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v3.22.1

Borrowings (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Short-term Borrowings | Short-term borrowings are as follows:
dollars in millions | March 31, 2022 |  | December 31, 2021
Securities sold under customer repurchase agreements | $ | 616 |  |  | $ | 589 |
Total short-term borrowings | $ | 616 |  |  | $ | 589 |
Schedule of Long-term Borrowings | Long-term borrowings at March 31, 2022 and December 31, 2021 include:
dollars in millions | Maturity |  | March 31, 2022 |  | December 31, 2021
Parent Company: |  |  |  |  |
Senior: |  |  |  |  |
Unsecured term loan at 1-month LIBOR plus 1.10% | September 2022 |  | $ | 64 |  |  | $ | 68 |
Subordinated: |  |  |  |  |
Fixed-to-Floating subordinated notes at 3.375% | March 2030 |  | 350 |  |  | 350 |
Junior subordinated debenture at 3-month LIBOR plus 2.25% | June 2034 |  | 20 |  |  | 20 |
Junior subordinated debenture at 3-month LIBOR plus 1.75% | June 2036 |  | 88 |  |  | 88 |
Subsidiaries: |  |  |  |  |
Senior: |  |  |  |  |
Senior unsecured fixed to floating rate notes at 3.929%(1) | June 2024 |  | 500 |  |  | — |
Senior unsecured fixed to floating rate notes at 2.969%(1) | September 2025 |  | 315 |  |  | — |
Fixed senior unsecured notes at 6.00%(1) | April 2036 |  | 51 |  |  | — |
Subordinated: |  |  |  |  |
Junior subordinated debentures at 3-month LIBOR plus 2.80% | March 2034 |  | 14 |  |  | 14 |
Junior subordinated debentures at 3-month LIBOR plus 2.85% | April 2034 |  | 10 |  |  | 10 |
Fixed subordinated notes at 6.125%(1) | March 2028 |  | 400 |  |  | — |
Fixed-to-Fixed subordinated notes at 4.125%(1) | November 2029 |  | 100 |  |  | — |
Secured: |  |  |  |  |
Notes payable to FHLB of Atlanta with rates ranging from 0.75% to 2.99% | Maturities through March 2032 |  | 639 |  |  | 645 |
Other secured financings(1) | Maturities through January 2024 |  | 16 |  |  | — |
Capital lease obligations | Maturities through August 2026 |  | 4 |  |  | 4 |
Unamortized issuance costs |  |  | (2) |  |  | (2) |
Unamortized purchase accounting adjustments(2) |  |  | 107 |  |  | (2) |
Total long-term borrowings |  |  | $ | 2,676 |  |  | $ | 1,195 |
(1)Reflects the remaining outstanding debt securities assumed by the BancShares in connection with the CIT Merger. On February 24, 2022, BancShares redeemed all of the outstanding (i) 5.00% senior unsecured notes due 2022, (ii) 5.00%, senior unsecured notes due 2023; (iii) 4.750% senior unsecured notes due 2024; and (iv) 5.250% senior unsecured notes due 2025 that it had assumed in the CIT Merger. (2)At March 31, 2022 and December 31, 2021, unamortized purchase accounting adjustments were $78 million and $2 million, respectively, for subordinated debentures.
Schedule of Maturities of Long-term Debt | Long-term borrowings maturing in each of the five years subsequent to March 31, 2022 and thereafter include: Long-term Borrowings Maturities
dollars in millions |
Twelve months ended March 31, |
2023 | $ | 94 |
2024 | 166 |
2025 | 517 |
2026 | 330 |
2027 | 17 |
Thereafter | 1,552 |
Total long-term borrowings | $ | 2,676 |

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