Long-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Long-Term Borrowings

Following is a summary of long-term borrowings:

TABLE 14.1

December 31	2021		2020
(in millions)
Federal Home Loan Bank advances	$	—	$	400
Senior notes	299		299
Subordinated notes	68		81
Junior subordinated debt	67		66
Other subordinated debt	248		249
Total long-term borrowings	$	682	$	1,095

Scheduled Annual Maturities for Long-Term Borrowings

Scheduled annual maturities for the long-term borrowings for the years following December 31, 2021 are as follows:

TABLE 14.2

(in millions)
2022	$	18
2023	336
2024	3
2025	104
2026	6
Later years	215
Total	$	682

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 14.3

December 31	2021		2020		2019
Subordinated notes weighted average interest rate	3.12	%	3.23	%	3.33	%

Schedule of Junior Subordinated Debt Trusts

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

TABLE 14.4

(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	1.85	%	LIBOR + 165 basis points (bps)
Yadkin Valley Statutory Trust I	25		1		22		12/15/2037	1.52	%	LIBOR + 132 bps
FNB Financial Services Capital Trust I	25		1		23		9/30/2035	1.68	%	LIBOR + 146 bps
Total	$	72	$	3	$	67

Schedule of Other Subordinated Debt

The following table provides information relating to our senior debt and other subordinated debt as of December 31, 2021. 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, or an alternative rate that may replace LIBOR, as specified in the prospectus for this offering. The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes.

TABLE 14.5

(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		119		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		30		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.