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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 10-Q  
(Mark One)
☒Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

For the quarterly period ended March 31, 2025
or
☐Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
For the transition period from                      to                     
Commission file number 001-31940
 
F.N.B. CORPORATION
(Exact name of registrant as specified in its charter)

Pennsylvania25-1255406
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
626 Washington Place,Pittsburgh, PA15219
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 800-555-5455

(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on which Registered
Common Stock, par value $0.01 per shareFNBNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
1

    
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of April 30, 2025, the registrant had 359,806,382 shares of common stock outstanding.
2

    
F.N.B. CORPORATION
FORM 10-Q
March 31, 2025
INDEX

 PAGE
PART I – FINANCIAL INFORMATION 
Item 1.Financial Statements
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3

    
Glossary of Acronyms and Terms
Acronym
Description
Acronym
Description
ACL
Allowance for credit losses
FNTCFirst National Trust Company
AFS
Available for sale
FOMCFederal Open Market Committee
ALCO
Asset/Liability Committee
FRB
Board of Governors of the Federal Reserve
System
AOCI
Accumulated other comprehensive income
FTE
Fully taxable equivalent
ASU
Accounting Standards Update
GAAP
U.S. generally accepted accounting principles
AULC
Allowance for unfunded loan commitments
HTM
Held to maturity
CECL
Current expected credit losses
LGD
Loss given default
CET1
Common equity tier 1
LIHTC
Various partnerships of affordable housing
CFPBConsumer Financial Protection BureauMBSMortgage-backed securities
DOJU.S. Department of Justice
MD&A
Management's Discussion and Analysis of
Financial Condition and Results of Operations
ERM
Framework
Enterprise-wide risk management framework
MSRs
Mortgage servicing rights
EVE
Economic value of equity
OREO
Other real estate owned
FASB
Financial Accounting Standards Board
ReportQuarterly Report on Form 10-Q
FDIC
Federal Deposit Insurance Corporation
R&S
Reasonable and Supportable
FHLB
Federal Home Loan Bank
SBA
Small Business Administration
FICOFair Isaac Corporation
SEC
Securities and Exchange Commission
FNB
F.N.B. Corporation
SOFR
Secured Overnight Financing Rate
FNBIAF.N.B. Investment Advisors, Inc.
TPS
Trust preferred securities
FNBPA
First National Bank of Pennsylvania
U.S.
United States of America
FNISFirst National Investment Services Company, LLC
VIE
Variable interest entity
4

    
PART I – FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS

F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except share and per share data)
March 31,
2025		December 31,
2024
 (Unaudited) 
Assets
Cash and due from banks$524 $416 
Interest-bearing deposits with banks1,921 2,003 
Cash and Cash Equivalents2,445 2,419 
Debt securities available for sale (amortized cost of $3,588 and $3,620; allowance for credit losses of $0 and $0)
3,477 3,466 
Debt securities held to maturity (fair value of $3,735 and $3,644; allowance for credit losses of $0 and $0)
4,029 3,979 
Loans held for sale (includes $189 and $214 measured at fair value) (1)
190 218 
Loans and leases, net of unearned income of $101 and $106 (includes $59 and $53 measured at fair value) (1)
34,235 33,939 
Allowance for credit losses on loans and leases(429)(423)
Net Loans and Leases33,806 33,516 
Premises and equipment, net539 536 
Goodwill2,478 2,478 
Core deposit and other intangible assets, net48 51 
Bank owned life insurance662 660 
Other assets1,346 1,302 
Total Assets$49,020 $48,625 
Liabilities
Deposits:
Non-interest-bearing demand$9,867 $9,761 
Interest-bearing demand16,920 16,668 
Savings3,147 3,178 
Certificates and other time deposits7,305 7,500 
Total Deposits37,239 37,107 
Short-term borrowings1,969 1,256 
Long-term borrowings2,514 3,012 
Other liabilities880 948 
Total Liabilities42,602 42,323 
Shareholders’ Equity
Common stock - $0.01 par value
Authorized – 500,000,000 shares
Issued – 375,030,534 and 375,018,433 shares
4 4 
Additional paid-in capital4,696 4,695 
Retained earnings2,025 1,952 
Accumulated other comprehensive loss(121)(169)
Treasury stock – 15,665,750 and 15,402,776 shares at cost
(186)(180)
Total Shareholders’ Equity6,418 6,302 
Total Liabilities and Shareholders’ Equity$49,020 $48,625 
(1)Amount represents loans for which we have elected the fair value option. See Note 18.
See accompanying Notes to Consolidated Financial Statements (unaudited)
5

    
F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share data)
Unaudited
 Three Months Ended
March 31,
 20252024
Interest Income
Loans and leases, including fees$480 $481 
Investment Securities:
Taxable55 46 
Tax-exempt7 7 
Other17 9 
Total Interest Income559 543 
Interest Expense
Deposits186 170 
Short-term borrowings14 28 
Long-term borrowings36 26 
Total Interest Expense236 224 
Net Interest Income323 319 
Provision for credit losses17 14 
Net Interest Income After Provision for Credit Losses306 305 
Non-Interest Income
Service charges22 21 
Interchange and card transaction fees12 13 
Trust services13 11 
Insurance commissions and fees6 7 
Securities commissions and fees9 8 
Capital markets income5 6 
Mortgage banking operations7 8 
Dividends on non-marketable equity securities6 6 
Bank owned life insurance5 3 
Other3 5 
Total Non-Interest Income88 88 
Non-Interest Expense
Salaries and employee benefits135 129 
Net occupancy20 20 
Equipment26 24 
Outside services26 23 
Marketing5 5 
FDIC insurance8 13 
Bank shares and franchise taxes4 4 
Other22 19 
Total Non-Interest Expense246 237 
Income Before Income Taxes148 156 
Income taxes31 34 
Net Income117 122 
Preferred stock dividends— 6 
Net Income Available to Common Shareholders$117 $116 
Earnings per Common Share
Basic$0.32 $0.32 
Diluted0.32 0.32 
See accompanying Notes to Consolidated Financial Statements (unaudited)
6

    
F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
Unaudited

 Three Months Ended
March 31,
20252024
Net income$117 $122 
Other comprehensive income (loss):
Debt securities available for sale:
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $9 and $(4)
33 (13)
Derivative instruments:
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $2 and $(3)
8 (9)
Reclassification adjustment for gains (losses) included in net income, net of tax expense (benefit) of $2 and $2
6 7 
Pension and postretirement benefit obligations:
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $0 and $0
1 — 
Other Comprehensive Income (Loss)48 (15)
Comprehensive Income (Loss)$165 $107 
See accompanying Notes to Consolidated Financial Statements (unaudited)
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F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Dollars in millions, except per share data)
Unaudited
Preferred
Stock		Common
Stock		Additional
Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Total
Three Months Ended March 31, 2024
Balance at beginning of period$107 $4 $4,692 $1,669 $(235)$(187)$6,050 
Comprehensive income (loss)122 (15)107 
Dividends declared:
Preferred stock: $18.13/share
(2)(2)
Common stock: $0.12/share
(44)(44)
Redemption of preferred stock(107)(4)(111)
Issuance of common stock— (8)— 5 (3)
Restricted stock compensation10 10 
Adoption of new accounting standards(1)(1)
Balance at end of period$— $4 $4,694 $1,740 $(250)$(182)$6,006 
Three Months Ended March 31, 2025
Balance at beginning of period$— $4 $4,695 $1,952 $(169)$(180)$6,302 
Comprehensive income (loss)117 48 165 
Dividends declared on common stock: $0.12/share
(44)(44)
Issuance of common stock— (9)— 4 (5)
Repurchase of common stock(10)(10)
Restricted stock compensation10 10 
Balance at end of period$— $4 $4,696 $2,025 $(121)$(186)$6,418 
See accompanying Notes to Consolidated Financial Statements (unaudited)
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F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
Unaudited
 
