Short-Term Borrowings

12 Months Ended

Dec. 31, 2016

15. 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 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:

	2016				2015
($ in millions)		Amount	Rate			Amount	Rate
As of December 31:
Federal funds purchased	$	132	0.61	%	$	151	0.30	%
Other short-term borrowings		3,535	0.54			1,507	0.11
Average for the years ended December 31:
Federal funds purchased	$	506	0.39	%	$	920	0.13	%
Other short-term borrowings		2,845	0.36			1,721	0.12
Maximum month-end balance for the years ended December 31:
Federal funds purchased	$	739			$	200
Other short-term borrowings		6,374				4,904


The following table presents a summary of the Bancorp's other short-term borrowings as of December 31:

($ in millions)		2016	2015
FHLB advances	$	2,500	-
Securities sold under repurchase agreements		661	925
Derivative collateral		374	582
Total other short-term borrowings	$	3,535	1,507

The Bancorp’s securities sold under repurchase agreements are accounted for as secured borrowings and are collateralized by securities included in available-for-sale 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.


The following table summarizes the Bancorp's securities sold under repurchase agreements by the type of collateral securing the borrowing and remaining contractual maturity as of December 31:

			2016		2015
($ in millions)			Amount	Remaining Contractual Maturity		Amount	Remaining Contractual Maturity
Type of Collateral:
	Agency residential mortgage-backed securities	$	661	Overnight	$	646	Overnight
	U.S. Treasury and federal agencies securities		-	Overnight		279	Overnight
Total securities sold under repurchase agreements		$	661		$	925