Core Insights - F.N.B. Corporation's largest subsidiary, First National Bank, has been recognized as one of America's Most Admired Workplaces for 2026 by Newsweek, marking the second consecutive year for this award [1][5] - The company has also been acknowledged as one of western Pennsylvania's Top Workplaces for the fifteenth consecutive year by the Pittsburgh Post-Gazette [1][2] Awards and Recognition - In 2025, FNB received multiple accolades, including being named one of America's Greatest Workplaces and America's Greatest Workplaces for Financial Services by Newsweek, as well as a Top Workplace USA by Energage and USA Today [5] - The awards are based on employee feedback collected through surveys conducted by Energage, which focuses on identifying companies that foster healthy and fulfilled work environments [4] Leadership and Innovation - Vincent J. Delie, Jr., Chairman, President, and CEO of F.N.B. Corporation, emphasized that while AI and digital technology shape the future, the company's success is driven by its people [3] - The company encourages team members to innovate and utilize tools like eStore® to enhance customer experiences [3] Company Overview - F.N.B. Corporation, headquartered in Pittsburgh, operates in seven states and the District of Columbia, with total assets nearing $50 billion and approximately 350 banking offices [7] - The company offers a comprehensive range of financial services, including commercial banking, consumer banking, and wealth management solutions [8]

Core Viewpoint - F.N.B. Corp. plans to expand its branch network by adding approximately 30 new branches over the next five years, focusing on North Carolina, South Carolina, and the Mid-Atlantic Region, including Maryland, Virginia, and Washington, D.C. [1][8] Group 1: Expansion Strategy - The expansion builds on F.N.B. Corp's successful strategy in South Carolina, where it has invested significantly, opening five branches and around 160 branded ATMs, leading to a more than doubling of total deposits since entering the state [2][4] - With the new branches, FNB will operate about 380 locations and over 1,600 ATMs, including more than 110 branches and 500 ATMs in the Carolinas [3][8] - The new offices will feature modern designs and advanced banking technology, including ATMs with video chat capabilities and access to an eStore for product exploration [3][8] Group 2: Leadership Insights - Vincent J. Delie, Jr., chairman, president, and CEO of F.N.B. Corp, emphasized the effectiveness of the business model and commitment to client service, highlighting the omnichannel experience through the Clicks-to-Bricks strategy [4] - The expansion aligns with the company's strategy to boost revenues and loans, further supported by the recent acquisition of Raptor Partners LLC to enhance capital markets capabilities [4] Group 3: Market Performance - F.N.B. Corp's shares have increased by 17.3% over the past six months, outperforming the industry growth of 12% [7]

Core Insights - First National Bank (FNB), a subsidiary of F.N.B. Corporation, plans to add nearly 30 new branches over the next five years, focusing on expansion in North Carolina, South Carolina, and the Mid-Atlantic Region [1][3] Group 1: Expansion Strategy - The planned branches will enhance FNB's presence in high-growth markets, building on a successful expansion strategy demonstrated in South Carolina, where the bank has doubled total deposit balances [3][4] - FNB currently operates approximately 380 branches and over 1,600 ATMs, with more than 110 branches and 500 ATMs in the Carolinas [4] Group 2: Technological Integration - New branches will feature modern designs and incorporate the latest banking technology, including ATMs with video chat capabilities and access to the eStore® digital platform for product comparison and appointment scheduling [4] Group 3: Company Overview - F.N.B. Corporation, headquartered in Pittsburgh, operates in seven states and the District of Columbia, with total assets nearing $50 billion and approximately 350 banking offices [6][7] - The company offers a full range of commercial banking, consumer banking, and wealth management solutions through its subsidiary network [7]