 Three Months Ended
March 31,
 20252024
Operating Activities
Net income$117 $122 
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities:
Depreciation, amortization and accretion18 14 
Provision for credit losses17 14 
Deferred tax expense (benefit)10 15 
Loans originated for sale(328)(313)
Loans sold353 356 
Net (gains) losses on sale of loans(4)(3)
Net change in:
   Interest receivable(2)(15)
   Interest payable(3)(5)
   Bank owned life insurance, excluding purchases(2)(3)
Other, net(112)63 
Net cash flows provided by (used in) operating activities64 245 
Investing Activities
Net change in loans and leases, excluding sales and transfers(300)(261)
Debt securities available for sale:
Purchases(118)(460)
Maturities/payments152 473 
Debt securities held to maturity:
Purchases(126)(96)
Maturities/payments78 117 
Increase in premises and equipment(21)(29)
Net proceeds from sales of portfolio loans— 332 
Net cash flows provided by (used in) investing activities(335)76 
Financing Activities
Net change in:
Demand (non-interest-bearing and interest-bearing) and savings accounts327 (446)
Time deposits(195)469 
Short-term borrowings712 (432)
Proceeds from issuance of long-term borrowings6 161 
Repayment of long-term borrowings(504)(11)
Redemption of preferred stock— (111)
Repurchases of common stock(10)— 
Cash dividends paid:
Preferred stock— (2)
Common stock(44)(44)
Other, net5 6 
Net cash flows provided by (used in) financing activities297 (410)
Net Increase (Decrease) in Cash and Cash Equivalents26 (89)
Cash and cash equivalents at beginning of period2,419 1,576 
Cash and Cash Equivalents at End of Period$2,445 $1,487 
See accompanying Notes to Consolidated Financial Statements (unaudited)
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F.N.B. CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2025
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, 2025, we had 351 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 interest. We own and operate FNBPA, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, Bank Capital Services, LLC, F.N.B. Capital Corporation, LLC and Waubank Securities, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements.
Companies in which we hold a controlling financial interest, or are a VIE in which we have the power to direct the activities of an entity that most significantly impact the entity’s economic performance and have an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE, are consolidated. For a voting interest entity, a controlling financial interest is generally where we hold more than 50% of the outstanding voting shares. VIEs in which we do not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE are not consolidated. Investments in companies that are not consolidated are accounted for using the equity method when we have the ability to exert significant influence. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and our proportional interest in the equity investments’ earnings are included in other non-interest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment.
The accompanying interim unaudited Consolidated Financial Statements include all adjustments that are necessary, in the opinion of management, to fairly reflect our financial position and results of operations in accordance with GAAP. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to the current period presentation. Such reclassifications had no impact on our net income and shareholders' equity. Events occurring subsequent to March 31, 2025 have been evaluated for potential recognition or disclosure in the Consolidated Financial Statements through the date of the filing of the Consolidated Financial Statements with the SEC.
Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The interim operating results are not necessarily indicative of operating results we expect for the full year. These interim unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025.
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Use of Estimates
Our accounting and reporting policies conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements (unaudited). Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the ACL, fair value of financial instruments, goodwill and other intangible assets and income taxes and deferred tax assets, which are listed in the critical accounting estimates. For a detailed description of our significant accounting policies and critical accounting estimates, see Note 1, "Summary of Significant Accounting Policies" and the "Application of Critical Accounting Policies" section in the MD&A, both in our 2024 Annual Report on Form 10-K.
NOTE 2.    NEW ACCOUNTING STANDARDS
The following table summarizes accounting pronouncements issued by the FASB that we recently adopted or will be adopting in the future.
TABLE 2.1
StandardDescriptionFinancial Statements Impact
Income Statement
ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Clarifying the Effective Date
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses
This Update requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement line items in a tabular format in the notes to the financial statements. Specifically, entities must disaggregate any relevant expense caption that includes one or more of the following natural expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (DD&A).
Additionally, this Update also requires entities to disclose selling expense on both an annual and interim bases. This Update does not change the requirements for the presentation of expenses on the face of the income statement.
This Update is to be applied prospectively for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption and retrospective application are permitted.
We are currently evaluating the effect this Update will have on related disclosures and our processes, systems, and controls related to the disclosures.
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StandardDescriptionFinancial Statements Impact
Income Taxes
ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures
This Update requires public business entities to disclose additional categories of information about federal, state, and foreign income taxes in the tabular rate reconciliation table. Additionally, entities must provide more details regarding reconciling items in some categories if the items are equal to or greater than a specified quantitative threshold.
This Update also requires all entities to annually disclose income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and further disaggregated by jurisdiction based on a specified quantitative threshold.
This Update is to be applied using a prospective method with an option to apply it retrospectively for each period presented and is effective as of January 1, 2025. Early adoption is permitted.
We adopted this ASU using the prospective method for the period beginning January 1, 2025. The adoption of this Update did not have a material impact on our consolidated financial statements.
Segment Reporting
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosureThis Update requires all public entities to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required in annual disclosures.
This Update is to be applied using a retrospective method to all prior periods presented and is effective for annual periods beginning on January 1, 2024, and is effective for interim periods beginning on January 1, 2025. Early adoption is permitted.
We adopted this Update on a retrospective basis for the annual period ending December 31, 2024 and for the interim period beginning January 1, 2025. The adoption of this Update did not have a material impact on our consolidated financial statements.

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NOTE 3.    INVESTMENT SECURITIES
The amortized cost and fair value of AFS debt securities are presented in the table below. There was no ACL associated with the AFS portfolio at March 31, 2025 and December 31, 2024. Accrued interest receivable on AFS debt securities totaled $14.4 million at March 31, 2025 and $14.3 million at December 31, 2024, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and amortized cost basis of AFS debt securities.
TABLE 3.1
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
 Value
Debt Securities AFS:
March 31, 2025
U.S. Treasury$274 $1 $— $275 
U.S. government agencies50 — — 50 
U.S. government-sponsored enterprises303 — (1)302 
Residential MBS:
Agency MBS709 3 (14)698 
Agency collateralized mortgage obligations761 — (83)678 
Agency commercial MBS1,430 10 (25)1,415 
States of the U.S. and political subdivisions (municipals)21 — (2)19 
Other debt securities40 — — 40 
Total debt securities AFS$3,588 $14 $(125)$3,477 
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
 Value
Debt Securities AFS:
December 31, 2024
U.S. Treasury$274 $1 $(1)$274 
U.S. government agencies53 — — 53 
U.S. government-sponsored enterprises302 — (2)300 
Residential MBS:
Agency MBS714 — (20)694 
Agency collateralized mortgage obligations796 — (98)698 
Agency commercial MBS1,420 3 (35)1,388 
States of the U.S. and political subdivisions (municipals)24 — (2)22 
Other debt securities37 — — 37 
Total debt securities AFS$3,620 $4 $(158)$3,466 
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The amortized cost and fair value of HTM debt securities are presented in the following table. The ACL for the HTM portfolio was $0.24 million and $0.25 million at March 31, 2025 and December 31, 2024, respectively. Accrued interest receivable on HTM debt securities totaled $14.0 million and $14.6 million at March 31, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and amortized cost basis of HTM debt securities.
TABLE 3.2
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
 Value
Debt Securities HTM:
March 31, 2025
U.S. Treasury$1 $— $— $1 
U.S. government-sponsored enterprises29 — — 29 
Residential MBS:
Agency MBS865 1 (79)787 
Agency collateralized mortgage obligations689 — (81)608 
Agency commercial MBS1,439 8 (32)1,415 
States of the U.S. and political subdivisions (municipals)989 — (110)879 
Other debt securities17 — (1)16 
Total debt securities HTM$4,029 $9 $(303)$3,735 
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
 Value
Debt Securities HTM:
December 31, 2024
U.S. Treasury$1 $— $— $1 
U.S. government-sponsored enterprises29 — — 29 
Residential MBS:
Agency MBS901 1 (96)806 
Agency collateralized mortgage obligations714 — (95)619 
Agency commercial MBS1,326 2 (44)1,284 
States of the U.S. and political subdivisions (municipals)992 — (103)889 
Other debt securities16 — — 16 
Total debt securities HTM$3,979 $3 $(338)$3,644 
There were no significant gross gains or gross losses realized on investment securities during the three months ended March 31, 2025 or 2024. Net unrealized losses on the AFS and HTM portfolios are primarily due to the increase in market interest rates since the time of purchase, with 85.8% of these securities backed or sponsored by the U.S. government as of March 31, 2025.
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As of March 31, 2025, the amortized cost and fair value of debt securities, by contractual maturities, were as follows:
TABLE 3.3
Available for SaleHeld to Maturity
(in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$212 $212 $34 $34 
Due after one year but within five years430 429 78 75 
Due after five years but within ten years24 24 227 209 
Due after ten years22 21 697 607 
688 686 1,036 925 
Residential MBS:
Agency MBS709 698 865 787 
Agency collateralized mortgage obligations761 678 689 608 
Agency commercial MBS1,430 1,415 1,439 1,415 
Total debt securities$3,588 $3,477 $4,029 $3,735 
Actual maturities may differ from contractual terms because security issuers may have the right to call or prepay obligations with or without penalties. Periodic principal payments are received on residential MBS based on the payment patterns of the underlying collateral.
Following is information relating to investment securities pledged:
TABLE 3.4
(dollars in millions)March 31,
2025		December 31,
2024
Securities pledged (carrying value):
To secure public deposits, trust deposits and for other purposes as required by law$6,219 $6,271 
As collateral for short-term borrowings184 182 
Securities pledged as a percent of total securities85.3 %86.7 %
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Following are summaries of the fair values of AFS debt securities in an unrealized loss position for which an ACL has not been recorded, segregated by security type and length of time in a continuous loss position:
TABLE 3.5
Less than 12 Months12 Months or MoreTotal
(dollars in millions)#Fair
 Value		Unrealized
Losses		#Fair
 Value		Unrealized
Losses		#Fair
 Value		Unrealized
Losses
Debt Securities AFS
March 31, 2025
U.S. Treasury1 $25 $— 2 $75 $— 3 $100 $— 
U.S. government agencies4 9 — 10 23 — 14 32 — 
U.S. government-sponsored enterprises— — — 7 127 (1)7 127 (1)
Residential MBS:
Agency MBS3 — — 92 329 (14)95 329 (14)
Agency collateralized mortgage obligations— — — 66 678 (83)66 678 (83)
Agency commercial MBS8 200 (3)20 356 (22)28 556 (25)
States of the U.S. and political subdivisions (municipals)— — — 9 19 (2)9 19 (2)
Other debt securities— — — 4 10 — 4 10 — 
Total 16 $234 $(3)210 $1,617 $(122)226 $1,851 $(125)
Less than 12 Months12 Months or MoreTotal
(dollars in millions)#Fair
 Value		Unrealized
Losses		#Fair
 Value		Unrealized
Losses		#Fair
 Value		Unrealized
Losses
Debt Securities AFS
December 31, 2024
U.S. Treasury3 $74 $(1)2 $75 $— 5 $149 $(1)
U.S. government agencies6 11 — 12 25 — 18 36 — 
U.S. government-sponsored enterprises2 75 — 7 126 (2)9 201 (2)
Residential MBS:
Agency MBS9 235 (1)92 355 (19)101 590 (20)
Agency collateralized mortgage obligations— — — 66 698 (98)66 698 (98)
Agency commercial MBS23 709 (8)20 359 (27)43 1,068 (35)
States of the U.S. and political subdivisions (municipals)— — — 10 22 (2)10 22 (2)
Other debt securities— — — 4 10 — 4 10 — 
Total43 $1,104 $(10)213 $1,670 $(148)256 $2,774 $(158)
We evaluated the AFS debt securities that were in an unrealized loss position at March 31, 2025. Based on the credit ratings and implied government guarantee for these securities, we concluded the loss position is temporary and caused by the significant movement of interest rates since 2022 and does not reflect any expected credit losses. We do not intend to sell these AFS debt securities and it is not more likely than not that we will be required to sell these securities before the recovery of their amortized cost basis.
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Credit Quality Indicators
We use credit ratings and the most recent financial information to help evaluate the credit quality of our credit-related AFS and HTM securities portfolios. Management reviews the credit profile of each issuer on an annual basis, and more frequently as needed. Based on the nature of the issuers and current conditions, we have determined that investment securities backed by the U.S. Department of the Treasury, Fannie Mae, Freddie Mac, FHLB, Ginnie Mae, and the SBA have zero expected credit loss.
Our municipal bond portfolio, with a carrying amount of $1.0 billion as of March 31, 2025 is highly rated with an average rating of AA and 98% of the portfolio is rated A or better. All of the investment securities in the municipal portfolio are general obligation bonds. Geographically, municipal bonds support our primary footprint as 59% of the securities are from municipalities located in the primary states within which we conduct business. The average holding size of the securities in the municipal bond portfolio is $2.5 million.
The ACL on the HTM municipal bond portfolio is calculated on each bond using:
•The bond’s underlying credit rating, time to maturity and exposure amount;
•Credit enhancements that improve the bond’s credit rating (e.g., insurance); and
•Moody’s U.S. Municipal Bond Default and Recovery Rates, 1970-2023.
By using these components, we derive the expected credit loss on the HTM general obligation municipal bond portfolio. We further refine the expected credit loss by factoring in economic forecast data using our Commercial and Industrial Non-Manufacturing loan portfolio forecast adjustment as derived through our assessment of the loan portfolio as a proxy for our municipal bond portfolio.
Our corporate bond portfolio, with a carrying amount of $57.0 million as of March 31, 2025 consists of debentures of banks within our footprint. The average holding size of the securities in the corporate bond portfolio is $3.4 million.
The ACL on the HTM corporate bond portfolio is calculated using:
•The bond’s credit rating, time to maturity and exposure amount;
•Moody’s Annual Default Study, 02/28/2025; and
•The most recent financial statements.
By using these components, we derive the expected credit loss on the HTM corporate bond portfolio. We further refine the expected credit loss by factoring in economic forecast data using our bank-wide loan portfolio forecast adjustment as derived through our assessment of FNBPA's loan portfolio as a proxy for our corporate bond portfolio.
For the year-to-date periods ending March 31, 2025 and 2024, we had no significant provision expense and no charge-offs or recoveries for the investment securities portfolio. The ACL on the HTM portfolio was $0.24 million, consisting of $0.07 million relating to the municipal bond portfolio and $0.17 million relating to other debt securities, as of March 31, 2025, and $0.07 million relating to the municipal bond portfolio and $0.18 million relating to other debt securities as of December 31, 2024. The AFS securities portfolios did not have an ACL at March 31, 2025 or December 31, 2024 and there were no investment securities that were past due or on non-accrual at either date.
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NOTE 4.    LOANS AND LEASES
Accrued interest receivable on loans and leases, which totaled $128.4 million at both March 31, 2025 and December 31, 2024, is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets for both periods and is not included in the following tables.
Loans and Leases by Portfolio Segment
Following is a summary of total loans and leases, net of unearned income:
TABLE 4.1
(in millions)March 31, 2025December 31, 2024
Commercial real estate$12,652 $12,705 
Commercial and industrial7,628 7,550 
Commercial leases782 765 
Other174 144 
Total commercial loans and leases21,236 21,164 
Direct installment2,656 2,676 
Residential mortgages8,184 7,986 
Indirect installment776 739 
Consumer lines of credit1,383 1,374 
Total consumer loans12,999 12,775 
Total loans and leases, net of unearned income$34,235 $33,939 
The remaining accretable discount included in the amortized cost of acquired loans was $29.7 million and $31.6 million at March 31, 2025 and December 31, 2024, respectively.
The loans and leases portfolio categories are comprised of the following types of loans, where in each case the LGD is dependent on the nature and value of the respective collateral:
•Commercial real estate includes both owner-occupied and non-owner-occupied loans, including construction loans, secured by commercial properties where operational cash flows on owner-occupied properties, including rents paid by stand-alone business customers, or rents received by our borrowers from their tenant(s) on both a property and global basis are the primary default risk drivers;
•Commercial and industrial includes loans to businesses that are not secured by real estate where the borrower's leverage and cash flows from operations are the primary default risk drivers;
•Commercial leases consist of leases for new or used equipment where the borrower's cash flow from operations is the primary default risk driver;
•Other is comprised primarily of credit cards and mezzanine loans where the borrower's cash flow from operations is the primary default risk driver;
•Direct installment is comprised of fixed-rate, closed-end consumer loans for personal, family or household use, such as home equity loans and automobile loans where the primary default risk driver is the borrower's employment status and income;
•Residential mortgages consist of conventional and jumbo mortgage loans, including construction loans, for 1-4 family properties where the primary default risk driver is the borrower's employment status and income;
•Indirect installment is comprised of loans originated by approved third parties and underwritten by us, primarily automobile loans where the primary default risk driver is the borrower's employment status and income; and
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•Consumer lines of credit include home equity lines of credit and consumer lines of credit that are either unsecured or secured by collateral other than home equity where the primary default risk driver is the borrower's employment status and income.
The loans and leases portfolio consists principally of loans to individuals and small- and medium-sized businesses within our primary market in seven states and the District of Columbia. Our primary 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.
The following table shows occupancy information relating to commercial real estate loans:
TABLE 4.2
March 31,
2025		December 31,
2024
Commercial real estate:
Percent owner-occupied29.6 %29.0 %
Percent non-owner-occupied70.4 71.0 
Credit Quality
We monitor the credit quality of our loan portfolio using several performance measures based on payment activity and borrower performance. We use an internal risk rating assigned to a commercial loan or lease at origination, summarized below.
TABLE 4.3
Rating CategoryDefinition
Passin general, the condition of the borrower and the performance of the loan is satisfactory or better
Special Mentionin general, the condition of the borrower has deteriorated, requiring an increased level of monitoring
Substandardin general, the condition of the borrower has significantly deteriorated and the performance of the loan could further deteriorate if deficiencies are not corrected
Doubtfulin general, the condition of the borrower has significantly deteriorated and the collection in full of both principal and interest is highly questionable or improbable
The use of these internally assigned credit quality categories within the commercial loan and lease portfolio permits our use of transition matrices to establish a basis which is then impacted by quantitative inputs from our econometric model forecasts over the R&S period. Our internal credit risk grading system is based on past experiences with similarly graded loans and leases and conforms to regulatory categories. In general, loan and lease risk ratings within each category are reviewed on an ongoing basis according to our policy for each class of loans and leases. Each quarter, we analyze the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the commercial loan and lease portfolio. Loans and leases within the Pass credit category or that migrate toward the Pass credit category generally have a lower risk of loss compared to loans and leases that migrate toward the Substandard or Doubtful credit categories. Accordingly, we apply higher risk factors to Substandard and Doubtful credit categories.
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The following table summarizes the designated loan rating category by loan class including term loans on an amortized cost basis by origination year and year-to-date gross charge-offs by originating year:
TABLE 4.4
(in millions)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
March 31, 2025
COMMERCIAL
Commercial Real Estate:
Risk Rating:
   Pass$245 $1,380 $1,689 $2,026 $1,819 $4,274 $182 $11,615 
   Special Mention1 5 27 148 99 285 21 586 
   Substandard— 2 11 117 66 253 2 451 
Total commercial real estate246 1,387 1,727 2,291 1,984 4,812 205 12,652 
Commercial real estate current period gross charge-offs — — — 3.7 3.9 — — 7.6 
Commercial and Industrial:
Risk Rating:
   Pass404 1,276 1,005 1,047 574 1,089 1,719 7,114 
   Special Mention6 3 22 48 39 71 91 280 
   Substandard1 5 52 12 21 73 70 234 
Total commercial and industrial411 1,284 1,079 1,107 634 1,233 1,880 7,628 
Commercial and industrial current period gross charge-offs0.1 0.5 — — 0.3 3.4 — 4.3 
Commercial Leases:
Risk Rating:
   Pass114 261 171 100 54 56 — 756 
   Special Mention— 4 6 — — — — 10 
   Substandard— — 5 2 4 5 — 16 
Total commercial leases114 265 182 102 58 61 — 782 
Commercial leases current period gross charge-offs— — — — — 0.1 — 0.1 
Other Commercial:
Risk Rating:
   Pass10 — 63 — — 5 96 174 
Total other commercial10 — 63 — — 5 96 174 
Other commercial current period gross charge-offs— — — — — 1.1 — 1.1 
Total commercial loans and leases781 2,936 3,051 3,500 2,676 6,111 2,181 21,236 
20

