Borrowings

9 Months Ended

Sep. 30, 2021

Federal Home Loan Bank Advances and Other Borrowings

The following is a breakdown of our FHLB advances and other borrowings outstanding:


	September 30, 2021				December 31, 2020
	Amount		Rate		Amount		Rate
	(Dollars in millions)
Short-term fixed rate term advances	$	1,095	0.18	%	$	3,415	0.20	%
Short-term variable rate term advances	0		—	%	—		—	%
Other short-term borrowings (1)	775		0.13	%	485		0.08	%
Total short-term Federal Home Loan Bank advances and other borrowings	1,870				3,900
Long-term fixed rate advances (2)	1,400		0.90	%	1,200		1.03	%
Total Federal Home Loan Bank advances and other borrowings	$	3,270			$	5,100

(1)Includes borrowings under overnight federal funds purchased lines with other Federal Reserve member institutions.

(2)Includes the current portion of fixed rate advances of $200 million and $0 at September 30, 2021 and December 31, 2020, respectively.

The following table contains detailed information on our FHLB advances and other borrowings:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
	(Dollars in millions)
Maximum outstanding at any month end	$	5,595		$	4,388		$	5,595		$	6,841
Average outstanding balance	$	4,080		$	3,528		$	3,894		$	4,234
Average remaining borrowing capacity	$	5,705		$	5,494		$	5,495		$	5,249
Weighted average interest rate	0.42		%	0.48		%	0.43		%	0.76		%

The following table outlines the maturity dates of our FHLB advances and other borrowings:


	September 30, 2021
	(Dollars in millions)
2021	$	1,870
2022	200
2023	500
2024	100
Thereafter	600
Total	$	3,270

Parent Company Senior Notes, Subordinated Notes and Trust Preferred Securities

The following table presents long-term debt, net of debt issuance costs:


	September 30, 2021				December 31, 2020
	Amount		Interest Rate		Amount		Interest Rate
	(Dollars in millions)
Senior Notes
Senior notes, settled 2021	$	—	—	%	$	246	6.125	%
Subordinated Notes
Notes, matures 2030	149		4.125	%	148		4.125	%
Trust Preferred Securities
Floating Three Month LIBOR Plus:
3.25%, matures 2032	26		3.38	%	26		3.50	%
3.25%, matures 2033	26		3.38	%	26		3.49	%
3.25%, matures 2033	26		3.38	%	26		3.49	%
2.00%, matures 2035	26		2.13	%	26		2.24	%
2.00%, matures 2035	26		2.13	%	26		2.24	%
1.75%, matures 2035	51		1.87	%	51		1.97	%
1.50%, matures 2035	25		1.63	%	25		1.74	%
1.45%, matures 2037	25		1.57	%	25		1.67	%
2.50%, matures 2037	16		2.62	%	16		2.72	%
Total Trust Preferred Securities	247				247
Total other long-term debt	$	396			$	641

Senior Notes

We settled the Senior Notes on January 22, 2021 and as of September 30, 2021 we have no Senior Notes outstanding.

Subordinated Notes

On October 28, 2020, we issued $150 million of Subordinated Debt (the "Notes") with a maturity date of November 1, 2030. The Notes bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. We have the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date. The Notes qualify as Tier 2 capital for regulatory purposes.

Trust Preferred Securities

We sponsor nine trust subsidiaries, which issued preferred stock to third party investors. We issued junior subordinated debt securities to those trusts, which we have included in long-term debt. The junior subordinated debt securities are the sole assets of those trusts. The trust preferred securities are callable by us at any time. Interest is payable quarterly; however, we may defer interest payments for up to 20 quarters without default or penalty. As of September 30, 2021, we had no deferred interest.