NOTE 8 - BORROWED FUNDS

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



(in millions)	March 31, 2019		December 31, 2018
Federal funds purchased		$375		$820
Securities sold under agreements to repurchase	293		336
Other short-term borrowed funds	11		161
Total short-term borrowed funds		$679		$1,317

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)	2019			2018			2018
Weighted-average interest rate at period-end:⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	1.39		%	—		%	1.72		%
Other short-term borrowed funds	3.03			3.40			2.73
Maximum amount outstanding at any month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase⁽²⁾		$1,134			$625			$1,282
Other short-term borrowed funds	511			1,110			1,110
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase⁽²⁾		$640			$645			$654
Other short-term borrowed funds	58			588			467
Weighted-average interest rate during the period:⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	1.24		%	0.66		%	0.92		%
Other short-term borrowed funds	2.75			1.67			2.10

⁽¹⁾Rates exclude certain hedging costs.

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

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



(in millions)	March 31, 2019		December 31, 2018
Parent Company:
2.375% fixed-rate senior unsecured debt, due July 2021		$349		$349
4.150% fixed-rate subordinated debt, due September 2022	348		348
3.750% fixed-rate subordinated debt, due July 2024	250		250
4.023% fixed-rate subordinated debt, due October 2024	42		42
4.350% fixed-rate subordinated debt, due August 2025	249		249
4.300% fixed-rate subordinated debt, due December 2025	750		749
Banking and Other Subsidiaries:
2.500% senior unsecured notes, due March 2019 ⁽¹⁾	—		748
2.450% senior unsecured notes, due December 2019 ⁽¹⁾	745		744
2.250% senior unsecured notes, due March 2020 ⁽¹⁾	694		691
3.155% floating-rate senior unsecured notes, due March 2020 ^{(1) (2)}	300		300
3.216% floating-rate senior unsecured notes, due May 2020 ^{(1) (2)}	250		250
2.200% senior unsecured notes, due May 2020 ⁽¹⁾	499		499
2.250% senior unsecured notes, due October 2020 ⁽¹⁾	742		738
2.550% senior unsecured notes, due May 2021 ⁽¹⁾	973		964
3.250% senior unsecured notes, due February 2022 ⁽¹⁾	702		—
3.413% floating-rate senior unsecured notes, due February 2022 ^{(1) (2)}	299		—
3.456% floating-rate senior unsecured notes, due May 2022 ^{(1) (2)}	249		249
2.650% senior unsecured notes, due May 2022 ⁽¹⁾	492		487
3.700% senior unsecured notes, due March 2023⁽¹⁾	508		502
3.551% floating-rate senior unsecured notes, due March 2023 ^{(1) (2)}	249		249
3.750% senior unsecured notes, due February 2026 ⁽¹⁾	506		—
Federal Home Loan Bank advances, 2.787% weighted average rate, due through 2038	2,508		7,508
Other	21		9
Total long-term borrowed funds		$11,725		$15,925

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

⁽²⁾Rate disclosed reflects the floating rate as of March 31, 2019.

The Parent Company’s long-term borrowed funds as of March 31, 2019 and December 31, 2018 included principal balances of $2.0 billion for each period, respectively, and unamortized deferred issuance costs and/or discounts of ($4) million and ($5) million, respectively. The banking and other subsidiaries’ long-term borrowed funds as of March 31, 2019 and December 31, 2018 included principal balances of $9.8 billion and $14.0 billion, respectively, with unamortized deferred issuance costs and/or discounts of ($18) million and ($14) million, respectively, and hedging basis adjustments of ($23) million and ($66) million, respectively. See Note 9 "Derivatives" for further information about the Company’s hedging of certain long-term borrowed funds.

Advances, lines of credit, and letters of credit from the FHLB are collateralized by pledged mortgages and pledged securities at least sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized borrowing capacity for FHLB advances and letters of credit was $7.7 billion and $13.0 billion at March 31, 2019 and December 31, 2018, respectively. The Company’s available FHLB borrowing capacity was $8.4 billion and $4.8 billion at March 31, 2019 and December 31, 2018, respectively. Citizens can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, including certain loans, is pledged to support this borrowing capacity. At March 31, 2019, the Company’s unused secured borrowing capacity was approximately $42.5 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.

A summary of maturities for the Company’s long-term borrowed funds at March 31, 2019 is presented below:



(in millions)	Parent Company		Banking and Other Subsidiaries		Consolidated
Year
2019		$—		$748		$748
2020	—		4,989		4,989
2021	349		978		1,327
2022	348		1,749		2,097
2023	—		759		759
2024 and thereafter	1,291		514		1,805
Total		$1,988		$9,737		$11,725