    
(in millions)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
March 31, 2025
CONSUMER
Direct Installment:
   Current86 331 263 601 660 702 1 2,644 
   Past due— — 1 2 2 7 — 12 
Total direct installment86 331 264 603 662 709 1 2,656 
Direct installment current period gross charge-offs— — 0.1 0.1 — 0.2 — 0.4 
Residential Mortgages:
   Current289 1,682 1,448 1,577 1,398 1,737 — 8,131 
   Past due— 5 9 7 4 28 — 53 
Total residential mortgages289 1,687 1,457 1,584 1,402 1,765 — 8,184 
Residential mortgages current period gross charge-offs— 0.1 0.1 — — 0.2 — 0.4 
Indirect Installment:
   Current114 366 23 61 122 76 — 762 
   Past due— 1 2 5 4 2 — 14 
Total indirect installment114 367 25 66 126 78 — 776 
Indirect installment current period gross charge-offs— 0.2 0.4 0.6 0.7 0.3 — 2.2 
Consumer Lines of Credit:
   Current2 8 26 48 12 125 1,149 1,370 
   Past due— — — 1 1 9 2 13 
Total consumer lines of credit2 8 26 49 13 134 1,151 1,383 
Consumer lines of credit current period gross charge-offs— — — — — 0.3 — 0.3 
Total consumer loans491 2,393 1,772 2,302 2,203 2,686 1,152 12,999 
Total loans and leases$1,272 $5,329 $4,823 $5,802 $4,879 $8,797 $3,333 $34,235 
Total charge-offs$0.1 $0.8 $0.6 $4.4 $4.9 $5.6 $— $16.4 
21

    
(in millions)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
December 31, 2024
COMMERCIAL
Commercial Real Estate:
Risk Rating:
   Pass$1,405 $1,661 $2,025 $1,984 $1,200 $3,235 $197 $11,707 
   Special Mention1 10 177 52 107 181 37 565 
   Substandard2 16 119 43 55 195 3 433 
Total commercial real estate1,408 1,687 2,321 2,079 1,362 3,611 237 12,705 
Commercial real estate current period gross charge-offs— 0.8 1.0 15.0 10.5 11.3 — 38.6 
Commercial and Industrial:
Risk Rating:
   Pass1,241 1,079 1,074 647 461 669 1,861 7,032 
   Special Mention6 20 57 74 12 63 41 273 
   Substandard4 50 11 33 8 59 80 245 
Total commercial and industrial1,251 1,149 1,142 754 481 791 1,982 7,550 
Commercial and industrial current period gross charge-offs0.1 3.9 1.5 1.8 6.0 7.6 — 20.9 
Commercial Leases:
Risk Rating:
   Pass331 184 106 60 26 39 — 746 
   Special Mention— 1 — — — 1 — 2 
   Substandard— 6 2 4 5 — — 17 
Total commercial leases331 191 108 64 31 40 — 765 
Commercial leases current period gross charge-offs— — — — — 0.3 — 0.3 
Other Commercial:
Risk Rating:
   Pass12 62 — — — 5 65 144 
Total other commercial12 62 — — — 5 65 144 
Other commercial current period gross charge-offs— — — — — 4.2 — 4.2 
Total commercial loans and leases3,002 3,089 3,571 2,897 1,874 4,447 2,284 21,164 
22

    
(in millions)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
December 31, 2024
CONSUMER
Direct Installment:
   Current346 277 621 683 341 396 — 2,664 
   Past due— 1 3 1 1 6 — 12 
Total direct installment346 278 624 684 342 402 — 2,676 
Direct installment current period gross charge-offs— 0.2 0.3 0.2 — 1.1 — 1.8 
Residential Mortgages:
   Current1,663 1,478 1,598 1,417 728 1,048 — 7,932 
   Past due2 15 6 5 1 25 — 54 
Total residential mortgages1,665 1,493 1,604 1,422 729 1,073 — 7,986 
Residential mortgages current period gross charge-offs0.1 0.6 0.3 0.2 — 1.4 — 2.6 
Indirect Installment:
   Current396 24 67 142 49 42 — 720 
   Past due1 3 6 6 2 1 — 19 
Total indirect installment397 27 73 148 51 43 — 739 
Indirect installment current period gross charge-offs0.2 1.8 4.5 3.2 0.5 1.6 — 11.8 
Consumer Lines of Credit:
   Current8 29 51 13 1 117 1,141 1,360 
   Past due— — 1 1 — 10 2 14 
Total consumer lines of credit8 29 52 14 1 127 1,143 1,374 
Consumer lines of credit current period gross charge-offs— 0.1 0.1 0.1 — 1.3 — 1.6 
Total consumer loans2,416 1,827 2,353 2,268 1,123 1,645 1,143 12,775 
Total loans and leases$5,418 $4,916 $5,924 $5,165 $2,997 $6,092 $3,427 $33,939 
Total charge-offs$0.4 $7.4 $7.7 $20.5 $17.0 $28.8 $— $81.8 
We use delinquency transition matrices within the consumer and other loan classes to establish the basis for the R&S forecast portion of the credit risk. Each month, management analyzes payment and volume activity, FICO scores and Debt-to-Income (DTI) scores and other external factors such as unemployment, to determine how consumer loans are performing.
23

