BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Short-Term Borrowings

Following is a summary of short-term borrowings:

TABLE 10.1

(in millions)	September 30, 2023		December 31, 2022
Securities sold under repurchase agreements	$	259	$	317
Federal Home Loan Bank advances	1,665		930
Federal funds purchased	30		—
Subordinated notes	112		125
Total short-term borrowings	$	2,066	$	1,372

Summary of Long-Term Borrowings

Following is a summary of long-term borrowings:

TABLE 10.2

(in millions)	September 30, 2023		December 31, 2022
Federal Home Loan Bank advances	$	1,200	$	—
Senior notes	348		648
Subordinated notes	80		70
Junior subordinated debt	73		72
Other subordinated debt	267		303
Total long-term borrowings	$	1,968	$	1,093

Schedule of Other Subordinated Debt

The following table provides information relating to our senior notes and other subordinated debt as of September 30, 2023. 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 (5)		Carrying Value		Stated Maturity Date	Interest Rate
Senior Notes:
5.150% Senior Notes due August 25, 2025	$	350	$	347	$	348	8/25/2025	5.150	%
Total senior notes	350		347		348
Other Subordinated Debt:
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		100		10/2/2025	4.875	%
6.000% Fixed-To-Floating Rate Subordinated Notes due December 6, 2028 (2) (4)	25		26		24		12/6/2028	6.000	%
5.000% Fixed-To-Floating Rate Subordinated Note due May 29, 2030 (3) (4)	25		24		24		5/29/2030	5.000	%
Total other subordinated debt	270		266		267
Total	$	620	$	613	$	615

(1) Fixed-to-floating rate until February 14, 2024, at which time the floating rate will be the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points) plus 240 basis points.

(2) Fixed-to-floating rate until December 6, 2023, at which time the floating rate will be the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points) plus 302 basis points.

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

(5) 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, 2023:

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	7.32	%	SOFR + 165 bps
Yadkin Valley Statutory Trust I	25		1		23		12/15/2037	6.99	%	SOFR + 132 bps
FNB Financial Services Capital Trust I	25		1		23		9/30/2035	7.12	%	SOFR + 146 bps
Patapsco Statutory Trust I	5		—		5		12/15/2035	7.15	%	SOFR + 148 bps
Total	$	77	$	3	$	73