| Schedule of Long-term Debt Instruments |
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. |
| Schedule of Principal Payments on Long-term Debt |
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. |
| Components of Short-term Borrowings |
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 |
| | | | | | | |
|