XML 33 R17.htm IDEA: XBRL DOCUMENT v3.25.0.1
Long-term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-term Debt
Note 8 - Long-term Debt
Long-term Debt
The following table presents long-term debt at December 31, 2024 and 2023 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)20242023
Parent Company:
6.168% Fixed Rate/Floating Rate Senior Notes issued November 1, 2024, due November 1, 2030, subject to redemption prior to November 1, 2029: $500.0 million par value at issuance with semi-annual interest payments at 6.168% for the first five years and quarterly payments thereafter at compounded SOFR plus 2.347%
$490,415 $— 
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
199,621 201,925 
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
346,914 340,778 
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 6.42% at December 31, 2024 and 7.45% at December 31, 2023)
10,000 10,000 
Total long-term debt — Parent Company$1,046,950 $552,703 
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
$490,283 $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
195,876 192,732 
FHLB advances with weighted average interest rate of 5.57% at December 31, 2023
— 700,000 
Total long-term debt — Synovus Bank686,159 1,379,831 
Total long-term debt$1,733,109 $1,932,534 
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, 2024 and 2023, 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 at December 31, 2024 of the long-term debt.
 
(in thousands)
Parent
Company		Synovus BankTotal
2025$350,000 

$— $350,000 
2026— — — 
2027— — — 
2028— 500,000 500,000 
2029202,967 — 202,967 
Thereafter510,000 200,000 710,000 
Total$1,062,967 $700,000 $1,762,967