FNB(FNB) - 2025 Q3 - Quarterly Results

Executive Summary & Third Quarter 2025 Highlights F.N.B. Corporation reported strong third-quarter 2025 earnings with record diluted EPS and revenue, driven by growth in net interest income and non-interest income, alongside improved capital levels and stable asset quality Overall Financial Performance F.N.B. Corporation reported strong third-quarter 2025 earnings, achieving record diluted EPS and revenue, driven by growth in net interest income, margin expansion, and non-interest income. The company also strengthened its capital levels and maintained solid asset quality | Metric | 3Q25 (GAAP) | 3Q24 (GAAP) | YoY Change | 3Q25 (Operating non-GAAP) | 3Q24 (Operating non-GAAP) | YoY Change (Operating) | | :----------------------------------- | :---------- | :---------- | :--------- | :------------------------ | :------------------------ | :----------------------- | | Net Income Available to Common Shareholders | $149.5 million | $110.1 million | +35.8% | $147.7 million | $122.2 million | +20.9% | | Earnings per Diluted Common Share | $0.41 | $0.30 | +36.7% | $0.41 | $0.34 | +20.6% | | Revenue | $457 million | N/A | N/A | N/A | N/A | N/A | | Tangible Book Value Per Common Share (non-GAAP) | $11.48 | $10.33 | +11.1% | N/A | N/A | N/A | - Pre-provision net revenue (non-GAAP) grew 11% linked-quarter, contributing to positive operating leverage and a peer-leading efficiency ratio (non-GAAP) of 52%[4] - Capital levels reached all-time highs with an estimated CET1 regulatory capital ratio of 11% and a return on tangible common equity ratio (non-GAAP) of 15%[4] Key Financial Highlights The third quarter saw significant growth in average loans and deposits, record net interest income and non-interest income, and improved capital ratios, while maintaining stable asset quality | Metric | 3Q25 | 2Q25 | 3Q24 | YoY Change (3Q25 vs 3Q24) | QoQ Change (3Q25 vs 2Q25) | | :----------------------------------- | :----- | :----- | :----- | :------------------------ | :------------------------ | | Average Loans and Leases | $34.8 billion | N/A | $33.8 billion | +3.0% | +3.6% annualized | | Average Deposits | $37.9 billion | N/A | $35.6 billion | +6.4% | +8.2% annualized | | Loan-to-Deposit Ratio | 91% | 92% | 92% | -1 pp | -1 pp | | Net Interest Income | $359.3 million | $347.2 million | $323.3 million | +11.1% | +3.5% | | Net Interest Margin (FTE, non-GAAP) | 3.25% | 3.19% | 3.08% | +17 bps | +6 bps | | Non-Interest Income | $98.2 million | $91.0 million | $89.7 million | +9.5% | +7.9% | | Pre-provision Net Revenue (non-GAAP) | $213.9 million | $192.0 million | $163.6 million | +30.7% | +11.4% | | Provision for Credit Losses | $24.0 million | $25.6 million | $23.4 million | +2.6% | -6.3% | | CET1 Regulatory Capital Ratio (estimated) | 11.0% | 10.8% | 10.4% | +60 bps | +20 bps | | Tangible Common Equity to Tangible Assets (non-GAAP) | 8.7% | 8.5% | 8.2% | +50 bps | +20 bps | | Tangible Book Value per Common Share (non-GAAP) | $11.48 | $11.14 | $10.33 | +11.1% | +3.1% | | Common Stock Repurchased | $12 million (0.8M shares) | N/A | N/A | N/A | N/A | - Asset quality metrics remained solid, with the allowance for credit losses (ACL) to total loans and leases stable at 1.25%[7] Financial Performance Analysis - Comparison to Prior-Year Quarter (3Q24) This section details F.N.B. Corporation's year-over-year financial performance, highlighting growth in net interest income, loans, and deposits, alongside changes in expenses, credit quality, and capital ratios Net Interest Income and Margin Net interest income increased significantly year-over-year, driven by earning asset growth and lower interest-bearing deposit costs, despite a decrease in earning asset yields | Metric | 3Q25 | 3Q24 | YoY Change | | :-------------------------------- | :----- | :----- | :--------- | | Net Interest