Short-term Borrowings

12 Months Ended

Dec. 31, 2024

SHORT-TERM BORROWINGS

Federal funds purchased generally mature within one to four days from the transaction date. Other short-term borrowings, which may consist of borrowed securities and short-term notes, generally mature within one to 120 days from the transaction date. At December 31, 2024, there were no short-term borrowings outstanding. At December 31, 2023, other short-term borrowings totaled $3.6 billion and primarily consisted of advances from the FHLB of Dallas, Texas. At December 31, 2024, the Bank had pledged loans totaling $20.3 billion to the FRB, which provided for up to $16.8 billion of collateralized borrowing through the discount window.

The following table provides a summary of short-term borrowings.


(dollar amounts in millions)	Federal Funds Purchased			Other Short-term Borrowings
December 31, 2024
Amount outstanding at year-end	$	—		$	—
Weighted average interest rate at year-end	—		%	—		%
Maximum month-end balance during the year	$	37		$	3,550
Average balance outstanding during the year	8			829
Weighted average interest rate during the year	5.28		%	5.74		%
December 31, 2023
Amount outstanding at year-end	$	15		$	3,550
Weighted average interest rate at year-end	5.30		%	5.74		%
Maximum month-end balance during the year	$	19		$	11,000
Average balance outstanding during the year	29			7,189
Weighted average interest rate during the year	4.77		%	5.41		%
December 31, 2022
Amount outstanding at year-end	$	11		$	3,200
Weighted average interest rate at year-end	4.32		%	4.54		%
Maximum month-end balance during the year	$	1,106		$	3,200
Average balance outstanding during the year	82			354
Weighted average interest rate during the year	3.28		%	4.08		%