Core Insights - First National Bank, a subsidiary of F.N.B. Corporation, has appointed Alfred D. Cho as Chief Consumer Banking Officer, succeeding Barry Robinson [1][2] - Cho brings over 25 years of experience in strategic consulting, investment banking, and financial institutions, having worked with major firms like J.P. Morgan and Bank of America [2] - The bank aims to leverage Cho's strategic mindset to enhance its retail banking capabilities and continue its growth trajectory [3] Company Overview - F.N.B. Corporation is headquartered in Pittsburgh, Pennsylvania, and operates in seven states and the District of Columbia, with total assets nearing $50 billion [4] - The company has approximately 350 banking offices across major metropolitan areas, including Pittsburgh, Baltimore, and Charlotte [4] - FNB offers a comprehensive range of services, including commercial banking, consumer banking, and wealth management solutions [5] Leadership Transition - Barry Robinson, the former Chief Consumer Banking Officer, has retired after 15 years of service, during which he contributed significantly to the bank's growth [3] - Cho expressed his appreciation for FNB's leadership and culture, indicating a commitment to driving the bank's success [3] Strategic Focus - The bank's strategy includes enhancing its physical network and digital services, exemplified by its eStore® platform [3] - FNB's consumer banking segment encompasses a full line of products, including deposit accounts, mortgage lending, and online banking services [5]

Core Insights - F.N.B Corporation has appointed Frank Schiraldi as the Director of Corporate Strategy for its banking subsidiary, First National Bank, to enhance growth strategies and corporate decision-making [1][2] Company Overview - F.N.B. Corporation is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, operating in seven states and the District of Columbia, with total assets nearing $50 billion and approximately 350 banking offices [5][6] - The company provides a full range of commercial banking, consumer banking, and wealth management solutions through its subsidiary network, with First National Bank of Pennsylvania being the largest affiliate [6] Leadership and Strategy - Frank Schiraldi, who has over 20 years of experience in the banking sector, previously served as Managing Director and Senior Research Analyst at Piper Sandler, specializing in regional banking [3][4] - Schiraldi's role involves leading a team that analyzes business metrics, financial information, and macroeconomic factors to strategically position the company for growth [2][4] - The corporate strategies team is now integrated with experts in digital technology, AI, and data science, highlighting the importance of these areas in strategic planning [4] Market Position - F.N.B. Corporation's common stock trades on the New York Stock Exchange under the symbol "FNB" and is included in the S&P MidCap 400 Index [7]

