FNB Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>FNB Corp. has filed its Q1 2024 10-Q report, detailing its financial performance and position.</b>

AI Summary

FNB CORP/PA/ (FNB) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. FNB Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. FNB Corp. is incorporated in Pennsylvania (PA). The company's SIC code is 6021 for National Commercial Banks.

Why It Matters

For investors and stakeholders tracking FNB CORP/PA/, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, crucial for assessing the company's performance and making informed investment decisions. Understanding the details within this report allows for a timely evaluation of FNB Corp.'s financial health, operational efficiency, and strategic direction in the current market environment.

Risk Assessment

Risk Level: low — FNB CORP/PA/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures for a company of this nature.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand FNB Corp.'s performance trends and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-08 — Filing Date (Date the report was filed)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting quarter)
• 1231 — Fiscal Year End (Company's fiscal year end date)

Key Players & Entities

• FNB CORP/PA/ (company) — Filer name
• FNB (company) — Ticker symbol
• 20240508 (date) — Filing date
• 20240331 (date) — Period of report
• PITTSBURGH (location) — Business address city
• PA (location) — State of incorporation
• 6021 (industry_code) — Standard Industrial Classification
• 0000037808 (company_id) — Central Index Key

FAQ

Industry Context

FNB Corp. operates within the National Commercial Banks sector, a key part of the financial services industry.

Regulatory Implications

As a publicly traded company, FNB Corp. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any new disclosures or risk factors mentioned in the filing.
3. Compare key financial metrics to previous quarters and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date FNB Corp. submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the 2024 fiscal year, providing the first look at the company's financial performance for the first quarter.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share FNB New York Stock Exchange

Filing Documents

• fnb-20240331.htm (10-Q) — 4103KB
• fnb10-qex311q12024.htm (EX-31.1) — 9KB
• fnb10-qex312q12024.htm (EX-31.2) — 9KB
• fnb10-qex321q12024.htm (EX-32.1) — 4KB
• fnb10-qex322q12024.htm (EX-32.2) — 4KB
• 0000037808-24-000011.txt (&nbsp;) — 21560KB
• fnb-20240331.xsd (EX-101.SCH) — 101KB
• fnb-20240331_cal.xml (EX-101.CAL) — 176KB
• fnb-20240331_def.xml (EX-101.DEF) — 568KB
• fnb-20240331_lab.xml (EX-101.LAB) — 1051KB
• fnb-20240331_pre.xml (EX-101.PRE) — 833KB
• fnb-20240331_htm.xml (XML) — 5507KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Glossary of Acronyms and Terms 4

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets 5 Consolidated Statements of Income 6 Consolidated Statements of Comprehensive Income (Loss) 7 Consolidated Statements of Stockholders' Equity 8 Consolidated Statements of Cash Flows 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 53

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 81

Controls and Procedures

Item 4. Controls and Procedures 81

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 82

Risk Factors

Item 1A. Risk Factors 82

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 82

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 82

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 82

Other Information

Item 5. Other Information 82

Exhibits

Item 6. Exhibits 82

Signatures

Signatures 83 3 Glossary of Acronyms and Terms Acronym Description Acronym Description ACL Allowance for credit losses FTE Fully taxable equivalent AFS Available for sale GAAP U.S. generally accepted accounting principles ALCO Asset/Liability Committee HTM Held to maturity AOCI Accumulated other comprehensive income LGD Loss given default ASU Accounting Standards Update LIHTC Various partnerships of affordable housing AULC Allowance for unfunded loan commitments MBS Mortgage-backed securities CECL Current expected credit losses MD&A

Management's Discussion and Analysis of

Management's Discussion and Analysis of Financial Condition and Results of Operations CET1 Common equity tier 1 MSRs Mortgage servicing rights CFPB Consumer Financial Protection Bureau OCC Office of the Comptroller of the Currency DOJ U.S. Department of Justice OREO Other real estate owned EVE Economic value of equity R&S Reasonable and Supportable FASB Financial Accounting Standards Board SBA Small Business Administration FDIC Federal Deposit Insurance Corporation SEC Securities and Exchange Commission FHLB Federal Home Loan Bank SOFR Secured Overnight Financing Rate FICO Fair Isaac Corporation TPS Trust preferred securities FNB F.N.B. Corporation U.S. United States of America FNBPA First National Bank of Pennsylvania UST U.S. Department of the Treasury FOMC Federal Open Market Committee VIE Variable interest entity FRB Board of Governors of the Federal Reserve System 4

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS F.N.B. CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in millions, except share and per share data) March 31, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 351 $ 447 Interest-bearing deposits with banks 1,136 1,129 Cash and Cash Equivalents 1,487 1,576 Debt securities available for sale (amortized cost of $ 3,449 and $ 3,460 ; allowance for credit losses of $ 0 and $ 0 ) 3,226 3,254 Debt securities held to maturity (fair value of $ 3,547 and $ 3,593 ; allowance for credit losses of $ 0 and $ 0 ) 3,893 3,911 Loans held for sale (includes $ 93 and $ 150 measured at fair value) (1) 107 488 Loans and leases, net of unearned income of $ 95 and $ 91 (includes $ 46 and $ 45 measured at fair value) (1) 32,584 32,323 Allowance for credit losses on loans and leases ( 406 ) ( 406 ) Net Loans and Leases 32,178 31,917 Premises and equipment, net 474 461 Goodwill 2,477 2,477 Core deposit and other intangible assets, net 65 69 Bank owned life insurance 663 660 Other assets 1,326 1,345 Total Assets $ 45,896 $ 46,158 Liabilities Deposits: Non-interest-bearing demand $ 9,982 $ 10,222 Interest-bearing demand 14,679 14,809 Savings 3,389 3,465 Certificates and other time deposits 6,685 6,215 Total Deposits 34,735 34,711 Short-term borrowings 2,074 2,506 Long-term borrowings 2,121 1,971 Other liabilities 960 920 Total Liabilities 39,890 40,108 Stockholders' Equity Preferred stock Issued – 0 and 110,877 shares - $ 0.01 par value — 107 Common stock - $ 0.01 par value Authorized – 500,000,000 shares Issued – 374,970,621 and 374,939,537 shares 4 4 Additional paid-in capital 4,694 4,692 Retained earnings 1,740 1,669 Accumulated other comprehensive loss ( 250 ) ( 235 ) Treasury stock – 15,604,305 and 16,110,120 shares at cost ( 182 ) ( 187 ) Total Stockholders' Equity 6,006 6,050 Total Liabilities and Stockholders' Equity $ 45,896 $ 46,158 (1) Amount represents loans

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 2024 The terms "FNB," "the Corporation," "we," "us" and "our" throughout this Report mean F.N.B. Corporation and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, F.N.B. Corporation. When we refer to "FNBPA" in this Report, we mean our bank subsidiary, First National Bank of Pennsylvania, and its subsidiaries. NATURE OF OPERATIONS F.N.B. Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. Our market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. As of March 31, 2024, we had 348 branches throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington D.C. and Virginia. We provide a full range of commercial banking, consumer banking and wealth management solutions through our subsidiary network which is led by our largest affiliate, FNBPA, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. Consumer banking provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. Wealth management services include asset management, private banking and insurance. NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements (unaudited) include subsidiaries in which we have a controlling financial inte