Income | $359.3 million | $323.3 million | +11.1% | | Net Interest Margin (FTE, non-GAAP) | 3.25% | 3.08% | +17 bps | | Yield on Earning Assets (non-GAAP) | 5.36% | 5.51% | -15 bps | | Yields on Loans | 5.79% | 6.03% | -24 bps | | Yields on Investment Securities | 3.58% | 3.13% | +45 bps | | Total Cost of Funds | 2.23% | 2.56% | -33 bps | | Interest-Bearing Deposit Costs | 2.66% | 3.08% | -42 bps | Loan and Deposit Growth Average loans and leases grew, primarily from consumer loans, while average deposits also increased, with a slight shift in funding mix towards interest-bearing products | Metric | 3Q25 | 3Q24 | YoY Change | | :-------------------------------- | :----- | :----- | :--------- | | Average Loans and Leases | $34.8 billion | $33.8 billion | +3.0% | | - Consumer Loans | +$994.7 million | N/A | N/A | | - Residential Mortgage Loans | +$1.1 billion | N/A | N/A | | - Commercial Leases | +$100.9 million | N/A | +14.7% | | - Indirect Auto Loans | -$222.3 million | N/A | N/A | | Average Deposits | $37.9 billion | $35.6 billion | +6.4% | | - Interest-Bearing Demand Deposits | +$2.1 billion | N/A | N/A | | - Time Deposits | +$261.3 million | N/A | N/A | | - Non-Interest-Bearing Demand Deposits | +$38.2 million | N/A | N/A | | - Savings Deposits | -$155.9 million | N/A | N/A | | Non-Interest-Bearing Demand Deposits as % of Total Deposits | 26% | 27% | -1 pp | | Loan-to-Deposit Ratio | 91% | 92% | -1 pp | Non-Interest Income Non-interest income reached a record high, driven by strong performance in mortgage banking, capital markets, wealth management, and a significant recovery in other non-interest income | Metric | 3Q25 | 3Q24 | YoY Change | | :-------------------------------- | :----- | :----- | :--------- | | Total Non-Interest Income | $98.2 million | $89.7 million | +9.5% | | Mortgage Banking Operations Income | +$3.6 million | N/A | +65.8% | | Capital Markets Income | +$1.7 million | N/A | +27.1% | | Wealth Management Revenues | +$1.5 million | N/A | +8.0% | | Other Non-Interest Income | +$5.3 million | N/A | +135.6% | Non-Interest Expense Total non-interest expense decreased, but operating non-interest expense increased due to strategic hiring, risk management investments, and higher production-related compensation | Metric | 3Q25 | 3Q24 | YoY Change | | :-------------------------------- | :----- | :----- | :--------- | | Total Non-Interest Expense | $243.5 million | $249.4 million | -2.4% | | Operating Non-Interest Expense (non-GAAP) | N/A | N/A | +5.0% | | Salaries and Employee Benefits | N/A | N/A | +4.4% | | Outside Services | N/A | N/A | +6.8% | | Other Non-Interest Expense (operating basis) | N/A | N/A | +17.4% | Credit Quality and Provision for Credit Losses The provision for credit losses slightly increased, while net charge-offs decreased, reflecting proactive loan portfolio management. Asset quality metrics remained solid, with a stable ACL ratio | Metric | 3Q25 | 3Q24 | YoY Change | | :-------------------------------- | :----- | :----- | :--------- | | Provision for Credit Losses | $24.0 million | $23.4 million | +2.6% | | Net Charge-Offs | $19.7 million | $21.5 million | -8.4% | | Net Charge-Offs (annualized % of total average loans) | 0.22% | 0.25% | -3 bps | | Allowance for Credit Losses (ACL) | $437.3 million | $420.2 million | +4.1% | | ACL to Total Loans and Leases | 1.25% | 1.25% | Stable | | Non-Performing Loans and OREO to Total Loans and OREO | 0.37% | 0.39% | -2 bps | | Total Delinquency | 0.65% | 0.79% | -14 bps | Capital and Shareholder Value Capital ratios improved significantly year-over-year, with a notable increase in the CET1 ratio and tangible book value per common share, despite the impact of AOCI | Metric | 3Q25 | 3Q24 | YoY Change | | :-------------------------------- | :----- | :----- | :--------- | | Effective Tax Rate | 21.3% | 21.4% | -0.1 pp | | CET1 