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents F.N.B. Corporation's unaudited consolidated financial statements, including balance sheets, income statements, and notes [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $49.7 billion by June 30, 2025, driven by loan growth, with liabilities and equity also rising Consolidated Balance Sheet Summary (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$49,725** | **$48,625** | | Net Loans and Leases | $34,247 | $33,516 | | Investment Securities (AFS & HTM) | $7,695 | $7,445 | | Goodwill | $2,480 | $2,478 | | **Total Liabilities** | **$43,201** | **$42,323** | | Total Deposits | $37,748 | $37,107 | | Total Borrowings (Short & Long-term) | $4,568 | $4,268 | | **Total Shareholders' Equity** | **$6,524** | **$6,302** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2025 net income increased to $130 million ($0.36 diluted EPS), driven by a rise in net interest income Income Statement Highlights (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Interest Income | $583 | $557 | $1,142 | $1,100 | | Net Interest Income | $348 | $316 | $671 | $635 | | Provision for credit losses | $26 | $20 | $43 | $34 | | Total Non-Interest Income | $91 | $88 | $179 | $176 | | Total Non-Interest Expense | $247 | $227 | $493 | $464 | | **Net Income** | **$130** | **$123** | **$247** | **$245** | | **Diluted EPS** | **$0.36** | **$0.34** | **$0.68** | **$0.66** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies and financial data, covering investment securities, loans, credit losses, and more - F.N.B. Corporation is a diversified financial services company with **351 branches** across seven states and the District of Columbia, offering commercial banking, consumer banking, and wealth management solutions[16](index=16&type=chunk)[17](index=17&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=58&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses F.N.B. Corporation's strong Q2 2025 financial performance, covering operations, condition, liquidity, and capital [Financial Summary](index=60&type=section&id=Financial%20Summary) Q2 2025 saw strong financial results, including record revenue, high capital levels, and significant balance sheet growth - The company reported strong Q2 2025 results, including **record revenue of $438.2 million**, a **CET1 ratio of 10.8%**, and a **13% year-over-year increase in tangible book value per common share** (non-GAAP)[180](index=180&type=chunk)[182](index=182&type=chunk) - Balance sheet highlights for Q2 2025 include linked-quarter annualized average loan and deposit growth of **5.3%** and **1.7%**, respectively, and a significant decline in non-performing loans by **$44 million (27.5%)** from the prior quarter[180](index=180&type=chunk)[182](index=182&type=chunk) [Results of Operations](index=63&type=section&id=Results%20of%20Operations) Q2 2025 saw net interest income grow 9.9% to $347.2 million, while non-interest expense increased 8.7% Q2 2025 vs Q2 2024 Performance (in thousands) | Metric | Q2 2025 | Q2 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $347,196 | $315,890 | $31,306 | 9.9% | | Provision for Credit Losses | $25,601 | $20,189 | $5,412 | 26.8% | | Non-Interest Income | $91,015 | $87,922 | $3,093 | 3.5% | | Non-Interest Expense | $246,225 | $226,612 | $19,613 | 8.7% | | Net Income | $130,670 | $123,037 | $7,633 | 6.2% | - Net interest margin (FTE, non-GAAP) increased **10 basis points** year-over-year to **3.19%** in Q2 2025, benefiting from growth in earning assets and lower interest-bearing deposit costs[185](index=185&type=chunk)[191](index=191&type=chunk) - Non-interest expense increased primarily due to a **7.4% rise in salaries and benefits** from strategic hiring and a **10.1% increase in occupancy and equipment costs** from technology investments and branch expansion[185](index=185&type=chunk)[206](index=206&type=chunk) [Financial Condition](index=78&type=section&id=Financial%20Condition) Total assets reached $49.7 billion by June 30, 2025, with growth in loans and deposits, and improved asset quality Loan Portfolio Composition (in millions) | Loan Type | June 30, 2025 | Dec 31, 2024 | $ Change | | :--- | :--- | :--- | :--- | | Total commercial loans and leases | $21,198 | $21,164 | $34 | | Total consumer loans | $13,481 | $12,775 | $706 | | **Total loans and leases** | **$34,679** | **$33,939** | **$740** | Non-Performing Assets (in millions) | Category | June 30, 2025 | Dec 31, 2024 | $ Change | | :--- | :--- | :--- | :--- | | Total non-performing loans | $117 | $159 | ($42) | | Other real estate owned | $2 | $3 | ($1) | | **Total non-performing assets** | **$119** | **$162** | **($43)** | - The Allowance for Credit Losses (ACL) on loans and leases increased to **$432.1 million**, representing a stable coverage ratio of **1.25%** of total loans[242](index=242&type=chunk) [Capital Resources and Regulatory Matters](index=81&type=section&id=Capital%20Resources%20and%20Regulatory%20Matters) The company maintains a strong capital position, exceeding regulatory thresholds, with a record CET1 ratio of 10.8% F.N.B. Corporation Capital Ratios | Ratio | June 30, 2025 | Minimum + Buffer | | :--- | :--- | :--- | | CET1 | 10.79% | 7.00% | | Tier 1 capital | 10.79% | 8.50% | | Total capital | 12.50% | 10.50% | | Leverage | 8.78% | 4.00% | - The company repurchased **0.7 million shares** of common stock for **$10.0 million** during the second quarter of 2025[250](index=250&type=chunk) [Liquidity](index=83&type=section&id=Liquidity) The company maintains a strong liquidity position with $755.7 million cash on hand and significant wholesale credit availability - Parent company cash on hand stood at **$755.7 million** as of June 30, 2025, with liquidity metrics well above internal limits[262](index=262&type=chunk)[264](index=264&type=chunk) - The bank (FNBPA) has significant unused wholesale credit availability of **$15.9 billion** and **$3.1 billion** in cash and salable unpledged government securities, representing **6.4%** of total assets[269](index=269&type=chunk) [Market Risk](index=86&type=section&id=Market%20Risk) The company manages interest rate risk, with a slightly asset-sensitive balance sheet, actively reducing sensitivity through various strategies Net Interest Income Sensitivity (Rate Ramps) | Rate Change | NII Change over 12 months | | :--- | :--- | | +200 bps | +2.3% | | +100 bps | +1.2% | | -100 bps | -1.2% | | -200 bps | -2.5% | - The company's interest rate risk position is slightly asset sensitive, but management has taken actions to move it closer to a neutral position, reducing the 12-month cumulative repricing gap to **3.3% of assets** from **4.5%** at year-end 2024[279](index=279&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk) - In Q2 2025, the company executed **$250 million notional** of receive-fixed interest rate swaps to hedge variable rate commercial loans and lower asset sensitivity[283](index=283&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=95&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section incorporates by reference the detailed discussion on market risk from Management's Discussion and Analysis - The information regarding market risk is provided in the Market Risk section of the MD&A and is incorporated here by reference[310](index=310&type=chunk) [Controls and Procedures](index=95&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that FNB's disclosure controls and procedures were effective as of June 30, 2025, with no material changes - Management concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[311](index=311&type=chunk) - No changes occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[313](index=313&type=chunk) [PART II – OTHER INFORMATION](index=96&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=96&type=section&id=Item%201.%20Legal%20Proceedings) This section details a settlement with the DOJ and North Carolina regarding fair lending concerns, involving mortgage subsidies - The company reached a settlement with the DOJ and North Carolina regarding fair lending concerns related to a predecessor bank's activities prior to a 2017 merger. The settlement includes a **$11.75 million commitment** for mortgage subsidies, which is part of an existing community program and did not include civil money penalties[137](index=137&type=chunk)[314](index=314&type=chunk) [Risk Factors](index=96&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K and Q1 2025 Form 10-Q - There have been no material changes to the risk factors described in the company's 2024 Annual Report on Form 10-K and the Q1 2025 Form 10-Q[315](index=315&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=96&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) F.N.B. Corporation repurchased 725,000 shares of common stock at $13.85 per share during Q2 2025 as part of its program Common Stock Purchases - Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | — | $— | | May 2025 | — | $— | | June 2025 | 725,000 | $13.85 | | **Total** | **725,000** | **$13.85** | [Other Information](index=97&type=section&id=Item%205.%20Other%20Information) No director or officer adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements in Q2 2025 - No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[320](index=320&type=chunk)

