XML 32 R17.htm IDEA: XBRL DOCUMENT v3.22.4
Other Short-term Borrowings and Long-term Debt
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021 consisted of the following:
(dollars in thousands)20222021
FHLB advances with original maturities of one year or less$600,014 $— 
Securities sold short3,370 200 
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)20222021
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 year466,254 8 
Weighted average interest rate during the year2.32 %— %
Long-term Debt
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)20222021
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 Bank3,465,107 596,895 
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.
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, 2022 and 2021, 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 of the long-term debt.
 
(in thousands)
Parent
Company		Synovus BankTotal
2023$— 

$500,000 $500,000 
2024— 2,775,000 2,775,000 
2025350,000 — 350,000 
2026— — — 
2027— — — 
Thereafter310,000 200,000 510,000 
Total$660,000 $3,475,000 $4,135,000