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Long-term Debt and Short-term Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Short-term Borrowings | Short-term borrowings at December 31, 2020 and 2019 consisted of the following:
(dollars in thousands) | 2020 |  | 2019
Securities sold under repurchase agreements | $ | 227,922 |  |  | $ | 165,690 |
Trading liability for short positions | 7,717 |  |  | 1,560 |
FHLB advances with original maturities of one year or less | — |  |  | 1,752,000 |
Total short-term borrowings | $ | 235,639 |  |  | $ | 1,919,250 |
The following table sets forth additional information on Synovus' short-term borrowings for the years indicated.
(dollars in thousands) |  | 2020 |  | 2019 |  | 2018
Total balance at December 31, |  | $ | 235,639 |  |  | $ | 1,919,250 |  |  | $ | 887,692 |
Weighted average interest rate at December 31, |  | 0.11 | % |  | 1.60 | % |  | 1.93 | %
Maximum month-end balance during the year |  | $ | 1,973,523 |  |  | $ | 2,431,012 |  |  | $ | 887,692 |
Average amount outstanding during the year |  | 685,664 |  |  | 1,360,214 |  |  | 371,933 |
Weighted average interest rate during the year |  | 1.15 | % |  | 1.93 | % |  | 0.96 | %
Schedule of Long-term Debt Instruments | Long-term debt at December 31, 2020 and 2019 is presented in the following table:
(dollars in thousands) | 2020 |  | 2019
Parent Company: |  |  |
3.125% senior notes, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity | $ | 298,853 |  |  | $ | 298,228 |
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, $300.0 million par value 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 | 297,553 |  |  | 297,250 |
LIBOR + 1.80% debentures, due April 19, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.02% at December 31, 2020 and 3.69% at December 31, 2019) | 10,000 |  |  | 10,000 |
5.75% subordinated notes, due December 15, 2025, $250.0 million par value | — |  |  | 248,419 |
Total long-term debt — Parent Company | 606,406 |  |  | 853,897 |
Synovus Bank: |  |  |
2.289% Fixed-to-Floating Rate Senior Bank Notes issued February 12, 2020, due February 12, 2023, $400.0 million par value with semi-annual interest payments at 2.289% for the first two years and quarterly payments thereafter at an adjustable rate equal to the then-current SOFR + 94.5 basis points | $ | 398,594 |  |  | $ | — |
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value 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 | 197,349 |  |  | — |
FRB PPP Lending Facility | 145 |  |  | — |
FHLB advances with weighted average interest rate of 1.76% at December 31, 2019 | — |  |  | 1,300,000 |
Total long-term debt — Synovus Bank | 596,088 |  |  | 1,300,000 |
Total long-term debt | $ | 1,202,494 |  |  | $ | 2,153,897 |
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 in the following table. These maturities are based upon the par value of the long-term debt.
(in thousands) |  | Parent Company |  | Synovus Bank |  | Total
2021 |  | $ | — |  |  | $ | — |  |  | $ | — |
2022 |  | 300,000 |  |  | 145 |  |  | 300,145 |
2023 |  | — |  |  | 400,000 |  |  | 400,000 |
2024 |  | — |  |  | — |  |  | — |
2025 |  | — |  |  | — |  |  | — |
Thereafter |  | 310,000 |  |  | 200,000 |  |  | 510,000 |
Total |  | $ | 610,000 |  |  | $ | 600,145 |  |  | $ | 1,210,145 |

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