    
Non-Performing and Past Due
The following table provides an analysis of the aging of loans by class.
TABLE 4.5
(in millions)30-89 Days
Past Due
> 90 Days
Past Due
and Still
Accruing
Non-
Accrual		Total
Past Due		CurrentTotal
Loans and
Leases		Non-accrual with No ACL
March 31, 2025
Commercial real estate$10 $— $82 $92 $12,560 $12,652 $28 
Commercial and industrial16 — 51 67 7,561 7,628 15 
Commercial leases— — 3 3 779 782 — 
Other1 1 2 4 170 174 — 
Total commercial loans and leases27 1 138 166 21,070 21,236 43 
Direct installment8 1 3 12 2,644 2,656 — 
Residential mortgages34 5 14 53 8,131 8,184 1 
Indirect installment12 — 2 14 762 776 — 
Consumer lines of credit7 2 4 13 1,370 1,383 — 
Total consumer loans61 8 23 92 12,907 12,999 1 
Total loans and leases$88 $9 $161 $258 $33,977 $34,235 $44 

(in millions)30-89 Days
Past Due
> 90 Days
Past Due
and Still
Accruing
Non-
Accrual		Total
Past Due 		CurrentTotal
Loans and
Leases		Non-accrual with No ACL
December 31, 2024
Commercial real estate$26 $— $88 $114 $12,591 $12,705 $24 
Commercial and industrial10 — 52 62 7,488 7,550 19 
Commercial leases1 — 2 3 762 765 — 
Other1 — 2 3 141 144 — 
Total commercial loans and leases38 — 144 182 20,982 21,164 43 
Direct installment8 2 2 12 2,664 2,676 — 
Residential mortgages38 9 7 54 7,932 7,986 — 
Indirect installment16 1 2 19 720 739 — 
Consumer lines of credit8 2 4 14 1,360 1,374 — 
Total consumer loans70 14 15 99 12,676 12,775 — 
Total loans and leases$108 $14 $159 $281 $33,658 $33,939 $43 
24

    
Following is a summary of non-performing assets:
TABLE 4.6
(dollars in millions)March 31,
2025		December 31,
2024
Non-accrual loans$161 $159 
Total non-performing loans and leases161 159 
Other real estate owned 2 3 
Total non-performing assets$163 $162 
Asset quality ratios:
Non-performing loans and leases / total loans and leases0.47 %0.47 %
Non-performing assets plus 90 days or more past due / total loans and leases plus OREO
0.50 0.52 
The carrying value of residential-secured consumer OREO held as a result of obtaining physical possession upon completion of a foreclosure or through completion of a deed in lieu of foreclosure amounted to $1.2 million at both March 31, 2025 and December 31, 2024. The recorded investment of residential-secured consumer OREO for which formal foreclosure proceedings are in process at March 31, 2025 and December 31, 2024 totaled $14.9 million and $10.6 million, respectively.
Approximately $167.0 million of commercial loans are collateral dependent at March 31, 2025. Repayment is expected to be substantially made through the operation or sale of the collateral on the loan. These loans are primarily secured by business assets or commercial real estate.
Loan Modifications
During the period, there are loans whose contractual terms have been modified in a manner that grants a concession to a borrower experiencing financial difficulties. These modifications typically result from loss mitigation activities and could include a term extension, interest rate reduction, principal forgiveness and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. Accrued interest receivable on loan modifications totaled $0.02 million and $0.01 million at March 31, 2025 and March 31, 2024, respectively, and is excluded from the amortized cost of loan modifications in the tables that follow.
25

    
The following table shows the amortized cost basis at the end of the reporting period of the loans modified during the period to borrowers experiencing financial difficulty, disaggregated by class of financing receivable, type of concession granted and the financial effect of the modifications made to borrowers experiencing financial difficulty:
TABLE 4.7
(dollars in millions)Amortized Cost Basis% of Total Class of Financing ReceivableFinancial Effect
Three Months Ended March 31, 2025
Term Extension
Commercial real estate$1.8 0.01 %
The modified loans had an average increase in term of 2 months, extending the maturity date.
Direct installment0.5 0.02 
The modified loans had an average increase in term of 10 months, extending the maturity date.
Residential mortgages2.2 0.03 
The modified loans had an average increase in term of 27 months, extending the maturity date.
Consumer lines of credit0.1 0.01 
The modified loans had an average increase in term of 221 months, extending the maturity date.
Total4.6 
Term Extension and Rate Reduction
Residential mortgages1.3 0.02 
The term was extended, with a weighted average yield reductions of 100 basis points to 450 basis points with extensions up to 27 years.
Total1.3 
Other
Commercial and industrial0.1 — Multiple modifications were made with no material financial effect.
Total0.1 
Total Outstanding Modified$6.0 
26

    
(dollars in millions)Amortized Cost Basis% of Total Class of Financing ReceivableFinancial Effect
Three Months Ended March 31, 2024
Term Extension
Direct installment$0.2 0.01 %
The modified loans had an average increase in term of 114 months, extending the maturity date.
Residential mortgages0.7 0.01 
The modified loans had an average increase in term of 46 months, extending the maturity date.
Consumer lines of credit0.5 0.04 
The modified loans had an average increase in term of 235 months, extending the maturity date.
Total1.4 
Rate Reduction
Residential mortgages0.1 — 
The term was extended, with a weighted average yield reduction of 100 basis points.
Total0.1 
Term Extension and Rate Reduction
Commercial real estate0.9 0.01 Multiple modifications were made with no material financial effect.
Residential mortgages0.6 0.01 Multiple modifications were made with no material financial effect.
Total1.5 
Balloon Payment
Commercial real estate0.6 — Multiple modifications were made with no material financial effect.
Total0.6 
Other
Commercial real estate4.1 0.03 
3 to 12 month payment deferrals with no income being earned on these loans
Commercial and industrial0.6 0.01 Multiple modifications were made with no material financial effect.
Total4.7 
Total Outstanding Modified$8.3 
Some loan modifications may not ultimately result in the full collection of principal and interest, as modified, and may result in potential incremental losses which are factored into the ACL. There were no additional funds committed to borrowers whose loans were modified during the first three months of 2025.
Commercial loans over $1.0 million whose terms have been modified may be placed on non-accrual, individually analyzed and measured based on the fair value of the underlying collateral. Our ACL includes specific reserves for commercial loans modified. There were $7.7 million and $8.1 million in specific reserves for commercial loans modified at March 31, 2025 and December 31, 2024, respectively, and pooled reserves for individual loans of $2.4 million and $1.8 million for those same periods, respectively, based on loan segment LGD. Upon default, the amount of the recorded investment of the modified loan balance in excess of the fair value of the collateral, less estimated selling costs, is generally considered a confirmed loss and is charged-off against the ACL.
All other classes of loans whose terms have been modified are pooled and measured based on the loan segment LGD. Our ACL included pooled reserves for these classes of loans of $3.7 million and $3.4 million as of March 31, 2025 and December 31, 2024, respectively. Upon default of an individual loan, our charge-off policy is followed for that class of loan.
27

    
Following is a summary of loans modified in a manner that grants a concession to a borrower experiencing financial difficulties, by class, for which there was a payment default, excluding loans that have been paid off and/or sold. Default occurs when a loan is 90 days or more past due or in non-accrual and is within 12 months of restructuring.
TABLE 4.8
Amortized cost basis of modified financing receivables that subsequently defaulted:
(in millions)Term ExtensionTerm Extension and Rate ReductionBalloon PaymentOtherTotal Outstanding Modified
Three Months Ended March 31, 2025
Commercial real estate$1.0 $— $0.7 $6.4 $8.1 
Commercial and industrial18.6 15.5 — 5.8 39.9 
Total commercial loans and leases19.6 15.5 0.7 12.2 48.0 
Direct installment0.8 — — — 0.8 
Residential mortgages5.3 0.8 — — 6.1 
Total consumer loans6.1 0.8 — — 6.9 
Total$25.7 $16.3 $0.7 $12.2 $54.9 
(in millions)Term ExtensionTerm Extension and Rate ReductionBalloon PaymentOtherTotal Outstanding Modified
Three Months Ended March 31, 2024
Commercial real estate$0.3 $0.9 $0.6 $8.7 $10.5 
Commercial and industrial21.5 0.3 — 0.6 22.4 
Total commercial loans and leases21.8 1.2 0.6 9.3 32.9 
Residential mortgages0.2 — — — 0.2 
Total consumer loans0.2 — — — 0.2 
Total$22.0 $1.2 $0.6 $9.3 $33.1 
28