Regulatory Capital Ratio (estimated) | 11.0% | 10.4% | +60 bps | | Tangible Book Value per Common Share (non-GAAP) | $11.48 | $10.33 | +11.1% | | AOCI Reduction to TBV per Share (non-GAAP) | $0.22 | $0.43 | -$0.21 | Financial Performance Analysis - Comparison to Prior Quarter (2Q25) This section analyzes F.N.B. Corporation's quarter-over-quarter financial performance, focusing on trends in net interest income, loan and deposit growth, non-interest items, credit quality, and capital Net Interest Income and Margin Net interest income and margin both increased linked-quarter, driven by earning asset growth, lower cost of funds, and the impact of an additional day in the quarter | Metric | 3Q25 | 2Q25 | QoQ Change | | :-------------------------------- | :----- | :----- | :--------- | | Net Interest Income | $359.3 million | $347.2 million | +3.5% | | Net Interest Margin (FTE, non-GAAP) | 3.25% | 3.19% | +6 bps | | Total Yield on Earning Assets (non-GAAP) | 5.36% | 5.33% | +3 bps | | Total Cost of Funds | 2.23% | 2.26% | -3 bps | | Cost of Interest-Bearing Deposits | 2.66% | 2.66% | Stable | | Total Borrowing Costs | 4.65% | 4.71% | -6 bps | Loan and Deposit Trends Average loans and leases increased, primarily due to consumer loan growth, while average deposits also saw organic growth across all categories, leading to an improved loan-to-deposit ratio | Metric | 3Q25 | 2Q25 | QoQ Change | | :-------------------------------- | :----- | :----- | :--------- | | Average Loans and Leases | $34.8 billion | $34.5 billion | +0.9% (+3.6% annualized) | | - Average Consumer Loans | +$431.2 million | N/A | +13.0% annualized | | - Average Residential Mortgages | +$384.4 million | N/A | N/A | | - Average Commercial Loans and Leases | -$119.4 million | N/A | -2.2% annualized | | Average Deposits | $37.9 billion | $37.1 billion | +$766.5 million | | - Interest-Bearing Demand Deposits | +$375.2 million | N/A | N/A | | - Time Deposits | +$254.2 million | N/A | N/A | | - Non-Interest-Bearing Deposits | +$92.7 million | N/A | N/A | | - Savings Deposit Balances | +$44.4 million | N/A | N/A | | Non-Interest-Bearing Demand Deposits as % of Total Deposits | 26% | 26% | Stable | | Loan-to-Deposit Ratio | 91% | 92% | -1 pp | Non-Interest Income Non-interest income reached a new record, driven by strong increases in mortgage banking operations, capital markets income, and a significant recovery in other non-interest income | Metric | 3Q25 | 2Q25 | QoQ Change | | :-------------------------------- | :----- | :----- | :--------- | | Total Non-Interest Income | $98.2 million | $91.0 million | +7.9% | | Mortgage Banking Operations Income | +$2.9 million | N/A | +45.6% | | Capital Markets Income | +$1.0 million | N/A | +14.2% | | Other Non-Interest Income | +$3.2 million | N/A | +53.3% | Non-Interest Expense Total non-interest expense decreased, and operating non-interest expense saw a slight decrease, contributing to an improved efficiency ratio | Metric | 3Q25 | 2Q25 | QoQ Change | | :-------------------------------- | :----- | :----- | :--------- | | Total Non-Interest Expense | $243.5 million | $246.2 million | -1.1% | | Operating Non-Interest Expense (non-GAAP) | N/A | N/A | -0.2% | | Salaries and Employee Benefits | N/A | N/A | +1.3% | | Net Occupancy and Equipment | N/A | N/A | -5.2% | | Efficiency Ratio (non-GAAP) | 52.4% | 54.8% | -2.4 pp | Credit Quality and Provision for Credit Losses The provision for credit losses decreased, and net charge-offs also declined, reflecting continued proactive management. While non-performing loans and delinquency slightly increased, overall asset quality remained solid | Metric | 3Q25 | 2Q25 | QoQ Change | | :-------------------------------- | :----- | :----- | :--------- | | Provision for Credit Losses | $24.0 million | $25.6 million | -6.3% | | Net Charge-Offs | $19.7 million | $21.8 million | -9.6% | | Net Charge-Offs (annualized % of total average loans) | 0.22% | 0.25% | -3 bps | | Allowance for Credit Losses (ACL) | $437.3 million | $432.1 million | +1.2% | | ACL to Total Loans and Leases | 1.25% | 1.25% | Stable | | Non-Performing Loans and OREO to Total Loans and OREO | 0.37% | 0.34% | +3 bps | | Total Delinquency | 0.65% | 0.62% | +3 bps | Capital and Shareholder Value Capital ratios continued to improve linked-quarter, with increases in the CET1 ratio and tangible book value per common share, despite a minor reduction from AOCI | Metric | 3Q25 | 2Q25 | QoQ Change | | :-------------------------------- | :----- | :----- | :--------- | | Effective Tax Rate | 21.3% | 21.5% | -0.2 pp | | CET1 Regulatory Capital Ratio (estimated) | 11.0% | 10.8% | +20 bps | | Tangible Book Value per Common Share (non-GAAP) | $11.48 | $11.14 | +$0.34 | | AOCI Reduction to TBV per Share (non-GAAP) | $0.22 | $0.26 | -$0.04 | Consolidated Financial Statements This section presents F.N.B. Corporation's consolidated financial statements, including income, balance sheets, average balances, key performance and capital ratios, and detailed loan portfolio and asset quality data Consolidated Statements of Income The consolidated statements of income show a significant increase in net interest income and total non-interest income for both the quarter and year-to-date periods, leading to higher net income available to common shareholders | Metric (in thousands) | 3Q25 | 2Q25 | 3Q24 | 9M25 | 9M24 | | :-------------------------------- | :----- | :----- | :----- | :----- | :----- | | Total Interest Income | $595,972 | $582,641 | $582,772 | $1,738,050 | $1,683,457 | | Total Interest Expense | $236,700 | $235,445 | $259,443 | $707,737 | $725,230 | | Net Interest Income | $359,272 | $347,196 | $323,329 | $1,030,313 | $958,227 | | Provision for Credit Losses | $23,991 | $25,601 | $23,438 | $67,081 | $57,517 | | Total Non-Interest Income | $98,170 | $91,015 | $89,688 | $276,951 | $265,472 | | Total Non-Interest Expense | $243,535 | $246,225 | $249,431 | $736,571 | $713,139 | | Income Before Income Taxes | $189,916 | $166,385 | $140,148 | $503,612 | $453,043 | | Net Income Available to Common Shareholders | $149,509 | $130,670 | $110,103 | $396,694 | $349,466 | | Earnings per Diluted Common Share | $0.41 | $0.36 | $0.30 | $1.09 | $0.96 | Consolidated Balance Sheets The consolidated balance sheet shows growth in total assets, primarily driven by increases in loans and leases and interest-bearing deposits with banks. Total deposits also increased, while long-term borrowings decreased | Metric (in millions) | 3Q25 | 2Q25 | 3Q24 | QoQ Change | YoY Change | | :-------------------------------- | :----- | :----- | :----- | :--------- | :--------- | | Total Assets | $49,889 | $49,725 | $47,976 | +0.3% | +4.0% | | Cash and Cash Equivalents | $2,413 | $2,427 | $2,078 | -0.6% | +16.1% | | Loans and Leases, net | $34,520 | $34,247 | $33,297 | +0.8% | +3.7% | | Total Deposits | $38,441 | $37,748 | $36,771 | +1.8% | +4.5% | | - Non-Interest-Bearing Demand | $9,969 | $9,872 | $9,870 | +1.0% | +1.0% | | - Interest-Bearing Demand | $17,803 | $17,292 | $15,999 | +3.0% | +11.3% | | Short-term Borrowings | $1,905 | $1,876 | $1,562 | +1.5% | +22.0% | | Long-term Borrowings | $2,099 | $2,692 | $2,515 | -22.0% | -16.5% | | Total Liabilities | $43,253 | $43,201 | $41,727 | +0.1% | +3.7% | | Total Shareholders' Equity | $6,636 | $6,524 | $6,249 | +1.7% | +6.2% | Average Balances and Interest Rates Average interest-earning assets and total deposits and borrowings increased, with a notable improvement in net interest margin and spread for both the quarter and year-to-date periods | Metric (in thousands) | 3Q25 | 2Q25 | 3Q24 | 9M25 | 9M24 | | :-------------------------------- | :----- | :----- | :----- | :----- | :----- | | Average