Short and Long-term Funding (Tables)

12 Months Ended

Dec. 31, 2023

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):


($ in thousands)	December 31, 2023		December 31, 2022
Short-term funding
Federal funds purchased	$	220,160	$	344,170
Securities sold under agreements to repurchase	106,620		240,969
Federal funds purchased and securities sold under agreements to repurchase	326,780		585,139
Commercial paper	—		20,798
Total short-term funding	$	326,780	$	605,937
Long-term funding

Corporation subordinated notes, at par	$	550,000	$	250,000
Discount and capitalized costs	(7,748)		(544)
Subordinated debt fair value hedge(a)	(1,366)		(1,855)
Finance leases	383		469

Total long-term funding	$	541,269	$	248,071
Total short and long-term funding, excluding FHLB advances	$	868,049	$	854,007
FHLB advances
Short-term FHLB advances	$	740,000	$	3,125,000
Long-term FHLB advances	1,209,907		1,209,170
FHLB advances fair value hedge(a)	(9,713)		(14,308)
Total FHLB advances	$	1,940,194	$	4,319,861
Total short and long-term funding	$	2,808,243	$	5,173,869

(a) For additional information on the fair value hedges, see Note 14.

Schedule of Repurchase Agreements

The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of December 31, 2023 and 2022 are presented in the following table:


	Overnight and Continuous
($ in thousands)	December 31, 2023		December 31, 2022
Repurchase agreements
Agency mortgage-related securities	$	106,620	$	240,969

Schedule of Maturities of Long-term Debt [Table Text Block]

The table below summarizes the expected maturities of the Corporation’s long-term funding at December 31, 2023:


($ in thousands)	Long Term Funding
Year
2024	$	248,884
2025	394,797
2026	604,540
2027	671
2028	198,966
Beyond 2028	293,605
Total long-term funding	$	1,741,463