BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Short-Term Borrowings

Following is a summary of short-term borrowings:

TABLE 10.1

(in millions)	September 30, 2022		December 31, 2021
Securities sold under repurchase agreements	$	333	$	376
Federal Home Loan Bank advances	930		1,030
Subordinated notes	132		130
Total short-term borrowings	$	1,395	$	1,536

Summary of Long-Term Borrowings

Following is a summary of long-term borrowings:

TABLE 10.2

(in millions)	September 30, 2022		December 31, 2021
Senior notes	$	647	$	299
Subordinated notes	66		68
Junior subordinated debt	72		67
Other subordinated debt	274		248
Total long-term borrowings	$	1,059	$	682

Schedule of Other Subordinated Debt

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

TABLE 10.3

(dollars in millions)	Aggregate Principal Amount Issued		Net Proceeds (4)		Carrying Value		Stated Maturity Date	Interest Rate
2.200% Senior Notes due February 24, 2023	$	300	$	298	$	300	2/24/2023	2.200	%
5.150% Senior Notes due August 25, 2025	350		347		347		8/25/2025	5.150	%
4.950% Fixed-To-Floating Rate Subordinated Notes due 2029 (1)	120		118		119		2/14/2029	4.950	%
4.875% Subordinated Notes due 2025	100		98		99		10/2/2025	4.875	%
7.625% Subordinated Notes due August 12, 2023 (3)	38		46		30		8/12/2023	7.625	%
6.00% Fixed-To-Floating Rate Subordinated Notes due December 6, 2028 (2) (3)	25		26		26		12/6/2028	6.00	%
Total	$	933	$	933	$	921

(1) Fixed-to-floating rate until February 14, 2024, at which time the floating rate will be three-month LIBOR plus 240 basis points (bps), or an alternative rate that may replace LIBOR, as specified in the prospectus for this offering.

(2) Fixed-to-floating rate until December 6, 2023, at which time the floating rate will be three-month LIBOR plus 302 bps, or an alternative rate that may replace LIBOR, as specified in the prospectus for this offering.

(3) Assumed from an acquisition and adjusted to fair value at the time of acquisition.

(4) After deducting underwriting discounts and commissions and offering costs. For the debt assumed from acquisitions, 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 September 30, 2022:

TABLE 10.4

(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	4.94	%	LIBOR + 165 bps
Yadkin Valley Statutory Trust I	25		1		22		12/15/2037	4.61	%	LIBOR + 132 bps
FNB Financial Services Capital Trust I	25		1		23		9/30/2035	5.13	%	LIBOR + 146 bps
Patapsco Statutory Trust I	5		—		5		12/15/2035	4.77	%	LIBOR + 148 bps
Total	$	77	$	3	$	72