Long-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Long-Term Borrowings

Following is a summary of long-term borrowings:

TABLE 13.1

December 31	2019		2018
(in millions)
Federal Home Loan Bank advances	$	935	$	270
Subordinated notes	90		87
Junior subordinated debt	66		111
Other subordinated debt	249		159
Total long-term borrowings	$	1,340	$	627

Scheduled Annual Maturities for Long-Term Borrowings

Scheduled annual maturities for the long-term borrowings for the years following December 31, 2019 are as follows:

TABLE 13.2

(in millions)
2020	$	122
2021	563
2022	311
2023	30
2024	1
Later years	313
Total	$	1,340

Schedule of Weighted Average Interest Rate on Subordinated Notes

The weighted average interest rate on the subordinated notes are presented in the following table:

TABLE 13.3

December 31	2019		2018		2017
Subordinated notes weighted average interest rate	3.33	%	3.08	%	2.85	%

Schedule of Junior Subordinated Debt Trusts

The following table provides information relating to the Trusts as of December 31, 2019:

TABLE 13.4

(dollars in millions)	Trust Preferred Securities		Common Securities		Junior Subordinated Debt		Stated Maturity Date	Interest Rate		Rate Reset Factor
F.N.B. Statutory Trust II	$	22	$	1	$	22	6/15/2036	3.54	%	LIBOR + 165 basis points (bps)
Yadkin Valley Statutory Trust I	25		1		22		12/15/2037	3.21	%	LIBOR + 132 bps
FNB Financial Services Capital Trust I	25		1		22		9/30/2035	3.42	%	LIBOR + 146 bps
Total	$	72	$	3	$	66

Schedule of Other Subordinated Debt

The following table provides information relating to our other subordinated debt as of December 31, 2019. These debt issuances are fixed-rate, with the exception of the debt offering in 2019, which is fixed-to-floating rate after February 14, 2024, at which time the floating rate will be LIBOR plus 240 basis points. These subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes.

TABLE 13.5

(dollars in millions)	Aggregate Principal Amount Issued		Net Proceeds (2)		Carrying Value		Stated Maturity Date	Interest Rate
4.95% Fixed-To-Floating Rate Subordinated Notes due 2029	$	120	$	118	$	118	2/14/2029	4.95	%
4.875% Subordinated Notes due 2025	100		98		99		10/2/2025	4.88	%
7.625% Subordinated Notes due August 12, 2023 (1)	38		46		32		8/12/2023	7.63	%
Total	$	258	$	262	$	249

⁽¹⁾ Assumed from YDKN and adjusted to fair value at the time of acquisition.

⁽²⁾ After deducting underwriting discounts and commissions and offering costs. For the debt assumed from YDKN, this is the fair value of the debt at the time of the acquisition.