    
We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months:
TABLE 4.9
Payment status - amortization cost basis:
(in millions)Current30-89 Days Past Due90+ Days Past Due
March 31, 2025
Commercial real estate$20.2 $— $— 
Commercial and industrial18.8 — — 
Total commercial loans and leases39.0 — — 
Direct installment1.2 — — 
Residential mortgages7.0 2.0 0.4 
Consumer lines of credit0.8 0.2 — 
Total consumer loans9.0 2.2 0.4 
Total$48.0 $2.2 $0.4 
(in millions)Current30-89 Days Past Due90+ Days Past Due
March 31, 2024
Commercial real estate$14.9 $— $— 
Commercial and industrial20.0 — — 
Total commercial loans and leases34.9 — — 
Direct installment2.0 — 0.2 
Residential mortgages3.1 1.1 0.8 
Consumer lines of credit1.3 0.4 — 
Total consumer loans6.4 1.5 1.0 
Total$41.3 $1.5 $1.0 

NOTE 5.    ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES
The ACL is maintained for credit losses expected in the existing loan and lease portfolio and is presented as a reserve against loans and leases on the Consolidated Balance Sheets. Loan and lease losses are charged off against the ACL, with recoveries of amounts previously charged off credited to the ACL. Provisions for credit losses are charged to operations based on management’s periodic evaluation of the appropriate level of the ACL.
29

    
Following is a summary of changes in the ACL, by loan and lease class:
TABLE 5.1
(in millions)Balance at
Beginning of
Period		Charge-
Offs		RecoveriesNet
(Charge-
Offs) Recoveries		Provision for Credit LossesBalance at
End of
Period
Three Months Ended March 31, 2025
Commercial real estate$166.9 $(7.6)$0.4 $(7.2)$13.7 $173.4 
Commercial and industrial85.6 (4.3)2.5 (1.8)4.8 88.6 
Commercial leases22.9 (0.1)— (0.1)— 22.8 
Other4.3 (1.1)0.3 (0.8)0.9 4.4 
Total commercial loans and leases279.7 (13.1)3.2 (9.9)19.4 289.2 
Direct installment29.1 (0.4)0.1 (0.3)(0.7)28.1 
Residential mortgages95.9 (0.4)0.1 (0.3)(1.5)94.1 
Indirect installment9.5 (2.2)0.4 (1.8)1.5 9.2 
Consumer lines of credit8.6 (0.3)0.1 (0.2)(0.1)8.3 
Total consumer loans143.1 (3.3)0.7 (2.6)(0.8)139.7 
Total allowance for credit losses on loans and leases422.8 (16.4)3.9 (12.5)18.6 428.9 
Allowance for unfunded loan commitments21.4 — — — (1.1)20.3 
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments$444.2 $(16.4)$3.9 $(12.5)$17.5 $449.2 
(in millions)Balance at
Beginning of
Period		Charge-
Offs		RecoveriesNet
(Charge-
Offs) Recoveries		Provision
for Credit
Losses		Balance at
End of
Period
Three Months Ended March 31, 2024
Commercial real estate$166.6 $(7.1)$0.4 $(6.7)$2.0 $161.9 
Commercial and industrial87.8 (3.9)0.8 (3.1)2.2 86.9 
Commercial leases21.2 (0.2)— (0.2)1.4 22.4 
Other3.7 (0.9)0.3 (0.6)1.0 4.1 
Total commercial loans and leases279.3 (12.1)1.5 (10.6)6.6 275.3 
Direct installment33.8 (0.2)0.2 — (3.2)30.6 
Residential mortgages70.5 — — — 8.8 79.3 
Indirect installment12.8 (2.9)0.6 (2.3)2.0 12.5 
Consumer lines of credit9.2 (0.3)0.4 0.1 (0.7)8.6 
Total consumer loans126.3 (3.4)1.2 (2.2)6.9 131.0 
Total allowance for credit losses on loans and leases405.6 (15.5)2.7 (12.8)13.5 406.3 
Allowance for unfunded loan commitments21.5 — — — 0.4 21.9 
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments$427.1 $(15.5)$2.7 $(12.8)$13.9 $428.2 
30

    
Following is a summary of changes in the AULC by portfolio segment:
TABLE 5.2
Three Months Ended
March 31,
20252024
(in millions)
Balance at beginning of period$21.4 $21.5 
Provision for unfunded loan commitments and letters of credit:
Commercial portfolio(1.1)0.5 
Consumer portfolio— (0.1)
Balance at end of period$20.3 $21.9 
The model used to calculate the ACL is dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates. Specifically, the following considerations are incorporated into the ACL calculation:
•a third-party macroeconomic forecast scenario;
•a 24-month R&S forecast period for macroeconomic factors with a reversion to the historical mean on a straight-line basis over a 12-month period; and
•the historical through-the-cycle mean was calculated using an expanded period to include a prior recessionary period.
At March 31, 2025 and December 31, 2024, we utilized a third-party consensus macroeconomic forecast reflecting the current and projected macroeconomic environment. For our ACL calculation at March 31, 2025, the macroeconomic variables that we utilized included, but were not limited to: (i) the purchase only Housing Price Index, which increases 7.0% over our R&S forecast period, (ii) a Commercial Real Estate Price Index, which increases 4.9% over our R&S forecast period, (iii) S&P Volatility, which increases 25.1% in 2025 and 0% in 2026 and (iv) personal and business bankruptcies, which increase steadily over the R&S forecast period but average below the historical through the cycle period. Macroeconomic variables that we utilized for our ACL calculation as of December 31, 2024 included, but were not limited to: (i) the purchase only Housing Price Index, which increases 7.4% over our R&S forecast period, (ii) a Commercial Real Estate Price Index, which increases 3.9% over our R&S forecast period, (iii) S&P Volatility, which increases 34.9% in 2025 and 2.5% in 2026 and (iv) personal and business bankruptcies, which increase steadily over the R&S forecast period but average below the historical through the cycle period.
The ACL on loans and leases of $428.9 million at March 31, 2025 increased $6.1 million, or 1.4%, from December 31, 2024. Our ending ACL coverage ratio at March 31, 2025 was 1.25%, unchanged from December 31, 2024. Total provision for credit losses for the three months ended March 31, 2025 was $17.5 million, compared to $13.9 million for the same period of 2024. The first quarter of 2025 reflected net charge-offs of $12.5 million, or 0.15% annualized of average total loans, compared to $12.8 million, or 0.16% annualized, in the first quarter of 2024.

31

    
NOTE 6.    LOAN SERVICING
Mortgage Loan Servicing
We retain the servicing rights on certain mortgage loans sold. The unpaid principal balance of mortgage loans serviced for others is listed below:
TABLE 6.1
(in millions)March 31,
2025		December 31,
2024
Mortgage loans sold with servicing retained$6,603 $6,429 

The following table summarizes activity relating to mortgage loans sold with servicing retained:
TABLE 6.2
Three Months Ended
March 31,
(in millions)20252024
Mortgage loans sold with servicing retained$312 $316 
Pre-tax net gains (losses) resulting from above loan sales (1)
4 6 
Mortgage servicing fees (1)
4 4 
(1) Recorded in mortgage banking operations on the Consolidated Statements of Income.
Following is a summary of activity relating to MSRs:
TABLE 6.3
Three Months Ended
March 31,
(in millions)20252024
Balance at beginning of period$70.5 $59.5 
Additions3.5 3.9 
Payoffs and curtailments(0.8)(0.5)
Impairment (charge) / recovery(0.1)0.2 
Amortization / other(0.5)(0.6)
Balance at end of period$72.6 $62.5 
Fair value, beginning of period$86.3 $71.8 
Fair value, end of period84.8 75.2 
There was a $0.2 million valuation allowance for MSRs at March 31, 2025 and $0.1 million as of December 31, 2024.
The fair value of MSRs is highly sensitive to changes in assumptions and is determined by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates and other assumptions validated through comparison to trade information, industry surveys and the use of independent third-party valuations. Changes in prepayment speed assumptions have the most significant impact on the fair value of MSRs. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSRs and as interest rates increase, mortgage loan prepayments decline, which results in an increase in the fair value of MSRs. Measurement of fair value is limited to the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different point in time.
32

