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BORROWINGS | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
BORROWINGS | BORROWINGS Following is a summary of short-term borrowings: TABLE 9.1
(in millions) | June 30, 2025 |  | December 31, 2024
Securities sold under repurchase agreements | $ | 138 |  |  | $ | 165 |
Federal Home Loan Bank advances | 885 |  |  | 585 |
Federal funds purchased | 720 |  |  | 370 |
Subordinated notes | 133 |  |  | 136 |
Total short-term borrowings | $ | 1,876 |  |  | $ | 1,256 |
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, $385.0 million, or 43.5%, had overnight maturities as of June 30, 2025, compared to $335.0 million, or 57.3%, as of December 31, 2024. At June 30, 2025 and December 31, 2024, 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 9.2
(in millions) | June 30, 2025 |  | December 31, 2024
Federal Home Loan Bank advances | $ | 1,450 |  |  | $ | 1,750 |
Senior notes | 847 |  |  | 847 |
Subordinated notes | 78 |  |  | 74 |
Junior subordinated debt | 74 |  |  | 73 |
Other subordinated debt | 243 |  |  | 268 |
Total long-term borrowings | $ | 2,692 |  |  | $ | 3,012 |
Our banking affiliate has available credit with the FHLB of $12.4 billion, of which $2.3 billion was utilized and included in short-term and long-term borrowings and $450.0 million was utilized for letters of credit for pledging of public funds as of June 30, 2025. These advances are secured by $17.3 billion of loans collateralized by residential mortgages, home equity lines of credit, commercial real estate and FHLB stock. The short-term borrowings are scheduled to mature in various amounts periodically during 2025 while the long-term borrowings are scheduled to mature periodically through 2028. Effective interest rates paid on long-term fixed rate FHLB advances held during 2025 ranged from 3.69% to 4.69% for the three months ended June 30, 2025, and 3.69% and 4.88% for the year ended December 31, 2024. The effective interest rate paid on variable rate long-term FHLB advances was Overnight SOFR plus an average spread of 35 basis points for the three months ended June 30, 2025, compared to an average spread of 34 basis points for the year ended December 31, 2024. The following table provides information relating to our senior notes and other subordinated debt as of June 30, 2025. The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. TABLE 9.3
(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 |  |  | $ | 350 |  |  | 8/25/2025 |  | 5.150 | %
5.722% Fixed-To-Floating Rate Senior Notes due December 11, 2030 (1) | 500 |  |  | 497 |  |  | 497 |  |  | 12/11/2030 |  | 5.722 | %
Total senior notes | 850 |  |  | 844 |  |  | 847 |  |  |  |  |
Other Subordinated Debt: |  |  |  |  |  |  |  |  |
6.969% Fixed-To-Floating Rate Subordinated Notes due 2029 (2) | 120 |  |  | 118 |  |  | 119 |  |  | 2/14/2029 |  | 6.969 | %
4.875% Subordinated Notes due 2025 | 100 |  |  | 98 |  |  | 100 |  |  | 10/2/2025 |  | 4.875 | %
7.597% Fixed-To-Floating Rate Subordinated Notes due December 6, 2028 (3) (4) | 25 |  |  | 26 |  |  | 24 |  |  | 12/6/2028 |  | 7.597 | %
Total other subordinated debt | 245 |  |  | 242 |  |  | 243 |  |  |  |  |
Total | $ | 1,095 |  |  | $ | 1,086 |  |  | $ | 1,090 |  |  |  |  |
(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. During the second quarter of 2025, we redeemed $25.0 million in other subordinated debt assumed from our previous acquisition of UB Bancorp that was set to reprice at a higher interest rate. 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 June 30, 2025: TABLE 9.4
(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 |  | 6.23 | % |  | SOFR + 165 bps
Yadkin Valley Statutory Trust I | 25 |  |  | 1 |  |  | 23 |  |  | 12/15/2037 |  | 5.90 | % |  | SOFR + 132 bps
FNB Financial Services Capital Trust I | 25 |  |  | 1 |  |  | 24 |  |  | 9/30/2035 |  | 6.02 | % |  | SOFR + 146 bps
Patapsco Statutory Trust I | 5 |  |  | — |  |  | 5 |  |  | 12/15/2035 |  | 6.06 | % |  | 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 Our banking affiliate has additional unused other wholesale credit availability of $6.3 billion as of June 30, 2025.

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