Market Overview - U.S. stocks experienced a significant decline due to escalating trade tensions and disappointing labor data, leading to a broad sell-off on Wall Street [1][10] - The Dow Jones Industrial Average fell by 542.40 points (1.23%) to close at 43,588.58, while the S&P 500 decreased by 1.60% to 6,238.01, and the Nasdaq Composite dropped by 2.24% to 20,650.13 [3] Employment Data - Nonfarm payrolls increased by only 73,000 in July, significantly below consensus expectations, and June's job creation was revised down from 147,000 to just 14,000, indicating a deeper slowdown in the labor market [2] - These labor market developments have raised the likelihood of a Federal Reserve interest rate cut in September [2] Investment Opportunities - In the current market environment, value stocks are highlighted as attractive investment options due to their potential safety margin during periods of uncertainty [3][10] - Companies such as CVS Health Corporation (CVS), Integer Holdings Corporation (ITGR), Associated Banc-Corp (ASB), and F.N.B. Corporation (FNB) are noted for their low Price to Cash Flow (P/CF) ratios, indicating strong financial health [4][10] Valuation Metrics - The P/CF ratio is emphasized as a reliable valuation metric, as it reflects a company's cash flow generation relative to its market price, providing a clearer picture of financial health compared to earnings metrics [5][6] - Positive cash flow is crucial for a company's liquidity, enabling it to manage debt, reinvest, and undertake shareholder-friendly actions [7] Stock Selection Criteria - A comprehensive approach to identifying value stocks includes considering multiple metrics such as price-to-book ratio, price-to-earnings ratio, and price-to-sales ratio, alongside a favorable Zacks Rank and Value Score [8][11][12] - Specific parameters for selecting true-value stocks include a P/CF ratio less than or equal to the industry median, a minimum stock price of $5, and a Zacks Rank of 1 or 2 [9][13] Company Highlights - CVS Health has a Zacks Rank of 2, with projected sales growth of 3.9% and EPS growth of 14.6% for the current financial year, and shares have increased by 8.1% over the past year [14] - Integer Holdings also holds a Zacks Rank of 2, with expected sales growth of 7.8% and EPS growth of 20.2%, although shares have decreased by 3.4% in the past year [15] - Associated Banc-Corp, with a Zacks Rank of 2, anticipates sales growth of 11.5% and EPS growth of 8.4%, with shares rising by 19.2% in the past year [16] - F.N.B. Corporation, also ranked 2, expects sales growth of 6.2% and EPS growth of 2.2%, with shares increasing by 9.6% over the past year [17]

