Note 10 - Long-term Debt and Short-term Borrowings

Long-term debt at December 31, 2015 and 2014 is presented in the following table.



(in thousands)	2015		2014
Parent Company:
5.125% subordinated notes, due June 15, 2017, $403.3 million and $450 million par value at December 31, 2015 and 2014, respectively, with semi-annual interest payments and principal to be paid at maturity	$	402,812	449,006
7.875% senior notes, due February 15, 2019, $300 million par value with semi-annual interest payments and principal to be paid at maturity	296,711		295,659
5.75% fixed to adjustable rate subordinated notes, due December 15, 2025, $250 million par value with semi-annual interest payments at 5.75% for the first five years and quarterly payments thereafter at an adjustable rate equal to the then-current three month LIBOR rate + 418.2 basis points and principal to be paid at maturity	246,644		—
LIBOR + 1.80% debentures, due April 19, 2035, $10 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.31% at December 31, 2015 and 2.04% at December 31, 2014)	10,000		10,000
Hedge-related basis adjustment⁽¹⁾	4,018		7,607
Total long-term debt — Parent Company	960,185		762,272
Synovus Bank:
FHLB advances with interest and principal payments due at various maturity dates through 2020 and interest rates ranging from 0.29% to 0.95% at December 31, 2015 (weighted average interest rate of 0.46% and 0.54% at December 31, 2015 and 2014, respectively)	1,225,000		1,375,271
Capital lease with interest and principal payments due at various dates through 2031 (rate of 1.59% at both December 31, 2015 and 2014, respectively)	1,708		1,782
Total long-term debt — Synovus Bank	1,226,708		1,377,053
Total long-term debt	$	2,186,893	2,139,325

⁽¹⁾Unamortized balance of terminated interest rate swaps reflected in debt for financial reporting purposes.

On December 7, 2015, Synovus issued $250 million aggregate principal amount of the 2025 subordinated debt in a public offering for aggregate proceeds of $246.6 million, net of debt issuance costs. Also during the fourth quarter of 2015, Synovus repurchased $46.7 million of its subordinated notes maturing in 2017 in privately negotiated transactions which resulted in a pre-tax loss of $1.5 million.

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, 2015 and 2014, Synovus and its subsidiaries were in compliance with the covenants in these agreements.

The FHLB advances are secured by certain loans receivable with a recorded balance of $3.26 billion at December 31, 2015 and $3.07 billion at December 31, 2014.

Contractual annual principal payments on long-term debt for the next five years and thereafter are shown on the following table.



(in thousands)	Parent Company			Synovus Bank		Total
2016	$	—		50,079		50,079
2017	403,337		⁽¹⁾	350,088		753,425
2018	—			250,089		250,089
2019	300,000			225,090		525,090
2020	—			350,092		350,092
Thereafter	260,000			1,270		261,270
Total	$	963,337		$	1,226,708	2,190,045

⁽¹⁾During January 2016, Synovus repurchased $124.7 million of the 2017 notes in conjunction with Synovus' cash tender offer that commenced on December 23, 2015 and expired on January 22, 2016.

The following table sets forth certain information regarding federal funds purchased and other securities sold under repurchase agreements.



(dollars in thousands)	2015			2014	2013
Total balance at December 31,	$	177,025		126,916	148,132
Weighted average interest rate at December 31,	0.08		%	0.08	0.13
Maximum month end balance during the year	$	250,453		247,170	244,048
Average amount outstanding during the year	205,305			198,085	208,267
Weighted average interest rate during the year	0.08		%	0.11	0.16