    
Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions:
TABLE 6.4
(dollars in millions)March 31,
2025		December 31,
2024
Weighted average life (months)9296
Constant prepayment rate (annualized)8.1 %7.6 %
Discount rate10.1 %10.3 %
Effect on fair value due to change in interest rates:
+2.00%$10 $6 
+1.00%7 5 
+0.50%5 3 
+0.25%3 2 
-0.25%(3)(2)
-0.50%(6)(5)
-1.00%(12)(11)
-2.00%(21)(20)
-3.00%(39)(34)
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the changes in assumptions to fair value may not be linear. Also, in this table, the effects of an adverse variation in a particular assumption on the fair value of MSRs is calculated without changing any other assumptions, while, in reality, changes in one factor may result in changing another, which may magnify or contract the effect of the change.
NOTE 7.    LEASES
We have operating leases primarily for certain branches, office space, land and office equipment. We have finance leases for certain branches. Our operating leases expire at various dates through the year 2046 and generally include one or more options to renew. Our finance leases expire at various dates through the year 2051 and generally include one or more options to renew. The exercise of lease renewal options is at our sole discretion. As of March 31, 2025, we had operating lease right-of-use assets and operating lease liabilities of $198.5 million and $240.5 million, respectively, including $72.8 million in operating right-of-use assets and $104.3 million in operating lease liabilities with a related party. As of March 31, 2025, we had finance lease right-of-use assets and finance lease liabilities of $34.0 million and $36.5 million, respectively.
Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2025, we have certain operating lease agreements, primarily for administrative office space, that are expected to commence in 2025 with lease terms of up to 10 years. At commencement, it is expected that these leases will add approximately $1.9 million in right-of-use assets and $1.9 million in other liabilities. In late 2024, the majority of FNB's Pittsburgh-based employees moved into the new headquarters building, consolidating several offices, subsidiaries and support departments under one roof to create opportunities for continued efficiency, collaboration and productivity enhancements. The related party operating lease is accounted for in a manner consistent with all other leases on the basis of the legally enforceable terms and conditions of the lease and the related party represents a VIE for which we are not the primary beneficiary.
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The components of lease expense were as follows:
TABLE 7.1
Three Months Ended
March 31,
(dollars in millions)20252024
Operating lease cost$10 $10 
Variable lease cost1 1 
Finance lease cost1 1 
Total lease cost$12 $12 
Other information related to leases is as follows:
TABLE 7.2
Three Months Ended
March 31,
(dollars in millions)20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$10 $7 
Operating cash flows from finance leases$— $— 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$16 $2 
Finance leases$— $— 
Weighted average remaining lease term (years):
Operating leases119
Finance leases1719
Weighted average discount rate:
Operating leases4.0 %3.0 %
Finance leases3.6 %3.2 %
Future cash flows of lease liabilities are as follows:
TABLE 7.3
(in millions)Operating LeasesFinance LeasesTotal Leases
March 31, 2025
0 - 12 months$35 $2 $37 
13 - 24 months32 2 34 
25 - 36 months29 3 32 
37 - 48 months26 3 29 
49 - 60 months24 3 27 
Later years156 36 192 
Total lease payments302 49 351 
Less: imputed interest(61)(13)(74)
Present value of lease liabilities$241 $36 $277 
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As a lessor we offer commercial leasing services to customers in need of new or used equipment primarily within our market areas of Pennsylvania, Ohio, Maryland, North Carolina, South Carolina and West Virginia. Additional information relating to commercial leasing is provided in Note 4, “Loans and Leases” in the Notes to Consolidated Financial Statements.
NOTE 8.     VARIABLE INTEREST ENTITIES
We evaluate our interest in certain entities to determine if these entities meet the definition of a VIE and whether we are the primary beneficiary and required to consolidate the entity based on the variable interest we held both at inception and when there is a change in circumstances that requires a reconsideration.
Unconsolidated VIEs
The following table provides a summary of the assets and liabilities included in our Consolidated Financial Statements, as well as the maximum exposure to losses, associated with our interests related to VIEs for which we hold an interest, but are not the primary beneficiary. Additionally, we have an operating lease with a related party with a maximum exposure to loss of $72.8 million. For further information about this unconsolidated VIE, please see Note 7, "Leases."
TABLE 8.1
(in millions)Total AssetsTotal LiabilitiesMaximum Exposure to Loss
March 31, 2025
Trust preferred securities (1)
$3 $73 $— 
Tax credit partnerships169 68 169 
Other investments37 — 37 
Total $209 $141 $206 
December 31, 2024
Trust preferred securities (1)
$3 $73 $— 
Tax credit partnerships164 68 164 
Other investments34 — 34 
Total $201 $141 $198 
(1) Represents our investment in unconsolidated subsidiaries.
Trust-Preferred Securities
We have certain wholly-owned trusts whose assets, liabilities, equity, income and expenses are not included within our Consolidated Financial Statements. These trusts have been formed for the sole purpose of issuing TPS, from which the proceeds are then invested in our junior subordinated debentures, which are reflected in our Consolidated Balance Sheets as junior subordinated debt. The TPS are the obligations of the trusts, and as such, are not consolidated within our Consolidated Financial Statements. For additional information relating to our TPS, see Note 9, “Borrowings” in the Notes to Consolidated Financial Statements.
Each issue of the junior subordinated debentures has an interest rate equal to the corresponding TPS distribution rate. We have the right to defer payment of interest on the debentures at any time, or from time-to-time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the related debentures. During any such extension period, distributions to the TPS will also be deferred and our ability to pay dividends on our common stock will be restricted. Periodic cash payments and payments upon liquidation or redemption with respect to TPS are guaranteed by us to the extent of funds held by the trusts. The guarantee ranks subordinate and junior in right of payment to all our indebtedness to the same extent as the junior subordinated debt. The guarantee does not place a limitation on the amount of additional indebtedness that may be incurred by us.
Affordable Housing, Historic and New Market Tax Credit Partnerships
We make equity investments as a limited partner in various partnerships of affordable housing (LIHTC), historic tax credit (HTC) and new market tax credit (NMTC) programs pursuant to Sections 42, 47 and 45d of the Internal Revenue Code,
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respectively. The purpose of many of these investments is to support initiatives associated with the Community Reinvestment Act while earning a satisfactory return. The activities of the LIHTC partnerships include the development and operation of multi-family housing that is leased to qualifying residential tenants. HTC partnerships allow us to make investments in projects that involve the rehabilitation of historic structures, often combining our investments with bank financing. NMTC partnerships are designed to channel investments into distressed communities, fostering community development and stimulating economic growth. These tax credit partnerships are generally located in communities where we have a banking presence and meet the definition of a VIE; however, we are not the primary beneficiary of the entities, as the general partner or managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses beyond our own equity investment.
We apply the proportional amortization method of accounting for our investments in LIHTC, HTC and NMTC partnerships. We record our investment in tax credit partnerships as a component of other assets.
The following table presents the balances of our LIHTC, HTC and NMTC investments and related unfunded commitments:
TABLE 8.2
(in millions)March 31,
2025		December 31,
2024
Tax credit investments included in other assets$101 $96 
Unfunded tax credit investments68 68 
The following table summarizes the impact of these tax credit investments on the provision for income taxes in our Consolidated Statements of Income:
TABLE 8.3
Three Months Ended
March 31,
(in millions)20252024
Provision for income taxes:
Amortization of tax credit investments under proportional method$6 $5 
Tax credits from tax credit investments(6)(5)
Other tax benefits related to tax credit investments(1)(1)
Total impact on provision for income taxes$(1)$(1)
Other Investments
Other investments we also consider to be unconsolidated VIEs include investments in Small Business Investment Companies and other equity method investments.

