XML 36 R16.htm IDEA: XBRL DOCUMENT
v3.19.2

BORROWED FUNDS | 6 Months Ended
--- | ---
Jun. 30, 2019
Debt Disclosure [Abstract] |
BORROWED FUNDS | NOTE 8 - BORROWED FUNDS A summary of the Company’s short-term borrowed funds is presented below:
(in millions) | June 30, 2019 |  | December 31, 2018
Federal funds purchased |  | $840 |  |  |  | $820 |
Securities sold under agreements to repurchase | 292 |  |  | 336 |
Other short-term borrowed funds | 309 |  |  | 161 |
Total short-term borrowed funds |  | $1,441 |  |  |  | $1,317 |
Key data related to short-term borrowed funds is presented below:
| As of and for the Three Months Ended June 30, |  | As of and for the Six Months Ended June 30, |  | As of and for the Year Ended December 31,
(dollars in millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2018
Weighted-average interest rate at period-end:(1) |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 1.93 | % |  | — | % |  | 1.93 | % |  | — | % |  | 1.72 | %
Other short-term borrowed funds | 2.47 |  |  | 3.22 |  |  | 2.47 |  |  | 3.22 |  |  | 2.73 |
Maximum amount outstanding at any month-end during the period: |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase(2) |  | $1,499 |  |  |  | $1,045 |  |  |  | $1,499 |  |  |  | $1,045 |  |  |  | $1,282 |
Other short-term borrowed funds | 508 |  |  | 1,110 |  |  | 511 |  |  | 1,110 |  |  | 1,110 |
Average amount outstanding during the period: |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase(2) |  | $818 |  |  |  | $504 |  |  |  | $729 |  |  |  | $574 |  |  |  | $654 |
Other short-term borrowed funds | 45 |  |  | 191 |  |  | 52 |  |  | 388 |  |  | 467 |
Weighted-average interest rate during the period:(1) |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 1.76 | % |  | 0.71 | % |  | 1.54 | % |  | 0.68 | % |  | 0.92 | %
Other short-term borrowed funds | 2.66 |  |  | 1.90 |  |  | 2.71 |  |  | 1.73 |  |  | 2.10 |
(1) Rates exclude certain hedging costs. (2) Balances are net of certain short-term receivables associated with reverse repurchase agreements, as applicable. A summary of the Company’s long-term borrowed funds is presented below:
(in millions) | June 30, 2019 |  | December 31, 2018
Parent Company: |  |  |
2.375% fixed-rate senior unsecured debt, due July 2021 |  | $349 |  |  |  | $349 |
4.150% fixed-rate subordinated debt, due September 2022 | 348 |  |  | 348 |
3.750% fixed-rate subordinated debt, due July 2024 | 250 |  |  | 250 |
4.023% fixed-rate subordinated debt, due October 2024 | 42 |  |  | 42 |
4.350% fixed-rate subordinated debt, due August 2025 | 249 |  |  | 249 |
4.300% fixed-rate subordinated debt, due December 2025 | 750 |  |  | 749 |
Banking and Other Subsidiaries: |  |  |
2.500% senior unsecured notes, due March 2019 (1) | — |  |  | 748 |
2.450% senior unsecured notes, due December 2019 (1) | 747 |  |  | 744 |
2.250% senior unsecured notes, due March 2020 (1) | 698 |  |  | 691 |
3.060% floating-rate senior unsecured notes, due March 2020 (1) (2) | 300 |  |  | 300 |
3.091% floating-rate senior unsecured notes, due May 2020 (1) (2) | 250 |  |  | 250 |
2.200% senior unsecured notes, due May 2020 (1) | 499 |  |  | 499 |
2.250% senior unsecured notes, due October 2020 (1) | 748 |  |  | 738 |
2.550% senior unsecured notes, due May 2021 (1) | 986 |  |  | 964 |
3.250% senior unsecured notes, due February 2022 (1) | 711 |  |  | — |
3.248% floating-rate senior unsecured notes, due February 2022 (1) (2) | 299 |  |  | — |
3.331% floating-rate senior unsecured notes, due May 2022 (1) (2) | 250 |  |  | 249 |
2.650% senior unsecured notes, due May 2022 (1) | 500 |  |  | 487 |
3.700% senior unsecured notes, due March 2023 (1) | 517 |  |  | 502 |
3.280% floating-rate senior unsecured notes, due March 2023 (1) (2) | 249 |  |  | 249 |
3.750% senior unsecured notes, due February 2026 (1) | 521 |  |  | — |
Federal Home Loan Bank advances, 2.575% weighted average rate, due through 2038 | 2,258 |  |  | 7,508 |
Other | 17 |  |  | 9 |
Total long-term borrowed funds |  | $11,538 |  |  |  | $15,925 |
(1) Issued under CBNA’s Global Bank Note Program. (2) Rate disclosed reflects the floating rate as of June 30, 2019. The Parent Company’s long-term borrowed funds as of June 30, 2019 and December 31, 2018 included principal balances of $2.0 billion for each period, respectively, and unamortized deferred issuance costs and/or discounts of ($4) million and ($5) million, respectively. The banking and other subsidiaries’ long-term borrowed funds as of June 30, 2019 and December 31, 2018 included principal balances of $9.5 billion and $14.0 billion, respectively, with unamortized deferred issuance costs and/or discounts of ($17) million and ($14) million, respectively, and hedging basis adjustments of $43 million and ($66) million, respectively. See Note 9 "Derivatives" for further information about the Company’s hedging of certain long-term borrowed funds. Advances, lines of credit, and letters of credit from the FHLB are collateralized by pledged mortgages and pledged securities at least sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized borrowing capacity for FHLB advances and letters of credit was $7.4 billion and $13.0 billion at June 30, 2019 and December 31, 2018, respectively. The Company’s available FHLB borrowing capacity was $9.0 billion and $4.8 billion at June 30, 2019 and December 31, 2018, respectively. Citizens can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, including certain loans, is pledged to support this borrowing capacity. At June 30, 2019, the Company’s unused secured borrowing capacity was approximately $42.8 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity. A summary of maturities for the Company’s long-term borrowed funds at June 30, 2019 is presented below:
(in millions) | Parent Company | Banking and Other Subsidiaries | Consolidated |
Year |  |  |
2019 |  | $— |  |  | $747 |  |  | $747 |
2020 | — |  | 4,748 |  | 4,748 |
2021 | 349 |  | 992 |  | 1,341 |
2022 | 348 |  | 1,766 |  | 2,114 |
2023 | — |  | 768 |  | 768 |
2024 and thereafter | 1,291 |  | 529 |  | 1,820 |
Total |  | $1,988 |  |  | $9,550 |  |  | $11,538 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration