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BORROWINGS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
BORROWINGS
NOTE 10 — BORROWINGS

Short-term Borrowings
Securities Sold under Agreements to Repurchase
BancShares held $170 million and $224 million at March 31, 2026 and December 31, 2025, respectively, of securities sold under agreements to repurchase that have overnight contractual maturities and are collateralized by government agency securities. The weighted average interest rate for securities sold under agreements to repurchase was 0.33% and 0.41% at March 31, 2026 and December 31, 2025, respectively.
BancShares utilizes securities sold under agreements to repurchase to facilitate the needs for collateralization of commercial customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions and are reflected as securities sold under customer repurchase agreements.

BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of investment securities pledged as collateral under repurchase agreements was $207 million and $230 million at March 31, 2026 and December 31, 2025, respectively.

Long-term Borrowings
On March 3, 2026, the Parent Company issued and sold $500 million aggregate principal amount of its 4.869% Fixed-to-Floating Rate Senior Notes due in 2032.

In the first quarter of 2026, FCB made prepayments of $2.50 billion on the Purchase Money Note and recognized a loss on extinguishment of debt of $8 million. In April 2026, we made an additional prepayment of $500 million.

The following table presents long-term borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs:

Long-term Borrowings
dollars in millionsMaturityMarch 31, 2026December 31, 2025
Parent Company:
Senior:
Fixed-to-Floating Senior Notes at 5.231% (1)
March 2031$497 $497 
Fixed-to-Floating Senior Notes at 4.869% (2)
March 2032495 — 
Subordinated:
Fixed Rate Reset Subordinated Notes at 5.600% (3)
September 2035595 597 
Fixed-to-Fixed Subordinated Notes at 6.254% (4)
March 2040742 745 
Subsidiaries:
Senior:
Fixed Senior Unsecured Notes at 6.000%
April 203658 58 
Subordinated:
Fixed Subordinated Notes at 6.125%
March 2028427 430 
Secured:
Purchase Money Note to FDIC fixed at 3.500% (5)
March 202830,905 33,385 
Capital lease obligationsMaturities through May 205773 72 
Total long-term borrowings$33,792 $35,784 
(1) The fixed rate period will end March 12, 2030, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded Secured Overnight Financing Rate (“SOFR”) Index Rate plus 141 basis points (“bps”) per annum until the maturity date (or date of earlier redemption).
(2) The fixed rate period will end March 3, 2031, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 148.7 bps per annum until the maturity date (or date of earlier redemption).
(3) The interest rate will reset on September 5, 2030, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 185 bps per annum until the maturity date (or date of earlier redemption).
(4) The interest rate will reset on March 12, 2035, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 197 bps per annum until the maturity date (or date of earlier redemption).
(5)    Issued in connection with the SVBB Acquisition. The unamortized discount was $95 million and $115 million at March 31, 2026 and December 31, 2025, respectively. Refer to Note 5—Loans and Leases for further information on loans pledged as collateral to secure borrowings.

Pledged Assets
Refer to the “Loans Pledged” section in Note 5—Loans and Leases for information on loans pledged as collateral to secure borrowings. Additionally, interest-earning deposits at banks included $194 million and $212 million at March 31, 2026 and December 31, 2025, respectively, that were required minimum deposits under the Purchase Money Note.