Note 9 - Long-term Debt and Short-term Borrowings

Short-term Borrowings

Short-term borrowings at December 31, 2018 and 2017 consisted of the following:



	2018		2017
(dollars in thousands)
Federal funds purchased	$	628	$	—
Securities sold under repurchase agreements	237,064		161,190
FHLB advances with original maturities of one year or less	650,000		100,000
Total short-term borrowings	$	887,692	$	261,190

The following table sets forth additional information on Synovus' short-term borrowings for the years indicated.



(dollars in thousands)	2018			2017			2016
Total balance at December 31,	$	887,692		$	261,190		$	159,699
Weighted average interest rate at December 31,	1.93		%	0.65		%	0.08		%
Maximum month-end balance during the year	$	887,692		$	390,044		$	414,245
Average amount outstanding during the year	371,933			256,011			278,273
Weighted average interest rate during the year	0.96		%	0.37		%	0.18		%

Long-term Debt

Long-term debt at December 31, 2018 and 2017 is presented in the following table:



(dollars in thousands)	2018		2017
Parent Company:
3.125% senior notes, due November 1, 2022, $300 million par value with semi-annual interest payments and principal to be paid at maturity	$	297,603	$	296,971
5.75% fixed to adjustable rate subordinated notes issued December 7, 2015, due December 15, 2025, $250 million par value with semi-annual interest payments at 5.75% for the first five years and quarterly payments thereafter at an adjustable rate equal to the then-current three month LIBOR rate + 418.2 basis points and principal to be paid at maturity	248,101		247,618
LIBOR + 1.80% debentures, due April 19, 2035, $10 million par value with quarterly interest payments and principal to be paid at maturity (rate of 4.59% at December 31, 2018 and 3.39% at December 31, 2017)	10,000		10,000
Total long-term debt — Parent Company	555,704		554,589
Synovus Bank:
FHLB advances with interest and principal payments due at various maturity dates through 2022 and interest rates ranging from 2.49% to 2.56% at December 31, 2018 (weighted average interest rate of 2.53% and 1.43% at December 31, 2018 and 2017, respectively)	1,100,000		1,050,000
Capital lease with interest and principal payments due at various dates through 2031 (rate of 1.59% at both December 31, 2018 and 2017)	1,453		1,549
Total long-term debt — Synovus Bank	1,101,453		1,051,549
Total long-term debt	$	1,657,157	$	1,606,138

On November 1, 2017, Synovus issued $300.0 million aggregate principal amount of 3.125% senior notes maturing in 2022 in a public offering with aggregate proceeds of $296.9 million, net of discount and debt issuance costs. On November 9, 2017, Synovus redeemed all of the $300.0 million aggregate principal amount of its 7.875% senior notes due 2019 at a "make whole" premium. 2017 results included a loss of $23.2 million related to early extinguishment of these notes. Additionally, during 2017, Synovus paid off the remaining balance of $278.6 million of its subordinated notes at their maturity date of June 15, 2017.

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, 2018 and 2017, Synovus and its subsidiaries were in compliance with the covenants in these agreements.

The FHLB advances are secured by certain loans receivable with a recorded balance of $3.76 billion at December 31, 2018 and $3.40 billion at December 31, 2017.

Contractual annual principal payments on long-term debt for the next five years and thereafter are shown in the following table.



(in thousands)	Parent Company		Synovus Bank		Total
2019	$	—	$	90	$	90
2020	—		400,092		400,092
2021	—		450,096		450,096
2022	300,000		250,107		550,107
2023	—		109		109
Thereafter	260,000		959		260,959
Total	$	560,000	$	1,101,453	$	1,661,453