Total Interest Earning Assets | $44,479,767 | $44,043,377 | $42,307,326 | $43,992,566 | $41,464,410 | | Yield on Earning Assets (FTE) | 5.36% | 5.33% | 5.51% | 5.31% | 5.45% | | Average Total Deposits and Borrowings | $42,085,678 | $41,742,880 | $40,259,839 | $41,670,033 | $39,442,596 | | Cost of Funds | 2.23% | 2.26% | 2.56% | 2.27% | 2.46% | | Net Interest Income (FTE) | $362,421 | $350,269 | $326,259 | $1,039,472 | $966,982 | | Net Interest Spread | 2.44% | 2.37% | 2.12% | 2.34% | 2.17% | | Net Interest Margin (FTE) | 3.25% | 3.19% | 3.08% | 3.16% | 3.11% | Performance and Capital Ratios Key performance ratios, including return on average equity and tangible equity, showed improvement, alongside stronger capital ratios like CET1 and tangible common equity to tangible assets | Metric | 3Q25 | 2Q25 | 3Q24 | 9M25 | 9M24 | | :-------------------------------- | :----- | :----- | :----- | :----- | :----- | | Return on average equity | 9.02% | 8.09% | 7.10% | 8.19% | 7.81% | | Return on average tangible common equity (non-GAAP) | 14.94% | 13.57% | 12.43% | 13.74% | 13.63% | | Return on average assets | 1.20% | 1.07% | 0.92% | 1.08% | 1.02% | | Efficiency ratio (non-GAAP) | 52.38% | 54.83% | 55.16% | 55.13% | 55.18% | | Common equity tier 1 (estimated) | 11.0% | 10.8% | 10.4% | N/A | N/A | | Tangible common equity / tangible assets (non-GAAP) | 8.69% | 8.47% | 8.17% | N/A | N/A | | Book value per common share | $18.52 | $18.17 | $17.38 | N/A | N/A | | Tangible book value per common share (non-GAAP) | $11.48 | $11.14 | $10.33 | N/A | N/A | | Dividend payout ratio (common) | 29.05% | 33.34% | 39.58% | 33.02% | 37.51% | Loan and Lease Portfolio Details The loan and lease portfolio showed overall growth, driven by consumer loans, particularly residential mortgages, while commercial real estate saw a slight decrease | Loan Type (in millions) | 3Q25 (Period End) | 2Q25 (Period End) | 3Q24 (Period End) | QoQ Change | YoY Change | | :-------------------------------- | :---------------- | :---------------- | :---------------- | :--------- | :--------- | | Total Loans and Leases | $34,957 | $34,679 | $33,717 | +0.8% | +3.7% | | Commercial Loans and Leases | $21,140 | $21,198 | $21,182 | -0.3% | -0.2% | | - Commercial Real Estate | $12,568 | $12,686 | $12,812 | -0.9% | -1.9% | | - Commercial Leases | $829 | $774 | $709 | +7.1% | +16.9% | | Consumer Loans | $13,817 | $13,481 | $12,535 | +2.5% | +10.2% | | - Residential Mortgages | $8,888 | $8,595 | $7,789 | +3.4% | +14.1% | | - Indirect Installment | $767 | $780 | $706 | -1.7% | +8.6% | | Loan Type (in millions) | 3Q25 (Average) | 2Q25 (Average) | 3Q24 (Average) | QoQ Change | YoY Change | | :-------------------------------- | :------------- | :------------- | :------------- | :--------- | :--------- | | Total Loans and Leases | $34,814 | $34,502 | $33,803 | +0.9% | +3.0% | | Commercial Loans and Leases | $21,174 | $21,294 | $21,158 | -0.6% | +0.1% | | Consumer Loans | $13,640 | $13,209 | $12,645 | +3.3% | +7.9% | Asset Quality Data Asset quality metrics remained solid, with non-performing assets and delinquency ratios showing minor fluctuations but overall stability | Metric (in millions) | 3Q25 | 2Q25 | 3Q24 | QoQ Change | YoY Change | | :-------------------------------- | :----- | :----- | :----- | :--------- | :--------- | | Non-Performing Assets | $128 | $119 | $131 | +7.6% | -2.3% | | Non-performing loans / total loans and leases | 0.36% | 0.34% | 0.38% | +2 bps | -2 bps | | Non-performing loans plus OREO / total loans and leases plus OREO | 0.37% | 0.34% | 0.39% | +3 bps | -2 bps | | Past due and non-accrual loans | $227 | $216 | $265 | +5.1% | -14.3% | | Past due and non-accrual loans / total loans and leases | 0.65% | 0.62% | 0.79% | +3 bps | -14 bps | Allowance for Credit Losses Rollforward The Allowance for Credit Losses (ACL) on loans and leases