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Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
BORROWINGS | NOTE 13 — BORROWINGS Short-term Borrowings Short-term borrowings at December 31, 2023 and 2022 include:
dollars in millions | December 31, 2023 |  | December 31, 2022
Securities sold under customer repurchase agreements | $ | 485 |  |  | $ | 436 |
Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.19% to 0.20%. | — |  |  | 1,750 |
Total short-term borrowings | $ | 485 |  |  | $ | 2,186 |
Securities Sold under Agreements to Repurchase BancShares held $485 million and $436 million at December 31, 2023 and 2022, respectively, of securities sold under agreements to repurchase that have overnight contractual maturities and are collateralized by government agency securities. BancShares utilizes securities sold under agreements to repurchase to facilitate the needs for collateralization of commercial customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions and are reflected as securities sold under customer repurchase agreements. BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of investment securities pledged as collateral under repurchase agreements was $502 million and $496 million at December 31, 2023 and 2022, respectively. Long-term Borrowings Long-term borrowings at December 31, 2023 and 2022 include: Long-term Borrowings
dollars in millions | Maturity |  | December 31, 2023 |  | December 31, 2022
Parent Company: |  |  |  |  |
Subordinated: |  |  |  |  |
Fixed-to-Floating subordinated notes at 3.375% | March 2030 |  | $ | 350 |  |  | $ | 350 |
Junior subordinated debentures at 3-month LIBOR plus 2.25% (FCB/SC Capital Trust II) (2) | June 2034 |  | 20 |  |  | 20 |
Junior subordinated debentures at 3-month LIBOR plus 1.75% (FCB/NC Capital Trust III) | June 2036 |  | — |  |  | 88 |
Subsidiaries: |  |  |  |  |
Senior: |  |  |  |  |
Senior unsecured fixed-to-floating rate notes at 3.929% | June 2024 |  | — |  |  | 500 |
Senior unsecured fixed-to-floating rate notes at 2.969% | September 2025 |  | 316 |  |  | 315 |
Fixed senior unsecured notes at 6.00% | April 2036 |  | 51 |  |  | 51 |
Subordinated: |  |  |  |  |
Fixed subordinated notes at 6.125% | March 2028 |  | 404 |  |  | 400 |
Fixed-to-Fixed subordinated notes at 4.125% | November 2029 |  | 100 |  |  | 100 |
Junior subordinated debentures at 3-month LIBOR plus 2.80% (Macon Capital Trust I) | March 2034 |  | — |  |  | 14 |
Junior subordinated debentures at 3-month LIBOR plus 2.85% (SCB Capital Trust I) (2) | April 2034 |  | 10 |  |  | 10 |
Secured: |  |  |  |  |
Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.24% to 0.34% | Maturities through September 2025 |  | — |  |  | 2,500 |
Purchase Money Note to FDIC fixed at 3.50% (1) | March 2028 |  | 36,072 |  |  | — |
Other secured financings | Maturities through January 2024 |  | — |  |  | 18 |
Capital lease obligations | Maturities through May 2057 |  | 9 |  |  | 7 |
Unamortized issuance costs |  |  | — |  |  | (1) |
Unamortized purchase accounting adjustments |  |  | (163) |  |  | 87 |
Total long-term borrowings |  |  | $ | 37,169 |  |  | $ | 4,459 |
(1) Issued in connection with the SVBB Acquisition and secured by collateral as discussed below and in Note 2—Business Combinations. (2) As of December 31, 2023, debt holders had received notice of the debt calls, but funds to settle the calls had not been disbursed. Contractual maturities of long-term borrowings (borrowings with original maturities of more than one year) at December 31, 2023 are included in the following table. Long-term Borrowings Maturities
dollars in millions |
Year Ended December 31, (1) |
2024 | $ | (34) |
2025 | 282 |
2026 | (38) |
2027 | (37) |
2028 | 36,461 |
Thereafter | 535 |
Total long-term borrowings | $ | 37,169 |
(1) Amounts in this table include amortization and accretion of purchase accounting adjustments based on the scheduled periods of recognition. Pledged Assets Refer to the Loans Pledged section in Note 4—Loans and Leases for information on loans pledged as collateral to secure borrowings.

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