FNB Corp. Files 2023 Annual Report on Form 10-K

Ticker: FNB · Form: 10-K · Filed: 2024-02-26T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, FNB Corp, Annual Report, Financials, Banking

TL;DR

<b>FNB Corp. has submitted its 2023 10-K filing, detailing its financial performance and position for the fiscal year ending December 31, 2023.</b>

AI Summary

FNB CORP/PA/ (FNB) filed a Annual Report (10-K) with the SEC on February 26, 2024. FNB Corp. filed its 2023 Form 10-K on February 26, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Preferred Stock, Common Stock, Additional Paid-In Capital, Retained Earnings, Accumulated Other Comprehensive Income, and Treasury Stock are detailed for year-end 2023, 2022, and 2021. The company's principal executive offices are located at One North Shore Center, 12 Federal St., Pittsburgh, PA 15212. The filing includes references to various accounting standards and financial statement elements, including Other Assets, Other Liabilities, and Property, Plant, and Equipment.

Why It Matters

For investors and stakeholders tracking FNB CORP/PA/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of FNB Corp.'s financial health and operational results for the past fiscal year, crucial for investors and stakeholders to assess performance and make informed decisions. The detailed financial data, including balance sheet components and historical performance, allows for trend analysis and comparison against industry benchmarks, aiding in evaluating the company's stability and growth prospects.

Risk Assessment

Risk Level: medium — FNB CORP/PA/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance trends without further analysis of the specific figures and management's discussion.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to identify specific trends in revenue, expenses, and asset/liability management.

Key Numbers

Key Players & Entities

FAQ

When did FNB CORP/PA/ file this 10-K?

FNB CORP/PA/ filed this Annual Report (10-K) with the SEC on February 26, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by FNB CORP/PA/ (FNB).

Where can I read the original 10-K filing from FNB CORP/PA/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FNB CORP/PA/.

What are the key takeaways from FNB CORP/PA/'s 10-K?

FNB CORP/PA/ filed this 10-K on February 26, 2024. Key takeaways: FNB Corp. filed its 2023 Form 10-K on February 26, 2024, reporting on the fiscal year ending December 31, 2023.. The filing covers financial data for the fiscal years 2023, 2022, and 2021.. Key financial statement components such as Preferred Stock, Common Stock, Additional Paid-In Capital, Retained Earnings, Accumulated Other Comprehensive Income, and Treasury Stock are detailed for year-end 2023, 2022, and 2021..

Is FNB CORP/PA/ a risky investment based on this filing?

Based on this 10-K, FNB CORP/PA/ presents a moderate-risk profile. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance trends without further analysis of the specific figures and management's discussion.

What should investors do after reading FNB CORP/PA/'s 10-K?

Review the detailed financial statements and management's discussion and analysis within the 10-K to identify specific trends in revenue, expenses, and asset/liability management. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of FNB Corp.'s financial condition and operations for the fiscal year.)
Fiscal Year End
The last day of a company's accounting year. (Indicates the specific period covered by the financial data presented in the 10-K.)

Filing Stats: 4,325 words · 17 min read · ~14 pages · Grade level 14 · Accepted 2024-02-26 17:29:49

Key Financial Figures

Filing Documents

Business

Item 1. Business. 3

Risk Factors

Item 1A. Risk Factors. 24

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 38

Cybersecurity

Item 1C. Cybersecurity. 38

Properties

Item 2. Properties. 39

Legal Proceedings

Item 3. Legal Proceedings. 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 40 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 42

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 43

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 81

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 82

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 165

Controls and Procedures

Item 9A. Controls and Procedures. 165

Other Information

Item 9B. Other Information. 165

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 165 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 166

Executive Compensation

Item 11. Executive Compensation. 166

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 166

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 166

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services. 166 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. 167