increased, reflecting overall loan growth, while the ratio of ACL to total loans remained stable. Net loan charge-offs decreased quarter-over-quarter | Metric (in millions) | 3Q25 | 2Q25 | 3Q24 | QoQ Change | YoY Change | | :-------------------------------- | :----- | :----- | :----- | :--------- | :--------- | | ACL on Loans and Leases (End of Period) | $437.3 | $432.1 | $420.2 | +1.2% | +4.1% | | Provision for Credit Losses | $24.9 | $25.0 | $22.9 | -0.3% | +8.9% | | Net Loan (Charge-offs) / Recoveries | ($19.7) | ($21.8) | ($21.5) | -9.6% | -8.2% | | ACL on Loans and Leases / Total Loans and Leases | 1.25% | 1.25% | 1.25% | Stable | Stable | | ACL on Loans and Leases / Total Non-Performing Loans | 349.9% | 370.7% | 326.7% | -20.8 pp | +23.2 pp | | Net Loan Charge-offs (annualized) / Total Average Loans and Leases | 0.22% | 0.25% | 0.25% | -3 bps | -3 bps | Non-GAAP Financial Measures Reconciliation This section provides reconciliations of F.N.B. Corporation's non-GAAP financial measures to their most directly comparable GAAP equivalents, offering insights into operating performance and tangible metrics Operating Net Income and EPS Reconciliation This section reconciles GAAP net income and EPS to operating (non-GAAP) figures by adjusting for significant items such as FDIC special assessment, software impairment, and loss related to indirect auto loan sales | Metric (in thousands, except per share) | 3Q25 | 2Q25 | 3Q24 | 9M25 | 9M24 | | :--------------------------------------- | :----- | :----- | :----- | :----- | :----- | | Net income available to common shareholders (GAAP) | $149,509 | $130,670 | $110,103 | $396,694 | $349,466 | | Adjustments (after-tax) | ($1,795) | $0 | $12,047 | ($1,795) | $19,056 | | Operating net income available to common shareholders (non-GAAP) | $147,714 | $130,670 | $122,160 | $394,899 | $368,522 | | Earnings per diluted common share (GAAP) | $0.41 | $0.36 | $0.30 | $1.09 | $0.96 | | Adjustments (per share) | ($0.01) | $0.00 | $0.04 | ($0.01) | $0.06 | | Operating earnings per diluted common share (non-GAAP) | $0.41 | $0.36 | $0.34 | $1.09 | $1.02 | Return on Average Tangible Equity/Common Equity/Assets Reconciliation This section provides reconciliations for various return metrics, adjusting for intangible assets to present tangible returns on equity, common equity, and assets, which are key non-GAAP performance indicators | Metric | 3Q25 | 2Q25 | 3Q24 | 9M25 | 9M24 | | :--------------------------------------- | :----- | :----- | :----- | :----- | :----- | | Return on average tangible equity (non-GAAP) | 14.94% | 13.57% | 12.43% | 13.74% | 13.79% | | Return on average tangible common equity (non-GAAP) | 14.94% | 13.57% | 12.43% | 13.74% | 13.63% | | Return on average tangible assets (non-GAAP) | 1.29% | 1.15% | 1.01% | 1.17% | 1.11% | Tangible Book Value and Tangible Common Equity to Tangible Assets Reconciliation This section reconciles GAAP shareholders' equity and total assets to their tangible counterparts by excluding intangible assets, providing tangible book value per common share and the tangible common equity to tangible assets ratio | Metric (in thousands, except per share) | 3Q25 | 2Q25 | 3Q24 | | :--------------------------------------- | :----- | :----- | :----- | | Total shareholders' equity (GAAP) | $6,635,620 | $6,523,791 | $6,248,456 | | Less: Intangible assets | ($2,520,013) | ($2,524,005) | ($2,533,856) | | Tangible common equity (non-GAAP) | $4,115,607 | $3,999,786 | $3,714,600 | | Tangible book value per common share (non-GAAP) | $11.48 | $11.14 | $10.33 | | Total assets (GAAP) | $49,888,522 | $49,724,837 | $47,975,574 | | Less: Intangible assets | ($2,520,013) | ($2,524,005) | ($2,533,856) | | Tangible assets (non-GAAP) | $47,368,509 | $47,200,832 | $45,441,718 | | Tangible common equity to tangible assets (non-GAAP) | 8.69% | 8.47% | 