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BORROWED FUNDS | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
BORROWED FUNDS | NOTE 13 - BORROWED FUNDS Short-term borrowed funds The following table presents a summary of the Company’s short-term borrowed funds:
| December 31,
(dollars in millions) | 2023 |  | 2022
Other short-term borrowed funds | $505 |  |  | $3 |
Total short-term borrowed funds | $505 |  |  | $3 |
Long-term borrowed funds The following table presents a summary of the Company’s long-term borrowed funds:
| December 31,
(dollars in millions) | 2023 |  | 2022
Parent Company: |  |  |
3.750% fixed-rate subordinated debt, due July 2024 | $90 |  |  | $90 |
4.023% fixed-rate subordinated debt, due October 2024 | 17 |  |  | 17 |
4.350% fixed-rate subordinated debt, due August 2025 | 133 |  |  | 133 |
4.300% fixed-rate subordinated debt, due December 2025 | 336 |  |  | 336 |
2.850% fixed-rate senior unsecured notes, due July 2026 | 499 |  |  | 498 |
2.500% fixed-rate senior unsecured notes, due February 2030 | 298 |  |  | 298 |
3.250% fixed-rate senior unsecured notes, due April 2030 | 746 |  |  | 746 |
3.750% fixed-rate reset subordinated debt, due February 2031 | 69 |  |  | 69 |
4.300% fixed-rate reset subordinated debt, due February 2031 | 135 |  |  | 135 |
4.350% fixed-rate reset subordinated debt, due February 2031 | 60 |  |  | 61 |
2.638% fixed-rate subordinated debt, due September 2032 | 563 |  |  | 556 |
5.641% fixed-rate reset subordinated debt, due May 2037 | 398 |  |  | 397 |
CBNA’s Global Note Program: |  |  |
3.700% senior unsecured notes, due March 2023(1) | — |  |  | 497 |
5.676% floating-rate senior unsecured notes, due March 2023(1)(2) | — |  |  | 250 |
2.250% senior unsecured notes, due April 2025 | 749 |  |  | 748 |
4.119% fixed/floating-rate senior unsecured notes, due May 2025 | 649 |  |  | 648 |
6.064% fixed/floating-rate senior unsecured notes, due October 2025 | 599 |  |  | 598 |
5.284% fixed/floating-rate senior unsecured notes, due January 2026 | 349 |  |  | — |
3.750% senior unsecured notes, due February 2026 | 483 |  |  | 475 |
4.575% fixed/floating-rate senior unsecured notes, due August 2028 | 798 |  |  | 797 |
Additional Borrowings by CBNA and Other Subsidiaries: |  |  |
Federal Home Loan Bank advances, 5.570% weighted average rate, due through 2041(3) | 3,786 |  |  | 8,519 |
Secured borrowings, 6.026% weighted average rate, due through 2030(3)(4) | 2,692 |  |  | — |
Other | 18 |  |  | 19 |
Total long-term borrowed funds | $13,467 |  |  | $15,887 |
(1) Notes were redeemed on February 27, 2023. (2) Rate disclosed reflects the floating rate as of December 31, 2023, or final floating rate as applicable. (3) Rate disclosed reflects the weighted average rate as of December 31, 2023. (4) Collateralized by auto loans. See Note 11 for additional information. At December 31, 2023, the Company’s long-term borrowed funds include principal balances of $13.6 billion, unamortized debt issuance costs and discounts of $74 million, and hedging basis adjustments of ($17) million. At December 31, 2022, the Company’s long-term borrowed funds include principal balances of $16.0 billion, unamortized debt issuance costs and discounts of $85 million, and hedging basis adjustments of ($27) million. See Note 14 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 primarily by residential mortgages and home equity products sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized FHLB borrowing capacity, primarily for advances and letters of credit, was $9.2 billion and $15.7 billion at December 31, 2023 and 2022, respectively. The Company’s available FHLB borrowing capacity was $15.9 billion and $11.5 billion at December 31, 2023 and 2022, 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 December 31, 2023, the Company’s unused secured borrowing capacity was approximately $69.0 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity. The following table presents a summary of maturities for the Company’s long-term borrowed funds at December 31, 2023:
(dollars in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated
Year |  |  |
2024 | $107 |  | $363 |  | $470 |
2025 | 469 |  | 5,771 |  | 6,240 |
2026 | 499 |  | 2,019 |  | 2,518 |
2027 | — |  | 5 |  | 5 |
2028 | — |  | 1,745 |  | 1,745 |
2029 and thereafter | 2,269 |  | 220 |  | 2,489 |
Total | $3,344 |  | $10,123 |  | $13,467 |

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