BORROWED FUNDS (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of short-term borrowed funds

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

(in millions)	March 31, 2018		December 31, 2017
Federal funds purchased		$—		$460
Securities sold under agreements to repurchase	315		355
Other short-term borrowed funds (1)	1,494		1,856
Total short-term borrowed funds		$1,809		$2,671

⁽¹⁾ March 31, 2018 includes $1.5 billion of debt issued under CBNA’s Global Bank Note Program maturing within one year, with unamortized deferred issuance costs and/or discounts of ($2) million and other basis adjustments of ($14) million. December 31, 2017 includes $750 million of debt issued under CBNA’s Global Bank Note Program maturing within one year, with unamortized deferred issuance costs and/or discounts of ($1) million and other basis adjustments of ($4) million.

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

	As of and for the Three Months Ended March 31,						As of and for the Year Ended December 31,
(dollars in millions)	2018			2017			2017
Weighted-average interest rate at period-end:(1)
Federal funds purchased and securities sold under agreements to repurchase	—		%	0.43		%	0.74		%
Other short-term borrowed funds	2.41			1.08			1.72
Maximum amount outstanding at month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$625			$1,174			$1,174
Other short-term borrowed funds	1,853			3,508			3,508
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$645			$882			$776
Other short-term borrowed funds	1,481			2,963			2,321
Weighted-average interest rate during the period:(1)
Federal funds purchased and securities sold under agreements to repurchase	0.66		%	0.22		%	0.36		%
Other short-term borrowed funds	2.14			1.08			1.32

⁽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)	March 31, 2018		December 31, 2017
Parent Company:
2.375% fixed-rate senior unsecured debt, due 2021		$349		$349
4.150% fixed-rate subordinated debt, due 2022	348		348
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
Banking Subsidiaries:
2.450% senior unsecured notes, due 2019 (1)	738		743
2.500% senior unsecured notes, due 2019 (1) (2)	—		741
2.250% senior unsecured notes, due 2020 (1)	688		692
Floating-rate senior unsecured notes, due 2020 (1)	299		299
Floating-rate senior unsecured notes, due 2020 (1)	250		249
2.200% senior unsecured notes, due 2020 (1)	499		498
2.250% senior unsecured notes, due 2020 (1)	734		742
2.550% senior unsecured notes, due 2021 (1)	953		964
Floating-rate senior unsecured notes, due 2022 (1)	249		249
2.650% senior unsecured notes, due 2022 (1)	482		491
3.700% senior unsecured notes, due 2023 (1)	500		—
Floating-rate senior unsecured notes, due 2023 (1)	249		—
Federal Home Loan advances due through 2038	5,511		3,761
Other	14		16
Total long-term borrowed funds		$13,486		$11,765

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

⁽²⁾ Reclassified to short-term borrowed funds.

Schedule of maturities of long-term borrowed funds

A summary of maturities for the Company’s long-term borrowed funds at March 31, 2018 is presented below:

(in millions)	Parent Company		Banking Subsidiaries		Consolidated
Year
2019		$—		$6,244		$6,244
2020	—		2,473		2,473
2021	349		956		1,305
2022	348		736		1,084
2023	333		750		1,083
2024 and thereafter	1,290		7		1,297
Total		$2,320		$11,166		$13,486