Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

The following schedule presents selected information for FHLB advances and other short-term borrowings:


(Dollar amounts in millions)	2023			2022
Federal Home Loan Bank advances
Average amount outstanding	$	4,208		$	1,257
Average rate	5.73		%	3.67		%
Highest month-end balance	$	11,525		$	7,100
Year-end balance	1,525			7,100
Average rate on outstanding advances at year-end	5.59		%	4.43		%
Other short-term borrowings, year-end balances




Federal funds purchased	$	597		$	232





Security repurchase agreements	1,814			2,898


Securities sold, not yet purchased	65			187
Swap margin collateral received 1	378			—
Total federal funds and other short-term borrowings	$	4,379		$	10,417

1 At December 31, 2022, swap margin collateral received totaled $368 million and was included in “Other liabilities” on the consolidated balance sheet. Beginning in 2023, these balances were included in “Federal funds and other short-term borrowings” on the consolidated balance sheet.

We pledge loans and investment securities as collateral for current and potential borrowings. We may borrow from the FHLB under lines of credit that are secured by blanket pledge arrangements. We maintain collateral with carrying amounts adjusted for the types of collateral pledged, equal to at least 100% of the outstanding advances. We may also borrow from the Federal Reserve Board (“FRB”) based on the amount of collateral pledged.

A large portion of these pledged assets are unencumbered, but are pledged to provide immediate access to contingency sources of funds. At December 31, 2023, our remaining FHLB and FRB collateralized borrowing capacity was $15.0 billion and $9.8 billion, respectively, compared with $9.4 billion and $4.0 billion at December 31, 2022.

Federal funds purchased and security repurchase agreements generally mature in less than 30 days. We execute overnight repurchase agreements with sweep accounts in conjunction with a master repurchase agreement. When this occurs, securities under our control are pledged and interest is paid on the collected balance of the customers’ accounts. For the nonsweep overnight and term repurchase agreements, securities are transferred to the applicable counterparty. In certain instances, the counterparty is contractually entitled to sell or repledge securities accepted as collateral. Of the total security repurchase agreements at December 31, 2023, nearly all were overnight term accounts.