XML 55 R25.htm IDEA: XBRL DOCUMENT v3.22.4
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2022
Short-Term Debt [Abstract]  
Short-Term Borrowings Short-Term Borrowings
Borrowings with original maturities of one year or less are classified as short-term and include federal funds purchased and other short-term borrowings. Federal funds purchased are excess balances in reserve accounts held at the FRB that the Bancorp purchased from other member banks on an overnight basis. Other short-term borrowings may include securities sold under repurchase agreements, derivative collateral, FHLB advances and other borrowings with original maturities of one year or less.

The following table summarizes short-term borrowings and weighted-average rates:
20222021
($ in millions)AmountRate      AmountRate        
As of December 31:
Federal funds purchased$180 4.22 %$281 0.13 %
Other short-term borrowings4,838 3.75 980 0.04 
Average for the years ended December 31:
Federal funds purchased$381 1.69 %$333 0.12 %
Other short-term borrowings4,544 2.39 1,107 0.15 
Maximum month-end balance for the years ended December 31:
Federal funds purchased$1,312 $365 
Other short-term borrowings8,606 1,353 

The following table presents a summary of the Bancorp’s other short-term borrowings as of December 31:
($ in millions)20222021
FHLB advances$4,300 — 
Securities sold under repurchase agreements388 544 
Derivative collateral124 436 
Other borrowed money26 — 
Total other short-term borrowings$4,838 980 

The Bancorp’s securities sold under repurchase agreements are accounted for as secured borrowings and are collateralized by securities included in available-for-sale debt and other securities in the Consolidated Balance Sheets. These securities are subject to changes in market value and, therefore, the Bancorp may increase or decrease the level of securities pledged as collateral based upon these movements in market value. As of both December 31, 2022 and 2021, all securities sold under repurchase agreements were secured by agency residential mortgage-backed securities and the repurchase agreements had an overnight remaining contractual maturity.