Borrowed Funds

6 Months Ended

Jun. 30, 2020

BORROWED FUNDS

The following table shows the carrying value of total borrowed funds of $47.0 billion at June 30, 2020 (including adjustments related to purchase accounting, accounting hedges and unamortized original issuance discounts) by remaining contractual maturity:

Table 61: Borrowed Funds



In billions
Less than 1 year	$	16.1
1 to 2 years	$	3.6
2 to 3 years	$	8.9
3 to 4 years	$	2.8
4 to 5 years	$	3.2
Over 5 years	$	12.4

The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of June 30, 2020, and the carrying values as of June 30, 2020 and December 31, 2019.

Table 62: FHLB Borrowings, Senior Debt and Subordinated Debt



	Stated Rate	Maturity	Carrying Value
Dollars in millions	2020	2020	2020		2019
Parent Company
Senior debt	2.20%-4.38%	2020-2030	$	10,486	$	8,843
Subordinated debt	3.90%	2024	815		777
Junior subordinated debt	0.92%	2028	205		205
Subtotal			11,506		9,825
Bank
FHLB (a)	0.43%-0.73%	2020-2021	8,500		16,341
Senior debt	0%-3.50%	2020-2043	17,219		20,167
Subordinated debt	2.70%-4.20%	2022-2029	5,479		5,152
Subtotal			31,198		41,660
Total			$	42,704	$	51,485


(a)	FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.

In Table 62, the carrying values for Parent Company senior and subordinated debt include basis adjustments of $820 million and $67 million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $608 million and $496 million, respectively, related to fair value accounting hedges as of June 30, 2020.

Certain borrowings are reported at fair value. Refer to Note 12 Fair Value for more information on those borrowings.

For further information regarding junior subordinated debentures refer to Note 10 Borrowed Funds in our 2019 Form 10-K.