Short-term Borrowings

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022, other short-term borrowings primarily consisted of advances from the FHLB of Dallas, Texas, which provides short- and long-term funding to its members through advances collateralized by real estate-related loans, certain government agency-backed securities and other eligible assets. Actual borrowing capacity is contingent on the amount of collateral pledged to the FHLB. At December 31, 2023, the Bank had pledged real estate-related loans totaling $21.9 billion and investment securities totaling $6.6 billion to the FHLB, which provided for up to $17.1 billion of collateralized borrowing with the FHLB. Of the $17.1 billion total capacity at FHLB at December 31, 2023, $3.6 billion in short-term advances and $4.0 billion in medium- and long-term advances were outstanding, leaving $9.5 billion available at the FHLB at December 31, 2023.

At December 31, 2023, the Bank had pledged loans totaling $24.6 billion and investment securities totaling $7.7 billion to the FRB, which provided for up to $21.0 billion and $9.3 billion of collateralized borrowing through the discount window and BTFP program, respectively. The Bank did not rely on the BTFP facility as a funding source, except to perform an operational test at the onset, and does not plan to use the facility for the remainder of its existence. Total available collateralized borrowings with the FRB was $30.3 billion at December 31, 2023.

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


(dollar amounts in millions)	Federal Funds Purchased			Other Short-term Borrowings
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		%
December 31, 2021
Amount outstanding at year-end	$	—		$	—
Weighted average interest rate at year-end	—		%	—		%
Maximum month-end balance during the year	$	2		$	—
Average balance outstanding during the year	2			—
Weighted average interest rate during the year	0.06		%	—		%