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Other Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Short-term Borrowings | Other short-term borrowings at December 31, 2022 and 2021 consisted of the following:
(dollars in thousands) | 2022 |  | 2021
FHLB advances with original maturities of one year or less | $ | 600,014 |  |  | $ | — |
Securities sold short | 3,370 |  |  | 200 |
Total other short-term borrowings | $ | 603,384 |  |  | $ | 200 |
The following table sets forth additional information on Synovus' other short-term borrowings for the years indicated.
(dollars in thousands) |  | 2022 |  | 2021
Total balance at December 31, |  | $ | 603,384 |  |  | $ | 200 |
Weighted average interest rate at December 31, |  | 4.51 | % |  | 0.08 | %
Maximum month-end balance during the year |  | $ | 1,705,069 |  |  | $ | 200 |
Average amount outstanding during the year |  | 466,254 |  |  | 8 |
Weighted average interest rate during the year |  | 2.32 | % |  | — | %
Schedule of Long-term Debt Instruments | The following table presents long-term debt at December 31, 2022 and 2021 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) | 2022 |  | 2021
Parent Company: |  |  |
3.125% Senior Notes, issued November 1, 2017, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity | $ | — |  |  | $ | 299,479 |
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 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 | 298,158 |  |  | 297,855 |
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 with semi-annual interest payments in arrears and principal to be paid at maturity | 336,332 |  |  | — |
LIBOR + 1.80% junior subordinated debentures, due June 15, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 6.57% at December 31, 2022 and 2.00% at December 31, 2021) | 10,000 |  |  | 10,000 |
Total long-term debt — Parent Company | $ | 644,490 |  |  | $ | 607,334 |
Synovus Bank: |  |  |
2.289% Fixed-to-Floating Rate Senior Bank Notes issued February 12, 2020, due February 10, 2023, subject to redemption on February 10, 2022: $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 bps per annum(1) | $ | — |  |  | $ | 399,269 |
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 | 190,107 |  |  | 197,626 |
FHLB advances with weighted average interest rate of 4.56% at December 31, 2022 | 3,275,000 |  |  | — |
Total long-term debt — Synovus Bank | 3,465,107 |  |  | 596,895 |
Total long-term debt | $ | 4,109,597 |  |  | $ | 1,204,229 |
(1) Synovus Bank called these Notes and settled them on February 10, 2022 with a net payment of $405.3 million that included principal, interest, and written off debt issuance costs.
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
2023 |  | $ | — |  |  | $ | 500,000 |  |  | $ | 500,000 |
2024 |  | — |  |  | 2,775,000 |  |  | 2,775,000 |
2025 |  | 350,000 |  |  | — |  |  | 350,000 |
2026 |  | — |  |  | — |  |  | — |
2027 |  | — |  |  | — |  |  | — |
Thereafter |  | 310,000 |  |  | 200,000 |  |  | 510,000 |
Total |  | $ | 660,000 |  |  | $ | 3,475,000 |  |  | $ | 4,135,000 |

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