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Other Short-term Borrowings and Long-term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Short-term Borrowings | Other short-term borrowings at December 31, 2023 and 2022 consisted of the following:
(dollars in thousands) | 2023 |  | 2022
FHLB advances with original maturities of one year or less | $ | — |  |  | $ | 600,014 |
Securities sold short | 3,496 |  |  | 3,370 |
Total other short-term borrowings | $ | 3,496 |  |  | $ | 603,384 |
The following table sets forth additional information on Synovus' other short-term borrowings for the years indicated.
(dollars in thousands) |  | 2023 |  | 2022
Total balance at December 31, |  | $ | 3,496 |  |  | $ | 603,384 |
Weighted average interest rate at December 31, |  | 3.88 | % |  | 4.51 | %
Maximum month-end balance during the year |  | $ | 1,253,521 |  |  | $ | 1,705,069 |
Average amount outstanding during the year |  | 528,194 |  |  | 466,254 |
Weighted average interest rate during the year |  | 4.60 | % |  | 2.32 | %
Schedule of Long-term Debt Instruments | The following table presents long-term debt at December 31, 2023 and 2022 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) | 2023 |  | 2022
Parent Company: |  |  |
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 at issuance 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 | $ | 201,925 |  |  | $ | 298,158 |
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 at issuance with semi-annual interest payments in arrears and principal to be paid at maturity | 340,778 |  |  | 336,332 |
SOFR + spread of 2.06% junior subordinated debentures, due June 15, 2035, $10.0 million par value at issuance with quarterly interest payments and principal to be paid at maturity (rate of 7.45% at December 31, 2023 and 6.57% at December 31, 2022) | 10,000 |  |  | 10,000 |
Total long-term debt — Parent Company | $ | 552,703 |  |  | $ | 644,490 |
Synovus Bank: |  |  |
5.625% Senior Bank Notes issued February 15, 2023, due February 15, 2028, subject to redemption on or after August 15, 2023, $500.0 million par value at issuance with semi-annual interest payments in arrears and principal to be paid at maturity | $ | 487,099 |  |  | $ | — |
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value at issuance 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 | 192,732 |  |  | 190,107 |
FHLB advances with weighted average interest rate of 5.57% at December 31, 2023 and 4.56% at December 31, 2022 | 700,000 |  |  | 3,275,000 |
Total long-term debt — Synovus Bank | 1,379,831 |  |  | 3,465,107 |
Total long-term debt | $ | 1,932,534 |  |  | $ | 4,109,597 |
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 at December 31, 2023 of the long-term debt.
(in thousands) |  | Parent Company |  | Synovus Bank |  | Total
2024 |  | $ | — |  |  | $ | — |  |  | $ | — |
2025 |  | 350,000 |  |  | 700,000 |  |  | 1,050,000 |
2026 |  | — |  |  | — |  |  | — |
2027 |  | — |  |  | — |  |  | — |
2028 |  | — |  |  | 500,000 |  |  | 500,000 |
Thereafter |  | 212,967 |  |  | 200,000 |  |  | 412,967 |
Total |  | $ | 562,967 |  |  | $ | 1,400,000 |  |  | $ | 1,962,967 |

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