debt

Other Short-term Borrowings

Other short-term borrowings at December 31, 2023 and 2022 consisted of the following:

(dollars in thousands)	2023		2022
FHLB advances with original maturities of one year or less	$	—	$	600,014
Securities sold short	3,496		3,370
Total other short-term borrowings	$	3,496	$	603,384

The following table sets forth additional information on Synovus' other short-term borrowings for the years indicated.

(dollars in thousands)	2023			2022
Total balance at December 31,	$	3,496		$	603,384
Weighted average interest rate at December 31,	3.88		%	4.51		%
Maximum month-end balance during the year	$	1,253,521		$	1,705,069
Average amount outstanding during the year	528,194			466,254
Weighted average interest rate during the year	4.60		%	2.32		%

Long-term Debt

The following table presents long-term debt at December 31, 2023 and 2022 net of unamortized discounts, debt issuance costs, and the impact of hedge accounting (refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 13 - Derivative Instruments" of this Report for additional information).

(dollars in thousands)	2023		2022
Parent Company:
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, subject to redemption prior to February 7, 2029: $300.0 million par value at issuance with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date	$	201,925	$	298,158
5.200% Senior Notes issued August 11, 2022, due August 11, 2025, subject to redemption on or after February 11, 2023, $350.0 million par value at issuance with semi-annual interest payments in arrears and principal to be paid at maturity	340,778		336,332
SOFR + spread of 2.06% junior subordinated debentures, due June 15, 2035, $10.0 million par value at issuance with quarterly interest payments and principal to be paid at maturity (rate of 7.45% at December 31, 2023 and 6.57% at December 31, 2022)	10,000		10,000
Total long-term debt — Parent Company	$	552,703	$	644,490
Synovus Bank:
5.625% Senior Bank Notes issued February 15, 2023, due February 15, 2028, subject to redemption on or after August 15, 2023, $500.0 million par value at issuance with semi-annual interest payments in arrears and principal to be paid at maturity	$	487,099	$	—
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value at issuance with semi-annual interest payments at 4.00% for the first five years and semi-annual payments thereafter at a fixed rate of 3.625% above the 5-Year U.S. Treasury Rate	192,732		190,107
FHLB advances with weighted average interest rate of 5.57% at December 31, 2023 and 4.56% at December 31, 2022	700,000		3,275,000
Total long-term debt — Synovus Bank	1,379,831		3,465,107
Total long-term debt	$	1,932,534	$	4,109,597

The provisions of the indentures governing Synovus’ long-term debt contain certain restrictions within specified limits on mergers, sales of all or substantially all of Synovus' assets and limitations on sales and issuances of voting stock of subsidiaries and Synovus’ ability to pay dividends on its capital stock if there is an event of default under the applicable indenture. As of December 31, 2023 and 2022, Synovus and its subsidiaries were in compliance with the covenants in these agreements.

Contractual annual principal payments on long-term debt for the next five years and thereafter are shown in the following table. These maturities are based upon the par value at December 31, 2023 of the long-term debt.

(in thousands)	Parent Company		Synovus Bank		Total
2024	$	—	$	—	$	—
2025	350,000		700,000		1,050,000
2026	—		—		—
2027	—		—		—
2028	—		500,000		500,000
Thereafter	212,967		200,000		412,967
Total	$	562,967	$	1,400,000	$	1,962,967