Core Viewpoint - F.N.B. Corporation (FNB) is identified as a potential stock pick due to a recent "golden cross" event and positive earnings outlook, suggesting a bullish trend ahead [1][4]. Technical Analysis - A "golden cross" occurs when a short-term moving average (50-day) crosses above a long-term moving average (200-day), indicating a potential bullish breakout [2]. - The formation of a golden cross involves three stages: a downtrend followed by a crossover of moving averages, and finally an upward price movement [3]. Stock Performance - FNB shares have increased by 7.8% over the past four weeks, indicating positive momentum [4]. - The company holds a 2 (Buy) rating on the Zacks Rank, reinforcing the bullish outlook for FNB [4]. Earnings Outlook - There have been no cuts to earnings estimates for the current quarter, with three revisions higher in the past 60 days, leading to an increase in the Zacks Consensus Estimate [4]. - The combination of the technical indicator and positive earnings revisions suggests that investors should consider adding FNB to their watchlist [5].

Group 1 - First National Bank has promoted Brian Mancos to Director of Human Resources and Corporate Services, succeeding Charles Casalnova [1][2] - Mancos has over a decade of experience as Senior Corporate Counsel at FNB and will report directly to Vincent J. Delie, the Chairman, President, and CEO [2][4] - Delie emphasized the company's focus on internal talent development and Mancos' unique qualifications to enhance the company's culture of collaboration and innovation [4] Group 2 - F.N.B. Corporation is a diversified financial services company with total assets of nearly $50 billion and approximately 350 banking offices across several states and the District of Columbia [5][6] - The company operates in major metropolitan areas including Pittsburgh, Baltimore, Cleveland, Washington D.C., and several cities in North Carolina and South Carolina [5] - FNB offers a comprehensive range of services including commercial banking, consumer banking, and wealth management solutions [6]

Core Insights - F.N.B. Corporation has introduced business deposit products to its eStore Common application, allowing customers to apply for both business and personal banking products through a single universal process, enhancing digital innovation in the financial services industry [1][2][4] Group 1: Product Offering - The eStore Common app now includes business deposit products, such as the Business First bundled checking solution, which offers advanced reporting tools and fraud mitigation services [4] - FNB plans to add business loan products to the eStore Common app in 2026, further expanding its offerings [4] Group 2: Customer Experience - The application process is streamlined, with most applications taking approximately seven minutes to complete, resulting in a 30% time savings for customers applying for multiple products simultaneously [3] - The eStore Common app features data prefilling technology and allows for easy document uploads, enhancing the overall customer experience [6] Group 3: Digital Strategy and Growth - FNB's digital platform, powered by AI and a data warehouse, automates personalized product recommendations and account opening processes, contributing to a 108% increase in eStore Common app submissions between Q1 and Q2 of 2025 [5] - The company is leveraging AI and automation to provide personalized, data-driven recommendations for additional products and services, indicating a strong focus on digital-first banking [5] Group 4: Company Overview - F.N.B. Corporation is headquartered in Pittsburgh, Pennsylvania, and operates in seven states and the District of Columbia, with total assets nearing $50 billion and approximately 350 banking offices [8] - The company offers a comprehensive range of financial services, including commercial banking, consumer banking, and wealth management solutions [9][10]