FNB Corp Issues Series E Fixed-to-Floating Rate Preferred Stock

TL;DR

**FNB Corp issued new preferred stock, potentially impacting common shareholder value and offering new income opportunities.**

AI Summary

F.N.B. Corporation filed an 8-K on February 5, 2024, to disclose the issuance of Depositary Shares, each representing 1/40th interest in a share of their Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E. This matters to investors because preferred stock typically offers fixed dividend payments, providing a potentially stable income stream, but it also ranks higher than common stock in liquidation, meaning preferred shareholders get paid before common shareholders if the company goes bankrupt. This issuance could dilute the value of existing common stock or signal a need for capital.

Why It Matters

This issuance of preferred stock can impact common shareholders by potentially diluting their ownership and altering the company's capital structure, while also providing a new investment option for income-focused investors.

Risk Assessment

Risk Level: medium — The issuance of preferred stock can introduce new obligations for the company and potentially dilute common shareholders, creating a moderate level of risk.

Analyst Insight

A smart investor would analyze the terms of the Series E Preferred Stock, including its dividend rate and conversion features, to assess its impact on F.N.B. Corporation's financial health and the potential implications for common stock valuation before making any investment decisions.

Key Numbers

• 1/40th — interest per Depositary Share (Each Depositary Share represents a fraction of a Series E Preferred Stock share.)

Key Players & Entities

• F.N.B. CORPORATION (company) — the registrant filing the 8-K
• Depositary Shares (other) — securities being issued
• Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (other) — the underlying security for the Depositary Shares
• February 5, 2024 (date) — date of earliest event reported
• 1/40th (other) — interest represented by each Depositary Share

Forward-Looking Statements

• The issuance of preferred stock will lead to increased dividend payments by F.N.B. CORPORATION. (F.N.B. CORPORATION) — medium confidence, target: 2025-02-05
• The market price of F.N.B. CORPORATION's common stock will experience short-term volatility due to this capital structure change. (F.N.B. CORPORATION) — medium confidence, target: 2024-05-05

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share FNB New York Stock Exchan
• $11.75 million — tlement, the Bank has agreed to provide $11.75 million in mortgage loan subsidies over a five-

Filing Documents

• d645185d8k.htm (8-K) — 46KB
• d645185dex991.htm (EX-99.1) — 7KB
• g645185g0207013850068.jpg (GRAPHIC) — 5KB
• 0001193125-24-025328.txt ( ) — 224KB
• fnb-20240205.xsd (EX-101.SCH) — 4KB
• fnb-20240205_def.xml (EX-101.DEF) — 13KB
• fnb-20240205_lab.xml (EX-101.LAB) — 22KB
• fnb-20240205_pre.xml (EX-101.PRE) — 14KB
• d645185d8k_htm.xml (XML) — 6KB

FINANCIAL STATEMENTS AND EXHIBITS

FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits: Exhibit Number Description 99.1 Press Release dated February 5, 2024 announcing settlement with U.S. Department of Justice and State of North Carolina . 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. F.N.B. CORPORATION (Registrant) By: /s/ Vincent J. Calabrese, Jr. Name: Vincent J. Calabrese, Jr. Title: Chief Financial Officer Dated: February 6, 2024