8.17% | Pre-provision Net Revenue and Efficiency Ratio Reconciliation This section reconciles reported pre-provision net revenue and the efficiency ratio to their operating (non-GAAP) equivalents by adjusting for specific non-recurring or non-core items | Metric (in thousands) | 3Q25 | 2Q25 | 3Q24 | 9M25 | 9M24 | | :--------------------------------------- | :----- | :----- | :----- | :----- | :----- | | Pre-provision net revenue (reported) (non-GAAP) | $213,907 | $191,986 | $163,586 | $570,693 | $510,560 | | Operating pre-provision net revenue (non-GAAP) | $211,635 | $191,986 | $178,848 | $568,421 | $529,625 | | Efficiency ratio (FTE) (non-GAAP) | 52.38% | 54.83% | 55.16% | 55.13% | 55.18% | Corporate Information & Disclosures This section outlines F.N.B. Corporation's use of non-GAAP measures, cautionary statements regarding forward-looking information, conference call details, and a brief overview of the company's operations Use of Non-GAAP Financial Measures F.N.B. Corporation uses non-GAAP financial measures to provide investors with a clearer understanding of underlying business performance and trends, emphasizing that these are supplemental and not substitutes for GAAP results. Reconciliations are provided for transparency - Non-GAAP measures like operating net income, operating EPS, tangible book value, and efficiency ratio are used by management to assess core business activities and facilitate peer comparisons[23][24] - Certain items, such as the FDIC special assessment, are excluded from operating results as they are considered significant and outside ordinary banking activities[25] - Net interest margin and efficiency ratio are calculated on a taxable-equivalent basis for peer comparison, adjusting tax-exempt income to be equivalent to taxable investments[26] Cautionary Statement Regarding Forward-Looking Information This section warns investors about forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially. It advises against undue reliance on these statements and refers to detailed risk factors in SEC filings - Forward-looking statements are based on current assumptions and are inherently uncertain, covering financial condition, results of operations, plans, and future performance[27] - Key risk factors include credit risk, volatility of mortgage banking, changes in interest rates, liquidity, regulatory limits, and economic conditions[28][34] - Investors should consult the company's 2024 Annual Report on Form 10-K and subsequent 2025 Quarterly Reports on Form 10-Q for a comprehensive list of risk factors[29] Conference Call Details F.N.B. Corporation announced details for its third-quarter 2025 earnings conference call, including webcast access, dial-in information for Q&A, and replay availability - A live listen-only webcast of the conference call will be available on the Corporation's website under the Investor Relations section[32] - Participants can pre-register for the Q&A portion of the call to receive a conference passcode and unique PIN[33] - Presentation slides and the earnings release will be available on the website, and a replay of the call will be accessible via the webcast link[35] About F.N.B. Corporation F.N.B. Corporation is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, operating across seven states and the District of Columbia, offering a full range of commercial banking, consumer banking, and wealth management solutions - FNB operates in major metropolitan areas including Pittsburgh, Baltimore, Cleveland, Washington D.C., Charlotte, Raleigh, Durham, and Charleston[36] - The company has total assets of $50 billion and approximately 350 banking offices[36] - Services include corporate banking, small business banking, investment real estate financing, deposit products, mortgage lending, consumer lending, asset management, private banking, and insurance[37]