BORROWED FUNDS (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of short-term borrowed funds

A summary of the Company’s short-term borrowed funds is presented below:

(in millions)	September 30, 2017		December 31, 2016
Federal funds purchased		$—		$533
Securities sold under agreements to repurchase	453		615
Other short-term borrowed funds	1,505		3,211
Total short-term borrowed funds		$1,958		$4,359

Key data related to short-term borrowed funds is presented in the following table:

	As of and for the Three Months Ended September 30,						As of and for the Nine Months Ended September 30,						As of and for the Year Ended December 31,
(dollars in millions)	2017			2016			2017			2016			2016
Weighted-average interest rate at period-end:(1)
Federal funds purchased and securities sold under agreements to repurchase	—		%	0.03		%	—		%	0.03		%	0.26		%
Other short-term borrowed funds (primarily short-term FHLB advances)	1.47			0.63			1.47			0.63			0.94
Maximum amount outstanding at month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$724			$1,032			$1,174			$1,274			$1,522
Other short-term borrowed funds (primarily short-term FHLB advances)	1,755			2,515			3,508			4,764			5,461
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$733			$910			$807			$922			$947
Other short-term borrowed funds (primarily short-term FHLB advances)	1,624			2,564			2,283			3,133			3,207
Weighted-average interest rate during the period:(1)
Federal funds purchased and securities sold under agreements to repurchase	0.47		%	0.10		%	0.34		%	0.09		%	0.09		%
Other short-term borrowed funds (primarily short-term FHLB advances)	1.48			0.63			1.22			0.62			0.64

⁽¹⁾ Rates exclude certain hedging costs.

⁽²⁾ Balances are net of certain short-term receivables associated with reverse repurchase agreements, as applicable.

Schedule of long-term borrowed funds

A summary of the Company’s long-term borrowed funds is presented below:

(in millions)	September 30, 2017		December 31, 2016
Parent Company:
4.150% fixed-rate subordinated debt, due 2022		$348		$347
5.158% fixed-to-floating rate subordinated debt, due 2023, converting to floating at 3-month LIBOR + 3.56% and callable beginning June 2018	333		333
3.750% fixed-rate subordinated debt, due 2024	250		250
4.023% fixed-rate subordinated debt, due 2024	42		42
4.350% fixed-rate subordinated debt, due 2025	249		249
4.300% fixed-rate subordinated debt, due 2025	749		749
2.375% fixed-rate senior unsecured debt, due 2021	348		348
Banking Subsidiaries:
2.300% senior unsecured notes, due 2018 (1)	746		745
2.450% senior unsecured notes, due 2019 (1)	747		747
2.500% senior unsecured notes, due 2019 (1)	743		741
2.250% senior unsecured notes, due 2020 (1)	697		—
Floating-rate senior unsecured notes, due 2020 (1)	299		—
Floating-rate senior unsecured notes, due 2020 (1)	249		—
2.200% senior unsecured notes, due 2020 (1)	498		—
2.550% senior unsecured notes, due 2021(1)	973		965
Floating-rate senior unsecured notes, due 2022 (1)	249		—
2.650% senior unsecured notes, due 2022 (1)	496		—
Federal Home Loan advances due through 2033	5,361		7,264
Other	23		10
Total long-term borrowed funds		$13,400		$12,790

⁽¹⁾ Issued under CBNA’s Global Bank Note Program.

Schedule of maturities of long-term borrowed funds

A summary of maturities for the Company’s long-term borrowed funds at September 30, 2017 is presented below:

(in millions)	Parent Company		Banking Subsidiaries		Consolidated
Year
2018		$—		$4,097		$4,097
2019	—		3,491		3,491
2020	—		1,760		1,760
2021	348		976		1,324
2022	348		750		1,098
2023 and thereafter	1,623		7		1,630
Total		$2,319		$11,081		$13,400