v3.26.1
BORROWINGS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
Following is a summary of short-term borrowings:
TABLE 10.1
(in millions)March 31,
2026		December 31,
2025
Securities sold under repurchase agreements$103 $131 
Federal Home Loan Bank advances1,000 1,055 
Federal funds purchased920 705 
Subordinated notes134 126 
Total short-term borrowings$2,157 $2,017 
Borrowings with original maturities of one year or less are classified as short-term. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are sweep accounts with next-day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount at least equal to the outstanding balance. Of the total short-term FHLB advances, $350.0 million, or 35.0%, had overnight maturities as of March 31, 2026, compared to $530.0 million, or 50.2%, as of December 31, 2025. At March 31, 2026 and December 31, 2025, none of the short-term FHLB advances were swapped to fixed rates. Federal funds purchased are overnight funds borrowed from other financial institutions. Subordinated notes are unsecured and subordinated to our other indebtedness. The short-term subordinated notes mature within one year.
Following is a summary of long-term borrowings:
TABLE 10.2
(in millions)March 31,
2026		December 31,
2025
Federal Home Loan Bank advances$1,200 $1,100 
Senior notes498 498 
Subordinated notes86 86 
Junior subordinated debt74 74 
Other subordinated debt143 143 
Total long-term borrowings$2,001 $1,901 
Our banking affiliate has available credit with the FHLB of $12.0 billion, of which $9.4 billion was available for borrowing as of March 31, 2026. The outstanding FHLB advances (including both short-term and long-term borrowings) are secured by
$16.6 billion of loans collateralized by residential mortgages, home equity lines of credit and commercial real estate. The short-term borrowings are scheduled to mature in various amounts periodically through 2026 while the long-term borrowings are scheduled to mature periodically through 2028. Weighted average interest rates paid on long-term FHLB advances held during the three months ended March 31, 2026 and 2025 were 3.95% and 4.46%, respectively.
The following table provides information relating to our senior notes and other subordinated debt as of March 31, 2026. 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 ValueStated Maturity DateInterest
Rate
Senior Notes:
Fixed-To-Floating Rate Senior Notes due December 11, 2030 (1)
$500 $497 $498 12/11/20305.722 %
Total senior notes500 497 498 
Other Subordinated Debt:
Fixed-To-Floating Rate Subordinated Notes due 2029 (2)
120 118 119 2/14/20296.314 %
Fixed-To-Floating Rate Subordinated Notes due December 6, 2028 (3) (4)
25 26 24 12/6/20286.951 %
Total other subordinated debt145 144 143 
Total$645 $641 $641 
(1) Fixed rate until December 11, 2029, at which time it converts to a floating rate determined by the Compounded SOFR plus 193 basis points.
(2) Floating rate effective February 14, 2024, determined by the Benchmark Replacement (three-month Chicago Mercantile Exchange (CME) term SOFR plus a tenor spread adjustment of 26 basis points) plus 240 basis points.
(3) Floating rate effective December 6, 2023, determined by the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points) plus 302 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.
The junior subordinated debt is comprised of the debt securities issued by FNB, or companies we acquired, in relation to our four unconsolidated subsidiary trusts (collectively, the Trusts), which are unconsolidated VIEs, and are included on the Consolidated Balance Sheets in long-term borrowings. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in our Financial Statements. We record the distributions on the junior subordinated debt issued to the Trusts as interest expense.
The following table provides information relating to the Trusts as of March 31, 2026:
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 6/15/20365.59 %
SOFR + 165 bps
Yadkin Valley Statutory Trust I25 1 23 12/15/20375.26 %
SOFR + 132 bps
FNB Financial Services Capital Trust I25 1 24 9/30/20355.42 %
SOFR + 146 bps
Patapsco Statutory Trust I5 — 5 12/15/20355.42 %
SOFR + 148 bps
Total$77 $3 $74 
The SOFR rate used for the rate reset factors in the above table is the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points).
Other Credit Availability
Excluding FHLB availability, our banking affiliate has additional unused other wholesale credit availability of $9.5 billion as of March 31, 2026.