FNB Corp Files Q3 2024 10-Q

Ticker: FNB · Form: 10-Q · Filed: 2024-11-05T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

**FNB Corp Q3 2024 10-Q filed. Financials look steady.**

AI Summary

FNB Corporation (FNB) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial data and operational updates are provided for the third quarter of 2024.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for FNB Corp, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated in the provided header information.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of FNB Corp?

FNB Corp operates in the National Commercial Banks sector, SIC code 6021.

When was this 10-Q filing submitted to the SEC?

The filing was submitted on November 5, 2024.

What period does this 10-Q filing cover?

The filing covers the period ending September 30, 2024.

Where is FNB Corp headquartered?

FNB Corp's business and mailing address is in Pittsburgh, PA.

What is FNB Corp's SEC file number?

FNB Corp's SEC file number is 001-31940.

Filing Stats: 4,855 words · 19 min read · ~16 pages · Grade level 13.3 · Accepted 2024-11-05 14:55:32

Key Financial Figures

Filing Documents

– 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) September 30, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 596 $ 447 Interest-bearing deposits with banks 1,482 1,129 Cash and Cash Equivalents 2,078 1,576 Debt securities available for sale (amortized cost of $ 3,620 and $ 3,460 ; allowance for credit losses of $ 0 and $ 0 ) 3,494 3,254 Debt securities held to maturity (fair value of $ 3,581 and $ 3,593 ; allowance for credit losses of $ 0 and $ 0 ) 3,820 3,911 Loans held for sale (includes $ 191 and $ 150 measured at fair value) (1) 193 488 Loans and leases, net of unearned income of $ 92 and $ 91 (includes $ 49 and $ 45 measured at fair value) (1) 33,717 32,323 Allowance for credit losses on loans and leases ( 420 ) ( 406 ) Net Loans and Leases 33,297 31,917 Premises and equipment, net 505 461 Goodwill 2,478 2,477 Core deposit and other intangible assets, net 56 69 Bank owned life insurance 657 660 Other assets 1,398 1,345 Total Assets $ 47,976 $ 46,158 Liabilities Deposits: Non-interest-bearing demand $ 9,870 $ 10,222 Interest-bearing demand 15,999 14,809 Savings 3,231 3,465 Certificates and other time deposits 7,671 6,215 Total Deposits 36,771 34,711 Short-term borrowings 1,562 2,506 Long-term borrowings 2,515 1,971 Other liabilities 879 920 Total Liabilities 41,727 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 – 374,995,179 and 374,939,537 shares 4 4 Additional paid-in capital 4,693 4,692 Retained earnings 1,886 1,669 Accumulated other comprehensive loss ( 154 ) ( 235 ) Treasury stock – 15,409,635 and 16,110,120 shares at cost ( 180 ) ( 187 ) Total Stockholders' Equity 6,249 6,050 Total Liabilities and Stockholders' Equity $ 47,976 $ 46,158 (1) Amount represents l

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) September 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 September 30, 2024, we had 349 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 financ

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