Form 10-K Summary

Item 16. Form 10-K Summary. 169

Signatures

Signatures 170 Table of Contents Glossary of Acronyms and Terms Acronym Description Acronym Description ACL Allowance for credit losses FTC Federal Trade Commission AFS Available for sale FTE Fully taxable equivalent ALCO Asset/Liability Committee FVO Fair value option AOCI Accumulated other comprehensive income GAAP U.S. generally accepted accounting principles ASC Accounting Standards Codification GLB Act Gramm-Leach Bliley Act of 1999 ASU Accounting Standards Update HTM Held to maturity AULC Allowance for unfunded loan commitments Howard Howard Bancorp, Inc. BOLI Bank owned life insurance HUD Department of Housing and Urban Development Basel III Basel III Capital Rules IDI Insured depository institution BHC Act Bank Holding Company Act of 1956, as amended IRLC Interest rate lock commitment CECL Current expected credit losses LCR Liquidity Coverage Ratio CET1 Common equity tier 1 LGD Loss given default CFPB Consumer Financial Protection Bureau LIBOR London Inter-bank Offered Rate COVID-19 Novel coronavirus disease of 2019 LIHTC Low income housing tax credit CRA Community Reinvestment Act of 1977 MCH Months of Cash on Hand DIF Deposit Insurance Fund MD&A

Management's Discussion and Analysis of Financial

Management's Discussion and Analysis of Financial Condition and Results of Operations Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 MSA Mortgage servicing asset DOJ U.S. Department of Justice MSRs Mortgage servicing rights DTA Deferred tax asset NYSE New York Stock Exchange DTL Deferred tax liability OCI Other comprehensive income Economic Growth Act Economic Growth, Regulatory Relief and Consumer Protection Act OCC Office of the Comptroller of the Currency ERISA Employee Retirement Income Security Act of 1974 OREO Other real estate owned EVE Economic value of equity PCD Purchase credit deteriorated FASB Financial Accounting Standards Board Penn-Ohio Penn-Ohio Life Insurance Company FDI Act Federal Deposit Insurance Act RESPA Real Estate Settlement Procedures Act FDIC Federal Deposit Insurance Corporation RRR Reference rate reform FDICIA Federal Deposit Insurance Corporation Improvement Act of 1991 R&S Reasonable and supportable FHLB Federal Home Loan Bank SBA Small Business Administration FICO Fair Isaac Corporation SEC Securities and Exchange Commission FINRA Financial Industry Regulatory Authority SOFR Secured Overnight Financing Rate FNB F.N.B. Corporation SOX Sarbanes-Oxley Act of 2002 FNBIA F.N.B. Investment Advisors, Inc. TDR Troubled debt restructuring FNBPA First National Bank of Pennsylvania TILA Truth in Lending Act FNIA First National Insurance Agency, LLC TPS Trust preferred securities FNTC First National Trust Company Union UB Bancorp FOMC Federal Open Market Committee U.S. United States of America FRB Board of Governors of the Federal Reserve System UST U.S. Department of the Treasury FSOC Financial Stability Oversight Council VIE Variable interest entity Table of Contents PART I Forward-Looking Statements: From time to time F.N.B. Corporation has made and may continue to make written or oral forward-looking

BUSINESS

ITEM 1. BUSINESS Overview We are a Pennsylvania corporation, a bank holding company and a financial holding company. We are incorporated under the laws of the Commonwealth of Pennsylvania, and through our subsidiaries, we have been in business since 1864. Our headquarters is located at 12 Federal Street, Pittsburgh, Pennsylvania 15212. As a diversified financial services holding company, FNB, through our subsidiaries, provides a full range of financial services, principally to consumers, corporations, governments and small- to medium-sized businesses in our market areas through our subsidiary network, which is led by our largest subsidiary, FNBPA. Our business strategy focuses primarily on providing quality, consumer- and commercial-based financial services adapted to the needs of each of the markets we serve. We seek to maintain our community orientation by providing local management with certain autonomy in decision making, enabling them to respond to customer requests more quickly and to concentrate on transactions within their market areas. We seek to preserve some decision making at a local level, however, we have centralized legal, loan review, credit underwriting, accounting, investment, audit, loan operations, deposit operations and data processing functions. The centralization of these processes enables us to maintain consistent quality of these functions and to achieve certain economies of scale. As of December 31, 2023, we have three reportable business segments: Community Banking, Wealth Management and Insurance, with the remaining operations described in Other . As of December 31, 2023, we have 346 Community Banking branches in Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia. As of December 31, 2023, we had total assets of $46 billion, loans of $32 billion and deposits of $35 billion. See Item 7, MD&A, and Item 8, "Financial Statements and Supplementary Data," of this Report. Internet Infor

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