Borrowings

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings

Borrowings

Federal Home Loan Bank Advances and Other Borrowings

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

	September 30, 2022				December 31, 2021
	Amount		Rate		Amount		Rate
	(Dollars in millions)
Short-term fixed rate term advances	$	3,450	3.00	%	$	1,600	0.19	%
Other short-term borrowings	0		—	%	280		0.11	%
Total short-term Federal Home Loan Bank advances and other borrowings	3,450				1,880
Long-term fixed rate advances	1,000		1.35	%	1,400		0.90	%
Total Federal Home Loan Bank advances and other borrowings	$	4,450			$	3,280

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
	(Dollars in millions)
Maximum outstanding at any month end	$	4,700		$	5,595		$	4,700		$	5,595
Average outstanding balance	3,694			4,080			2,579			3,894
Average remaining borrowing capacity	1,993			5,705			3,222			5,495
Weighted average interest rate	1.96		%	0.42		%	1.42		%	0.43		%

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

	September 30, 2022
	(Dollars in millions)
2022	$	3,450
2023	250
2024	—
2025	—
Thereafter	750
Total	$	4,450

Parent Company Senior Notes, Subordinated Notes and Trust Preferred Securities

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

	September 30, 2022				December 31, 2021
	Amount		Interest Rate		Amount		Interest Rate
	(Dollars in millions)
Subordinated Notes
Notes, matures 2030	143		4.125	%	149		4.125	%
Trust Preferred Securities
Floating Three Month LIBOR Plus:
3.25%, matures 2032	26		6.89	%	26		3.47	%
3.25%, matures 2033	26		5.76	%	26		3.37	%
3.25%, matures 2033	26		6.92	%	26		3.47	%
2.00%, matures 2035	26		4.51	%	26		2.12	%
2.00%, matures 2035	26		4.51	%	26		2.12	%
1.75%, matures 2035	51		5.04	%	51		1.95	%
1.50%, matures 2035	25		4.01	%	25		1.62	%
1.45%, matures 2037	25		4.74	%	25		1.65	%
2.50%, matures 2037	16		5.79	%	16		2.70	%
Total Trust Preferred Securities	247				247
Total other long-term debt	$	390			$	396

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. We have designated this instrument in a fair value hedge relationship effective on March 30, 2022. As of September 30, 2022, this includes a fair value basis adjustment of $6 million.

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, 2022, we had no deferred interest.