BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Short-Term Borrowings

Following is a summary of short-term borrowings:

TABLE 9.1

(in millions)	March 31, 2021		December 31, 2020
Securities sold under repurchase agreements	$	435	$	403
Federal Home Loan Bank advances	1,130		1,280
Subordinated notes	122		121
Total short-term borrowings	$	1,687	$	1,804

Summary of Long-Term Borrowings

Following is a summary of long-term borrowings:

TABLE 9.2

(in millions)	March 31, 2021		December 31, 2020
Federal Home Loan Bank advances	$	400	$	400
Senior notes	299		299
Subordinated notes	78		81
Junior subordinated debt	66		66
Other subordinated debt	248		249
Total long-term borrowings	$	1,091	$	1,095

Schedule of Other Subordinated Debt

The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes.

TABLE 9.3

(dollars in millions)	Aggregate Principal Amount Issued		Net Proceeds (2)		Carrying Value		Stated Maturity Date	Interest Rate
2.20% Senior Notes due February 24, 2023	$	300	$	298	$	299	2/24/2023	2.20	%
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	4.875	%
7.625% Subordinated Notes due August 12, 2023 (1)	38		46		31		8/12/2023	7.625	%
Total	$	558	$	560	$	547

(1) Assumed from a prior acquisition 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 a prior acquisition, this is the fair value of the debt at the time of the acquisition.

Schedule of Junior Subordinated Debt Trusts

The following table provides information relating to the Trusts as of March 31, 2021:

TABLE 9.4

(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	1.83	%	LIBOR + 165 basis points (bps)
Yadkin Valley Statutory Trust I	25		1		22		12/15/2037	1.50	%	LIBOR + 132 bps
FNB Financial Services Capital Trust I	25		1		22		9/30/2035	1.66	%	LIBOR + 146 bps
Total	$	72	$	3	$	66