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v3.22.1

Borrowings | 3 Months Ended
--- | ---
Mar. 31, 2022
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS 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 |
Securities Sold under Agreements to Repurchase At March 31, 2022, BancShares held $616 million of securities sold under agreements to repurchase, with overnight contractual maturities, consisting of $538 million collateralized by government agency securities and $78 million collateralized by commercial mortgage-backed securities. At December 31, 2021, BancShares held $589 million of securities sold under agreements to repurchase, with overnight and continuous remaining contractual maturities, made up of $508 million collateralized by government agency securities and $81 million collateralized by commercial mortgage-backed securities. BancShares utilizes securities sold under agreements to repurchase to facilitate the needs for collateralization of commercial customers and secure wholesale funding needs. The carrying value of investment securities pledged as collateral under repurchase agreements was $638 million and $619 million at March 31, 2022 and December 31, 2021, respectively. 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 a nd December 31, 2021, unamortized purchase accounting adjustments were $78 million and $2 million, respectively, for subordinated debentures. 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 |
Senior Unsecured Notes Senior unsecured notes included the following as of March 31, 2022: •Variable-rate senior unsecured notes totaled $64 million at 1-month LIBOR plus 1.10%. •Fixed-rate senior unsecured notes outstanding totaled $866 million and the weighted average coupon rate was 3.70%. These notes were assumed by FCB as part of the CIT Merger. On February 24, 2022, FCB completed a redemption of approximately $2.9 billion of senior unsecured notes that were assumed in the CIT Merger, resulting in a gain of approximately $6 million. Subordinated Unsecured Notes Subordinated unsecured notes included the following as of March 31, 2022: •$350 million aggregate principal amount of its 3.375% fixed-to-floating rate subordinated notes due 2030 and redeemable at the option of BancShares starting with the interest payment due March 15, 2025. •$400 million aggregate principal amount of 6.125% fixed rate subordinated notes with a maturity date of March 9, 2028 and $100 million aggregate principal amount of 4.125% fixed-to-fixed rate subordinated notes with a maturity date of November 13, 2029, which were assumed by BancShares as part of the CIT Merger. •$132 million in junior subordinated debentures representing obligations to FCB/NC Capital Trust III, FCB/SC Capital Trust II, SCB Capital Trust I and Macon Capital Trust I special purpose entities and grantor trusts (the “Trusts”) for trust preferred securities. The Trusts had outstanding trust preferred securities of $128 million at March 31, 2022 and December 31, 2021, which mature in 2036, 2034, 2034 and 2034, respectively, and may be redeemed at par in whole or in part at any time. BancShares has guaranteed all obligations of FCB/NC Capital Trust III, FCB/SC Capital Trust II, SCB Capital Trust I and Macon Capital Trust I. Secured Borrowings At March 31, 2022, BancShares had pledged $24.9 billion of consumer loans to several financing facilities. Notes Payable to FHLB As a member of the FHLB, FCB can access financing based on an evaluation of its creditworthiness, statement of financial position, size and eligibility of collateral. Pledged assets related to these financings totaled $19.9 billion at March 31, 2022. FCB may at any time grant a security interest in, sell, convey or otherwise dispose of any of the assets used for collateral, provided that FCB is in compliance with the collateral maintenance requirement immediately following such disposition. Other Secured Financings Other secured (other than FHLB) financings were not significant and totaled $15 million at March 31, 2022. Pledged assets related to these financings totaled $15 million. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings. At March 31, 2022, BancShares had other unused credit lines allowing contingent access to borrowings of up to $75 million on an unsecured basis. Under borrowing arrangements with the FRB of Richmond, BancShares has access to an additional $4.2 billion on a secured basis. There were no outstanding borrowings with the FRB Discount Window at March 31, 2022 and December 31, 2021.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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