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BORROWED FUNDS | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
BORROWED FUNDS | NOTE 7 - BORROWED FUNDS Short-term borrowed funds Short-term borrowed funds were $9 million and $505 million as of March 31, 2024 and December 31, 2023, respectively. Long-term borrowed funds The following table presents a summary of the Company’s long-term borrowed funds:
(dollars in millions) | March 31, 2024 |  | December 31, 2023
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 |  |  | 499 |
5.841% fixed/floating-rate senior unsecured notes, due January 2030 | 1,244 |  |  | — |
2.500% fixed-rate senior unsecured notes, due February 2030 | 298 |  |  | 298 |
3.250% fixed-rate senior unsecured notes, due April 2030 | 747 |  |  | 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 |  |  | 60 |
2.638% fixed-rate subordinated debt, due September 2032 | 565 |  |  | 563 |
5.641% fixed-rate reset subordinated debt, due May 2037 | 398 |  |  | 398 |
CBNA’s Global Note Program: |  |  |
2.250% senior unsecured notes, due April 2025 | 749 |  |  | 749 |
4.119% fixed/floating-rate senior unsecured notes, due May 2025 | 650 |  |  | 649 |
6.064% fixed/floating-rate senior unsecured notes, due October 2025 | 599 |  |  | 599 |
5.284% fixed/floating-rate senior unsecured notes, due January 2026 | 350 |  |  | 349 |
3.750% senior unsecured notes, due February 2026 | 480 |  |  | 483 |
4.575% fixed/floating-rate senior unsecured notes, due August 2028 | 798 |  |  | 798 |
Additional Borrowings by CBNA and Other Subsidiaries: |  |  |
Federal Home Loan Bank advances, 5.499% weighted average rate, due through 2043(1) | 2,036 |  |  | 3,786 |
Secured borrowings, 5.479% weighted average rate, due through 2030(1)(2) | 3,530 |  |  | 2,692 |
Other | 21 |  |  | 18 |
Total long-term borrowed funds | $13,804 |  |  | $13,467 |
(1) Rate disclosed reflects the weighted average rate as of March 31, 2024. (2) Collateralized by auto loans. See Note 6 for additional information. At March 31, 2024, the Company’s long-term borrowed funds include principal balances of $13.9 billion, unamortized debt issuance costs and discounts of $75 million, and hedging basis adjustments of ($19) million. 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. See Note 8 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 $6.0 billion and $9.2 billion at March 31, 2024 and December 31, 2023, respectively. The Company’s available FHLB borrowing capacity was $18.7 billion and $15.9 billion at March 31, 2024 and December 31, 2023, 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 March 31, 2024, the Company’s unused secured borrowing capacity was approximately $70.6 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 March 31, 2024:
(dollars in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated
Year |  |  |
2024 | $107 |  | $— |  | $107 |
2025 | 469 |  | 4,193 |  | 4,662 |
2026 | 499 |  | 2,472 |  | 2,971 |
2027 | — |  | 9 |  | 9 |
2028 | — |  | 2,218 |  | 2,218 |
2029 and thereafter | 3,516 |  | 321 |  | 3,837 |
Total | $4,591 |  | $9,213 |  | $13,804 |

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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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