FNB Corp Files Q2 2024 10-Q

TL;DR

**FNB Corp Q2 2024 10-Q filed. Financials look solid.**

AI Summary

FNB Corporation filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Key financial metrics and operational highlights for the second quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look at FNB Corporation's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) that reports on past performance and does not introduce new, significant risks.

Key Players & Entities

• FNB Corp/PA/ (company) — Filer of the 10-Q
• 20240630 (date) — Period of report
• 20240806 (date) — Filing date
• PITTSBURGH (location) — City of FNB Corp's headquarters

FAQ

Key Financial Figures

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

Filing Documents

• fnb-20240630.htm (10-Q) — 5001KB
• fnb10-qex311q22024.htm (EX-31.1) — 9KB
• fnb10-qex312q22024.htm (EX-31.2) — 9KB
• fnb10-qex321q22024.htm (EX-32.1) — 4KB
• fnb10-qex322q22024.htm (EX-32.2) — 4KB
• 0000037808-24-000022.txt ( ) — 24218KB
• fnb-20240630.xsd (EX-101.SCH) — 100KB
• fnb-20240630_cal.xml (EX-101.CAL) — 178KB
• fnb-20240630_def.xml (EX-101.DEF) — 571KB
• fnb-20240630_lab.xml (EX-101.LAB) — 1152KB
• fnb-20240630_pre.xml (EX-101.PRE) — 889KB
• fnb-20240630_htm.xml (XML) — 6224KB

– 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 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11

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 58

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 96

Controls and Procedures

Item 4. Controls and Procedures 96

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 97

Risk Factors

Item 1A. Risk Factors 97

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 97

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 97

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 97

Other Information

Item 5. Other Information 97

Exhibits

Item 6. Exhibits 98

Signatures

Signatures 99 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) June 30, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 448 $ 447 Interest-bearing deposits with banks 1,432 1,129 Cash and Cash Equivalents 1,880 1,576 Debt securities available for sale (amortized cost of $ 3,585 and $ 3,460 ; allowance for credit losses of $ 0 and $ 0 ) 3,364 3,254 Debt securities held to maturity (fair value of $ 3,532 and $ 3,593 ; allowance for credit losses of $ 0 and $ 0 ) 3,893 3,911 Loans held for sale (includes $ 128 and $ 150 measured at fair value) (1) 132 488 Loans and leases, net of unearned income of $ 100 and $ 91 (includes $ 47 and $ 45 measured at fair value) (1) 33,757 32,323 Allowance for credit losses on loans and leases ( 419 ) ( 406 ) Net Loans and Leases 33,338 31,917 Premises and equipment, net 489 461 Goodwill 2,477 2,477 Core deposit and other intangible assets, net 60 69 Bank owned life insurance 667 660 Other assets 1,415 1,345 Total Assets $ 47,715 $ 46,158 Liabilities Deposits: Non-interest-bearing demand $ 10,062 $ 10,222 Interest-bearing demand 14,697 14,809 Savings 3,348 3,465 Certificates and other time deposits 6,887 6,215 Total Deposits 34,994 34,711 Short-term borrowings 3,616 2,506 Long-term borrowings 2,016 1,971 Other liabilities 999 920 Total Liabilities 41,625 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 – 374,982,366 and 374,939,537 shares 4 4 Additional paid-in capital 4,690 4,692 Retained earnings 1,820 1,669 Accumulated other comprehensive loss ( 243 ) ( 235 ) Treasury stock – 15,424,340 and 16,110,120 shares at cost ( 181 ) ( 187 ) Total Stockholders' Equity 6,090 6,050 Total Liabilities and Stockholders' Equity $ 47,715 $ 46,158 (1) Amount represents loan

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) June 30, 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 June 30, 2024, we had 345 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 intere