v3.26.1
BORROWED FUNDS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
BORROWED FUNDS
NOTE 7 - BORROWED FUNDS
Short-term borrowed funds
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following:
(dollars in millions)March 31, 2026December 31, 2025
Other short-term borrowed funds(1)
$54 $58 
Total short-term borrowed funds$54 $58 
(1) Consists primarily of short positions held by the Company’s commercial broker dealer. See Note 8 for additional information regarding forward purchase contracts entered into to economically hedge these short positions.
Long-term borrowed funds
The following table presents a summary of the Company’s long-term borrowed funds:
(dollars in millions)March 31, 2026December 31, 2025
Parent Company:
2.850% fixed-rate senior unsecured notes, due July 2026
$500 $500 
5.841% fixed/floating-rate senior unsecured notes, due January 2030
1,246 1,246 
2.500% fixed-rate senior unsecured notes, due February 2030
299 299 
3.250% fixed-rate senior unsecured notes, due April 2030
748 747 
3.750% fixed-rate reset subordinated debt, due February 2031(1)
— 69 
4.300% fixed-rate reset subordinated debt, due February 2031(1)
— 135 
4.350% fixed-rate reset subordinated debt, due February 2031(1)
— 60 
5.253% fixed/floating-rate senior unsecured notes, due March 2031
747 747 
5.718% fixed/floating-rate senior unsecured notes, due July 2032
1,244 1,244 
2.638% fixed-rate subordinated debt, due September 2032
578 577 
6.645% fixed/floating-rate senior unsecured notes, due April 2035
746 746 
5.299% fixed-reset subordinated notes, due January 2036
397 — 
5.641% fixed-rate reset subordinated debt, due May 2037
399 398 
CBNA’s Global Note Program:
4.575% fixed/floating-rate senior unsecured notes, due August 2028
799 799 
4.192% fixed/floating-rate senior unsecured notes, due January 2029
747 — 
Additional Borrowings by CBNA and Other Subsidiaries:
Federal Home Loan Bank advances, 3.951% weighted average rate, due through 2045(2)
2,513 2,013 
Secured borrowings, 5.548% weighted average rate, due through 2031(2)(3)
1,279 1,625 
Other18 19 
Total long-term borrowed funds$12,260 $11,224 
(1) Notes were redeemed in February 2026.
(2) Rate disclosed reflects the weighted average rate as of March 31, 2026.
(3) Collateralized by loans. See Note 6 for additional information.
At March 31, 2026, the Company’s long-term borrowed funds include principal balances of $12.3 billion and unamortized debt issuance costs and discounts of $70 million. At December 31, 2025, the Company’s long-term borrowed funds include principal balances of $11.3 billion and unamortized debt issuance costs and discounts of $71 million.
Advances, lines of credit, and letters of credit from the FHLB are collateralized primarily by residential mortgages and home equity products sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized FHLB borrowing capacity, primarily for advances and letters of credit, was $7.3 billion and $7.1 billion at March 31, 2026 and December 31, 2025, respectively. The Company’s available FHLB borrowing capacity was $23.2 billion and $22.1 billion at March 31, 2026 and December 31, 2025, respectively. The Company can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, including certain loans, is pledged to support this borrowing capacity. At March 31, 2026, the Company’s unused secured borrowing capacity was approximately $80.7 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.