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BORROWINGS | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
BORROWINGS | NOTE 11 — BORROWINGS Short-term Borrowings Securities Sold under Agreements to Repurchase BancShares held $386 million and $485 million at June 30, 2024 and December 31, 2023, 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 $477 million and $502 million at June 30, 2024 and December 31, 2023, respectively. Long-term Borrowings Long-term borrowings at June 30, 2024 and December 31, 2023 include: Long-term Borrowings
dollars in millions | Maturity |  | June 30, 2024 |  | December 31, 2023
Parent Company: |  |  |  |  |
Subordinated: |  |  |  |  |
Fixed-to-Floating subordinated notes at 3.375% | March 2030 |  | $ | 350 |  |  | $ | 350 |
Junior subordinated debentures (FCB/SC Capital Trust II)(1) | June 2034 |  | — |  |  | 20 |
Subsidiaries: |  |  |  |  |
Senior: |  |  |  |  |
Senior unsecured fixed-to-floating rate notes at 2.969% | September 2025(3) |  | 315 |  |  | 316 |
Fixed senior unsecured notes at 6.00% | April 2036 |  | 51 |  |  | 51 |
Subordinated: |  |  |  |  |
Fixed subordinated notes at 6.125% | March 2028 |  | 400 |  |  | 404 |
Fixed-to-Fixed subordinated notes at 4.125% | November 2029 |  | 100 |  |  | 100 |
Junior subordinated debentures (SCB Capital Trust I)(1) | April 2034 |  | — |  |  | 10 |
Secured: |  |  |  |  |
Purchase Money Note to FDIC fixed at 3.50% (2) | March 2028 |  | 35,991 |  |  | 36,072 |
Capital lease obligations | Maturities through May 2057 |  | 8 |  |  | 9 |
Unamortized purchase accounting adjustments |  |  | (143) |  |  | (163) |
Total long-term borrowings |  |  | $ | 37,072 |  |  | $ | 37,169 |
(1) The borrowings were called during the first quarter of 2024, resulting in a $2 million loss on extinguishment of debt for the six months ended June 30, 2024. (2) Issued in connection with the SVBB Acquisition and secured by collateral. See Note 2—Business Combinations and Note 4—Loans and Leases. (3) Includes a callable feature one year prior to maturity. 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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- 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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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