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BORROWINGS | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
BORROWINGS | NOTE 9 — BORROWINGS Short-term Borrowings Securities Sold under Agreements to Repurchase BancShares held $423 million and $367 million at September 30, 2025 and December 31, 2024, respectively, of securities sold under agreements to repurchase that have overnight contractual maturities and are collateralized by government agency securities. The weighted average interest rate for securities sold under agreements to repurchase was 0.47% and 0.59% at September 30, 2025 and December 31, 2024, respectively. 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 $500 million and $435 million at September 30, 2025 and December 31, 2024, respectively. Long-term Borrowings On September 5, 2025, the Parent Company issued and sold $600 million aggregate principal amount of its 5.600% Fixed Rate Reset Subordinated Notes due in 2035 in a public offering. On March 12, 2025, the Parent Company issued and sold $500 million aggregate principal amount of its 5.231% Fixed-to-Floating Rate Senior Notes due in 2031 and $750 million aggregate principal amount of its 6.254% Fixed-to-Fixed Rate Subordinated Notes due in 2040 in a public offering. On June 15, 2025, the Parent Company redeemed all $350 million aggregate principal amount of its 3.375% Fixed-to-Floating Rate Subordinated Notes due in 2030. The following table presents long-term borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs: Long-term Borrowings
dollars in millions | Maturity |  | September 30, 2025 |  | December 31, 2024
Parent Company: |  |  |  |  |
Senior: |  |  |  |  |
Fixed-to-Floating Senior Notes at 5.231% (1) | March 2031 |  | $ | 497 |  |  | $ | — |
Subordinated: |  |  |  |  |
Fixed-to-Floating Subordinated Notes at 3.375% (2) | March 2030 |  | — |  |  | 350 |
Fixed Rate Reset Subordinated Notes at 5.600% (3) | September 2035 |  | 597 |  |  | — |
Fixed-to-Fixed Subordinated Notes at 6.254% (4) | March 2040 |  | 745 |  |  | — |
Subsidiaries: |  |  |  |  |
Senior: |  |  |  |  |
Fixed Senior Unsecured Notes at 6.000% | April 2036 |  | 58 |  |  | 58 |
Subordinated: |  |  |  |  |
Fixed Subordinated Notes at 6.125% | March 2028 |  | 434 |  |  | 445 |
Secured: |  |  |  |  |
Purchase Money Note to FDIC fixed at 3.500% (5) | March 2028 |  | 35,854 |  |  | 35,816 |
Capital lease obligations | Maturities through May 2057 |  | 67 |  |  | 15 |
Total long-term borrowings |  |  | $ | 38,252 |  |  | $ | 36,684 |
(1) The fixed rate period will end March 12, 2030, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded Secured Overnight Financing Rate (“SOFR”) Index Rate plus 141 basis points (“bps”) per annum until the maturity date (or date of earlier redemption). (2) The fixed rate period ended on March 15, 2025, and the notes converted to a floating interest rate equal to Three-Month Term SOFR plus 246.5 bps per annum. The notes included a callable feature and were redeemed on June 15, 2025. (3) The interest rate will reset on September 5, 2030, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 185 bps per annum until the maturity date (or date of earlier redemption). (4) The interest rate will reset on March 12, 2035, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 197 bps per annum until the maturity date (or date of earlier redemption). (5) Refer to Note 2—Business Combinations and Note 4—Loans and Leases. Pledged Assets Refer to the “Loans Pledged” section in Note 4—Loans and Leases for information on loans pledged as collateral to secure borrowings. Additionally, interest-earning deposits at banks included $212 million and $211 million at September 30, 2025 and December 31, 2024, respectively, that were required minimum deposits under the Purchase Money Note.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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