Note 12 - Long-term Debt and Short-term Borrowings

Long-term debt at December 31, 2013 and 2012 is presented in the following table.



(in thousands)	2013		2012
Parent Company:
5.125% subordinated notes, due June 15, 2017, with semi-annual interest payments and principal to be paid at maturity	$	450,000	450,000
7.875% senior notes, due February 15, 2019, $300 million par value with semi-annual interest payments and principal to be paid at maturity ⁽¹⁾	294,606		293,554
4.875% subordinated notes, due February 15, 2013, with semi-annual interest payments and principal to be paid at maturity	—		60,612
13.00% junior subordinated amortizing notes with quarterly interest and principal payments through May 15, 2013	—		13,566
LIBOR + 1.80% debentures, due April 19, 2035 with quarterly interest payments and principal to be paid at maturity (rate of 2.04% and 2.11% at December 31, 2013 and 2012, respectively)	10,000		10,000
Hedge-related basis adjustment⁽²⁾	10,701		13,935
Total long-term debt — Parent Company	765,307		841,667
Synovus Bank:
FHLB advances with interest and principal payments due at various maturity dates through 2018 and interest rates ranging from 0.28% to 4.66% at December 31, 2013 (weighted average interest rate of 0.64% and 0.71% at December 31, 2013 and 2012, respectively)	1,265,354		880,701
Other notes payable and capital leases with interest and principal payments due at various maturity dates through 2031 (weighted average interest rate of 2.49% and 3.89% at December 31, 2013 and 2012, respectively)	2,480		4,087
Total long-term debt — Synovus Bank	1,267,834		884,788
Total long-term debt	$	2,033,141	1,726,455


⁽¹⁾	Balance is net of capitalized debt issuance costs and discount

⁽²⁾Unamortized balance of terminated interest rate swaps reflected in debt for financial reporting purposes.

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, 2013 and 2012, Synovus and its subsidiaries were in compliance with the covenants in these agreements.

On February 13, 2012, Synovus issued $300 million aggregate principal amount of the 2019 Senior Notes in a public offering for aggregate proceeds of $292.6 million, net of discount and debt issuance costs. Concurrent with this offering, Synovus announced a Tender Offer for any and all of its 2013 Notes, with a then total principal amount outstanding of $206.8 million. An aggregate principal amount of $146.1 million of the 2013 notes, representing 71% of the outstanding principal amount, were tendered in the Tender Offer. Synovus paid total consideration of $146.1 million for these notes, which was funded from a portion of the net proceeds of the 2019 Senior Notes. On February 15, 2013, Synovus paid the remaining balance on its 2013 Notes of $60.6 million.

The FHLB advances are secured by certain loans receivable with a recorded balance of approximately $3.4 billion at December 31, 2013 and $3.8 billion at December 31, 2012.

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



(in thousands)	Parent Company		Synovus Bank		Total
2014	$	—	50,156		50,156
2015	—		640,157		640,157
2016	—		425,161		425,161
2017	450,000		150,171		600,171
2018	—		110		110
Thereafter	310,000		1,460		311,460
Total	$	760,000	$	1,267,215	2,027,215

The following table sets forth certain information regarding federal funds purchased and other securities sold under repurchase agreements.



(dollars in thousands)	2013			2012	2011
Total balance at December 31,	$	148,132		201,243	313,757
Weighted average interest rate at December 31,	0.13		%	0.16	0.24
Maximum month end balance during the year	$	244,048		398,853	452,903
Average amount outstanding during the year	208,267			320,338	389,582
Weighted average interest rate during the year	0.16		%	0.19	0.27