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LONG-TERM BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of Long-Term Borrowings
Following is a summary of long-term borrowings:
TABLE 15.1
December 3120222021
(in millions)
Senior notes$648 $299 
Subordinated notes70 68 
Junior subordinated debt72 67 
Other subordinated debt303 248 
Total long-term borrowings$1,093 $682 
Scheduled Annual Maturities for Long-Term Borrowings
Scheduled annual maturities for the long-term borrowings for the years following December 31, 2022 are as follows:
TABLE 15.2
(in millions)
2023$337 
20247 
2025457 
20269 
20279 
Later years274 
Total$1,093 
Schedule of Weighted Average Interest Rate on Subordinated Notes The weighted average interest rates on the subordinated notes are presented in the following table:
TABLE 15.3
December 31202220212020
Subordinated notes weighted average interest rate3.36 %3.12 %3.23 %
Schedule of Junior Subordinated Debt Trusts
The following table provides information relating to the Trusts as of December 31, 2022:
TABLE 15.4
(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 6/15/20366.42 %
LIBOR + 165 bps
Yadkin Valley Statutory Trust I25 1 22 12/15/20376.09 %
LIBOR + 132 bps
FNB Financial Services Capital Trust I25 1 23 9/30/20356.19 %
LIBOR + 146 bps
Patapsco Statutory Trust I5 — 5 12/15/20356.25 %
LIBOR + 148 bps
Total$77 $3 $72 
Schedule of Senior and Other Subordinated Debt
The following table provides information relating to our senior notes and other subordinated debt as of December 31, 2022. The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes.
TABLE 15.5
(dollars in millions)Aggregate Principal Amount Issued
Net Proceeds (6)
Carrying ValueStated Maturity DateInterest
Rate
Senior Notes:
2.200% Senior Notes due February 24, 2023
$300 $298 $300 2/24/20232.200 %
5.150% Senior Notes due August 25, 2025
350 347 348 8/25/20255.150 %
Total senior notes650 645 648 
Other Subordinated Debt:
4.950% Fixed-To-Floating Rate Subordinated Notes due 2029 (1)
120 118 119 2/14/20294.950 %
4.875% Subordinated Notes due 2025
100 98 100 10/2/20254.875 %
7.625% Subordinated Notes due August 12, 2023 (5)
38 46 29 8/12/20237.625 %
6.000% Fixed-To-Floating Rate Subordinated Notes due December 6, 2028 (2) (5)
25 26 25 12/6/20286.000 %
5.000% Fixed-To-Floating Rate Subordinated Note due May 29, 2030 (3) (5)
25 24 24 5/29/20305.000 %
6.000% Fixed-To-Floating Rate Subordinated Note due May 15, 2028 (4) (5)
6 6 6 5/15/20286.000 %
Total other subordinated debt314 318 303 
Total$964 $963 $951 
(1) Fixed-to-floating rate until February 14, 2024, at which time the floating rate will be three-month LIBOR plus 240 basis points, 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 basis points, or an alternative rate that may replace LIBOR, as specified in the prospectus for this offering.
(3) Fixed-to-floating rate until May 29, 2025, at which time the floating rate will be three-month SOFR plus 464 basis points.
(4) Fixed-to-floating rate until May 15, 2023, at which time the floating rate will be three-month LIBOR plus 350 basis points, or an alternative rate that may replace LIBOR, as specified in the prospectus for this offering.
(5) Assumed from an acquisition and adjusted to fair value at the time of acquisition.
(6) 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.