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Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
Short-term Borrowings

Short-term borrowings at December 31, 2022 and 2021 include:
dollars in millions December 31, 2022December 31, 2021
Securities sold under customer repurchase agreements$436 $589 
Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.19% to 0.20%.
1,750 — 
Total short-term borrowings$2,186 $589 

Securities Sold under Agreements to Repurchase
At December 31, 2022, BancShares held $436 million of securities sold under agreements to repurchase, with overnight contractual maturities, that are collateralized by government agency securities. At December 31, 2021, BancShares held $589 million of securities sold under agreements to repurchase, with overnight and continuous remaining contractual maturities, of which $508 million were collateralized by government agency securities and $81 million were 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. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions and are reflected as securities sold under customer repurchase agreements.

BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of investment securities pledged as collateral under repurchase agreements was $496 million and $619 million at December 31, 2022 and 2021, respectively.
Long-term Borrowings
Long-term borrowings at December 31, 2022 and 2021 include:
dollars in millionsMaturityDecember 31, 2022December 31, 2021
Parent Company:
Senior:
Unsecured term loan at 1-month LIBOR plus 1.10%
September 2022$— $68 
Subordinated:
Fixed-to-Floating subordinated notes at 3.375%
March 2030350 350 
Junior subordinated debenture at 3-month LIBOR plus 2.25% (FCB/SC Capital Trust II)
June 203420 20 
Junior subordinated debenture at 3-month LIBOR plus 1.75% (FCB/NC Capital Trust III)
June 203688 88 
Subsidiaries:
Senior:
Senior unsecured fixed to floating rate notes at 3.929%(1)
June 2024500 — 
Senior unsecured fixed to floating rate notes at 2.969%(1)
September 2025315 — 
Fixed senior unsecured notes at 6.00%(1)
April 203651 — 
Subordinated:
Fixed subordinated notes at 6.125%(1)
March 2028400 — 
Fixed-to-Fixed subordinated notes at 4.125%(1)
November 2029100 — 
Junior subordinated debentures at 3-month LIBOR plus 2.80% (Macon Capital Trust I)
March 203414 14 
Junior subordinated debentures at 3-month LIBOR plus 2.85% (SCB Capital Trust I)
April 203410 10 
Secured:
Notes payable to FHLB of Atlanta at overnight SOFR plus spreads ranging from 0.24% to 0.34%.
Maturities through September 20252,500 — 
Fixed notes payable to FHLB of Atlanta Maturities through March 2032— 645 
Other secured financings(1)
Maturities through January 202418 — 
Capital lease obligationsMaturities through June 20277 4 
Unamortized issuance costs(1)(2)
Unamortized purchase accounting adjustments(2)
87 (2)
Total long-term borrowings$4,459 $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 December 31, 2022 and December 31, 2021, unamortized purchase accounting adjustments were $69 million and $2 million, respectively, for subordinated debentures.

Long-term borrowings maturing in each of the five years subsequent to December 31, 2022 and thereafter include:

Long-term Borrowings Maturities
dollars in millions
Year Ended December 31,
2023$518 
20241,535 
20251,330 
202616 
202719 
Thereafter1,041 
Total long-term borrowings$4,459 
Senior Unsecured Notes
Senior unsecured notes included the following as of December 31, 2022:
•Fixed-rate senior unsecured notes outstanding totaled $866 million with a weighted average coupon rate of 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 December 31, 2022:
•$350 million aggregate principal amount of its 3.375% fixed-to-floating rate subordinated notes due March 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 2028 and $100 million aggregate principal amount of 4.125% fixed-to-fixed rate subordinated notes with a maturity date of November 2029, which were assumed by BancShares as part of the CIT Merger.
•$132 million in junior subordinated debentures representing obligations to Macon Capital Trust I, SCB Capital Trust I, FCB/SC Capital Trust II, and FCB/NC Capital Trust III special purpose entities and grantor trusts (the “Trusts”) for trust preferred securities. The Trusts had outstanding trust preferred securities of $128 million at December 31, 2022 and 2021, which mature in 2034, 2034, 2034 and 2036, respectively, and may be redeemed at par in whole or in part at any time. BancShares has guaranteed all obligations of the Trusts.

Secured Borrowings
At December 31, 2022, BancShares had pledged $29.2 billion of 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 $23.5 billion at December 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 $18 million at December 31, 2022. Pledged assets related to these financings totaled $18 million. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings.

At December 31, 2022, BancShares had other unused credit lines allowing contingent access to borrowings of up to $100 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 December 31, 2022 and December 31, 2021. Assets pledged to the FRB of Richmond totaled $5.7 billion at December 31, 2022.