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Short-Term Borrowings and Long-Term Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term Debt
The following table represents outstanding short-term borrowings and long-term debt at December 31, 2021 and December 31, 2020:
   Carrying Value
(Dollars in millions)MaturityPrincipal value at December 31, 2021December 31, 2021December 31, 2020
Short-term borrowings:
Securities sold under agreement to repurchase (1)$61 $61 $— 
Other short-term borrowings(2)60 60 21 
Total short-term borrowings$121 $21 
Long-term debt:
3.50% Senior Notes due 2025
January 29, 2025$350 $349 $349 
3.125% Senior Notes due 2030
June 5, 2030500 496 495 
1.800% Senior Notes due 2031
February 2, 2031500 494 — 
2.100% Senior Notes due 2028
May 15, 2028500 496 — 
1.800% Senior Notes due 2026
October 28, 2026650 645 — 
Junior subordinated debenturesVarious100 90 — 
Total long-term debt$2,570 $844 
(1)Securities sold under repurchase agreements are effectively short-term borrowings collateralized by U.S. Treasury securities and U.S. agency securities.
(2)Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor.
The aggregate annual maturities of long-term debt obligations as of December 31, 2021 are as follows:
Year ended December 31,
(Dollars in millions)		Amount
2022$— 
2023— 
2024— 
2025349 
2026645 
2027 and thereafter1,576 
Total$2,570 
Interest expense related to short-term borrowings and long-term debt was $48 million, $25 million and $35 million in 2021, 2020 and 2019, respectively. The weighted average interest rate associated with our short-term borrowings was 0.2 percent as of December 31, 2021 and 0.8 percent as of December 31, 2020.
Short-term Borrowings
We have certain facilities in place to enable us to access short-term borrowings on a secured and unsecured basis. Our secured facilities include collateral pledged to the FHLB of San Francisco and the discount window at the FRB (using both fixed income securities and loans as collateral). Our unsecured facility consists of our uncommitted federal funds lines. As of December 31, 2021, collateral pledged to the FHLB of San Francisco was comprised primarily of fixed income investment securities and loans and had a carrying value of $7.3 billion, of which $6.3 billion was available to support additional borrowings. As of December 31, 2021, collateral pledged to the discount window at the FRB was comprised of fixed income investment securities and had a carrying value of $0.8 billion, all of which was unused and available to support additional borrowings. Our total unused and available borrowing capacity for our uncommitted federal funds lines totaled $2.2 billion at December 31, 2021. Our total unused and available borrowing capacity under our master repurchase agreements with various financial institutions totaled $5.5 billion at December 31, 2021.
Long-term Debt
3.50% Senior Notes
In January 2015, SVB Financial issued $350 million of 3.50% Senior Notes due in January 2025 ("3.50% Senior Notes"). We received net proceeds of approximately $346 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 3.50% Senior Notes at December 31, 2021 was $349 million, which is reflective of $1 million of debt issuance costs and a discount of less than $1 million.
3.125% Senior Notes
On June 5, 2020, the Company issued $500 million of 3.125% Senior Notes due in June 2030 ("3.125% Senior Notes"). The 3.125% Senior Notes may be redeemed by us, at our option, at any time prior to March 5, 2030, at a redemption price equal to the full aggregate principal amount plus a “make-whole” premium payment. We received net proceeds from this offering of approximately $496 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 3.125% Senior Notes at December 31, 2021 was $496 million, which is reflective of $4 million of debt issuance costs and a discount of less than $1 million.
1.800% Senior Notes
On February 2, 2021 the Company issued $500 million of 1.800% Senior Notes due February 2031 ("1.800% Senior Notes due 2031"), with interest payments starting August 2, 2021, and payable every February 2nd and August 2nd. The notes are senior unsecured obligations of SVB Financial Group and rank equally with all of our other unsecured and unsubordinated indebtedness. We received net proceeds from this offering of approximately $494 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 1.800% Senior Notes due 2031 at December 31, 2021 was $494 million, which is reflective of $4 million of debt issuance costs and a $2 million discount.
2.100% Senior Notes
On May 13, 2021 the Company issued $500 million of 2.100% Senior Notes due May 2028 ("2.100% Senior Notes"), with interest payments starting November 15, 2021, and payable every May 15th and November 15th. The notes are senior unsecured obligations of SVB Financial Group and rank equally with all of our other unsecured and unsubordinated indebtedness. We received net proceeds from this offering of approximately $496 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 2.100% Senior Notes at December 31, 2021 was $496 million, which is reflective of $3 million of debt issuance costs and a $1 million discount.
1.800% Senior Notes
On October 28, 2021 the Company issued $650 million of 1.800% Senior Notes due October 2026 ("1.800% Senior Notes due 2026"), with interest payments starting April 28, 2022. The notes are senior unsecured obligations of SVB Financial Group and rank equally with all of our other unsecured and unsubordinated indebtedness. We received net proceeds from this offering of approximately $644 million after deducting underwriting discounts and commissions and issuance costs. The balance of our 1.800% Senior Notes due 2026 at December 31, 2021 was $645 million, which is reflective of $4 million of debt issuance costs and a $1 million discount.
Junior Subordinated Debentures
On July 1, 2021, SVB Financial Group assumed two statutory trusts during the merger with Boston Private. These trusts were formed for the purpose of issuing trust preferred securities and investing the proceeds in junior subordinated debentures. These statutory trusts created by legacy Boston Private are not consolidated within the financial statements, however the total junior subordinated debentures payable to the preferred stockholders of statutory trusts are reported as long-term debt in the financial statements.
The preferred securities represent an undivided beneficial interest in the assets of the trusts. We own all of the trusts' common securities. The trusts' only assets are the junior subordinated debentures issued to it by Boston Private on substantially the same payment terms as the trusts' preferred securities.
Boston Private Capital Trust II Junior Subordinated Debentures ("Trust II")
As of December 31, 2021 there are $100 million of trust preferred securities outstanding. The preferred trust securities issued by Trust II pay interest quarterly based on a floating three-month rate of LIBOR plus 1.68% which are cumulative. So long as the Company is not in default in the payment of interest on the junior subordinated debentures, the Company has the right under the indenture to defer payments of interest for up to 20 consecutive quarterly periods. The Company does not currently intend to exercise its right to defer interest payments on the junior debentures issued to Trust II. If the Company defers interest payments, it would be subject to certain restrictions relating to the payment of dividends on or purchases of its capital stock and payments on its debt securities ranking equal with or junior to the junior subordinated debentures. The effective interest rate on the junior subordinated debentures was 1.898%. The junior subordinated debentures will mature on December 30, 2035. As of December 31, 2021, the carrying value of the Company's investment in Trust II was $3 million, which represents the total amount of common securities in such trust.
Boston Private Capital Trust I Junior Subordinated Debenture ("Trust I")
As of December 31, 2021 there are less than $1 million of the convertible trust preferred securities outstanding. The convertible trust preferred securities issued by Trust I pay interest quarterly and have a fixed distribution rate of 4.875%. The quarterly distributions are cumulative. The effective interest rate for the junior subordinated debentures was 4.875%. The junior subordinated convertible debentures will mature on October 1, 2034. As of December 31, 2021, the carrying value of the Company's investment in Trust I was $3 million, which represents the total amount of common securities in such trust