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SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS SHORT-TERM BORROWINGS
Following is a summary of short-term borrowings:
TABLE 13.1
December 3120252024
(in millions)  
Securities sold under repurchase agreements$131 $165 
Federal Home Loan Bank advances1,055 585 
Federal funds purchased705 370 
Subordinated notes126 136 
Total short-term borrowings$2,017 $1,256 
Borrowings with original maturities of one year or less are classified as short-term. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are sweep accounts with next-day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount at least equal to the outstanding balance. Of the total short-term FHLB advances, $530.0 million, or 50.2%, had overnight maturities as of December 31, 2025, compared to $335.0 million, or 57.3%, as of December 31, 2024. At December 31, 2025 and 2024, none of the short-term FHLB advances were swapped to fixed rates. Federal funds purchased are overnight funds borrowed from other financial institutions. Subordinated notes are unsecured and subordinated to our other indebtedness. The short-term subordinated notes mature within one year.
The following represents weighted average interest rates on short-term borrowings:
TABLE 13.2
December 31202520242023
Year-to-date average4.09 %4.80 %3.75 %
Period-end3.59 4.11 5.17