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NOTE 9.    BORROWINGS
Following is a summary of short-term borrowings:
TABLE 9.1
(in millions)March 31,
2025		December 31,
2024
Securities sold under repurchase agreements$171 $165 
Federal Home Loan Bank advances1,025 585 
Federal funds purchased636 370 
Subordinated notes137 136 
Total short-term borrowings$1,969 $1,256 
Borrowings with original maturities of one year or less are classified as short-term. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are sweep accounts with next-day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount at least equal to the outstanding balance. Of the total short-term FHLB advances, $525.0 million, or 51.2%, had overnight maturities as of March 31, 2025, compared to $335.0 million, or 57.3%, as of December 31, 2024. At March 31, 2025 and December 31, 2024, none of the short-term FHLB advances were swapped to fixed rates. Federal funds purchased are overnight funds borrowed from other financial institutions. Subordinated notes are unsecured and subordinated to our other indebtedness. The short-term subordinated notes mature within one year.
Following is a summary of long-term borrowings:
TABLE 9.2
(in millions)March 31,
2025		December 31,
2024
Federal Home Loan Bank advances$1,250 $1,750 
Senior notes847 847 
Subordinated notes76 74 
Junior subordinated debt73 73 
Other subordinated debt268 268 
Total long-term borrowings$2,514 $3,012 
Our banking affiliate has available credit with the FHLB of $12.2 billion, of which $2.3 billion was utilized and included in short-term and long-term borrowings and $650.0 million was utilized for letters of credit for pledging of public funds as of March 31, 2025. These advances are secured by $17.0 billion of loans collateralized by residential mortgages, home equity lines of credit, commercial real estate and FHLB stock. The short-term borrowings are scheduled to mature in various amounts periodically during 2025 while the long-term borrowings are scheduled to mature periodically through 2028. Effective interest rates paid on long-term fixed rate FHLB advances held during 2025 ranged from 3.69% to 4.69% for the three months ended March 31, 2025 and 3.69% and 4.88% for the year ended December 31, 2024. The effective interest rate paid on variable rate long-term FHLB advances was Overnight SOFR plus an average spread of 35 basis points for the three months ended March 31, 2025 compared to an average spread of 34 basis points for the year ended December 31, 2024.
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The following table provides information relating to our senior notes and other subordinated debt as of March 31, 2025. The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes.
TABLE 9.3
(dollars in millions)Aggregate Principal Amount Issued
Net Proceeds (6)
Carrying ValueStated Maturity DateInterest
Rate
Senior Notes:
5.150% Senior Notes due August 25, 2025
$350 $347 $350 8/25/20255.150 %
5.722% Fixed-To-Floating Rate Senior Notes due December 11, 2030 (1)
500 497 497 12/11/20305.722 %
Total senior notes850 844 847 
Other Subordinated Debt:
6.980% Fixed-To-Floating Rate Subordinated Notes due 2029 (2)
120 118 119 2/14/20296.980 %
4.875% Subordinated Notes due 2025
100 98 100 10/2/20254.875 %
7.582% Fixed-To-Floating Rate Subordinated Notes due December 6, 2028 (3) (5)
25 26 24 12/6/20287.582 %
5.000% Fixed-To-Floating Rate Subordinated Note due May 29, 2030 (4) (5)
25 24 25 5/29/20305.000 %
Total other subordinated debt270 266 268 
Total$1,120 $1,110 $1,115 
(1) Fixed rate until December 11, 2029, at which time it converts to a floating rate determined by the Compounded SOFR plus 193 basis points.
(2) Floating rate effective February 14, 2024, determined by the Benchmark Replacement (three-month Chicago Mercantile Exchange (CME) term SOFR plus a tenor spread adjustment of 26 basis points) plus 240 basis points.
(3) Floating rate effective December 6, 2023, determined by the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points) plus 302 basis points.
(4) Fixed rate until May 29, 2025, at which time it converts to a floating rate determined by three-month SOFR plus 464 basis points.
(5) Assumed from an acquisition and adjusted to fair value at the time of acquisition.
(6) After deducting underwriting discounts and commissions and offering costs. For the debt assumed from acquisitions, this is the fair value of the debt at the time of the acquisition.
The junior subordinated debt is comprised of the debt securities issued by FNB, or companies we acquired, in relation to our four unconsolidated subsidiary trusts (collectively, the Trusts), which are unconsolidated VIEs, and are included on the Consolidated Balance Sheets in long-term borrowings. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in our Financial Statements. We record the distributions on the junior subordinated debt issued to the Trusts as interest expense.
The following table provides information relating to the Trusts as of March 31, 2025:
TABLE 9.4
(dollars in millions)Trust
Preferred
Securities		Common
Securities		Junior
Subordinated
Debt		Stated
Maturity
Date		Interest Rate
Rate Reset Factor
F.N.B. Statutory Trust II$22 $1 $22 6/15/20366.21 %
SOFR + 165 bps
Yadkin Valley Statutory Trust I25 1 23 12/15/20375.88 %
SOFR + 132 bps
FNB Financial Services Capital Trust I25 1 23 9/30/20356.02 %
SOFR + 146 bps
Patapsco Statutory Trust I5 — 5 12/15/20356.04 %
SOFR + 148 bps
Total$77 $3 $73 
The SOFR rate used for the rate reset factors in the above table is the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points).
Other Credit Availability
Our banking affiliate has additional unused other wholesale credit availability of $6.3 billion as of March 31, 2025.
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NOTE 10.    DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate risk, primarily by managing the amount, source, and duration of our assets and liabilities, and through the use of derivative instruments. Derivative instruments are used to reduce the effects that changes in interest rates may have on net income and cash flows. We also use derivative instruments to facilitate transactions on behalf of our customers.
All derivatives are carried on the Consolidated Balance Sheets at fair value and do not take into account the effects of master netting arrangements we have with other financial institutions. Credit risk is included in the determination of the estimated fair value of derivatives. Derivative assets are reported in the Consolidated Balance Sheets in other assets while derivative liabilities are reported in other liabilities. Cash flow activity relating to derivative assets and derivative liabilities is reported in the other, net line in operating activities on the Consolidated Statements of Cash Flows. Changes in fair value are recognized in earnings except for certain changes related to derivative instruments designated as part of a cash flow hedging relationship, which are recognized in other comprehensive income.
The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets:
TABLE 10.1
March 31, 2025December 31, 2024
NotionalFair ValueNotionalFair Value
(in millions)AmountAssetsLiabilitiesAmountAssetsLiabilities
Gross Derivatives
Subject to master netting arrangements:
Interest rate contracts – designated$2,150 $6 $— $2,400 $— $6 
Interest rate swaps – not designated5,988 68 37 5,901 96 16 
Total subject to master netting arrangements8,138 74 37 8,301 96 22 
Not subject to master netting arrangements:
Interest rate swaps – not designated5,988 37 218 5,901 16 287 
Interest rate lock commitments – not designated413 4 1 417 1 4 
Forward delivery commitments – not designated449 — 1 486 4 — 
Credit risk contracts – not designated756 — — 819 — — 
Total not subject to master netting arrangements7,606 41 220 7,623 21 291 
Total$15,744 $115 $257 $15,924 $117 $313 
Certain derivative exchanges have enacted a rule change which in effect results in the legal characterization of variation margin payments for certain derivative contracts as settlement of the derivatives mark-to-market exposure and not collateral. Accordingly, we have changed our reporting of certain derivatives to record variation margin on trades cleared through these exchanges as settled. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument.
Derivatives Designated as Hedging Instruments under GAAP
Interest Rate Contracts. We entered into interest rate derivative agreements to modify the interest rate characteristics of certain commercial loans and certain of our FHLB advances from variable rate to fixed rate in order to reduce the impact of changes in future cash flows due to market interest rate changes. These agreements are designated as cash flow hedges, in the form of interest rate swaps and collars, hedging the exposure to variability in expected future cash flows. The derivative’s gain or loss,
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including any ineffectiveness, is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same line item associated with the forecasted transaction when the forecasted transaction affects earnings.
The following table shows amounts reclassified from AOCI:
TABLE 10.2
Amount of Gain (Loss) Recognized in OCI on DerivativesLocation of Gain (Loss) Reclassified from AOCI into IncomeAmount of Gain (Loss) Reclassified from AOCI into Income
Three Months Ended
March 31,		Three Months Ended
March 31,
(in millions)2025202420252024
Derivatives in cash flow hedging relationships:
   Interest rate contracts $10 $(12)Interest income (expense)$(8)$(9)
The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships:
TABLE 10.3
Three months ended March 31,
20252024
(in millions)Interest Income - Loans and LeasesInterest Expense - Short-Term BorrowingsInterest Income - Loans and LeasesInterest Expense - Short-Term Borrowings
Total amounts of income and expense line items presented in the Consolidated Statements of Income (the effects of cash flow hedges are included in these line items)$480 $14 $481 $28 
The effects of cash flow hedging:
     Gain (loss) on cash flow hedging relationships:
     Interest rate contracts:
        Amount of gain (loss) reclassified from AOCI into net income(8)— (12)4 
As of March 31, 2025, the maximum length of time over which forecasted interest cash flows are hedged is 4.8 years. In the twelve months that follow March 31, 2025, we expect to reclassify from the amount currently reported in AOCI net derivative losses of $8.1 million ($6.3 million net of tax), in association with interest on the hedged loans. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to March 31, 2025.
There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness related to these cash flow hedges. Also, during the three months ended March 31, 2025 and 2024, there were no gains or losses from cash flow hedge derivatives reclassified to earnings because it became probable that the original forecasted transactions would not occur.
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Derivatives Not Designated as Hedging Instruments under GAAP
A description of interest rate swaps, interest rate lock commitments, forward delivery commitments and credit risk contracts can be found in Note 16, "Derivative Instruments and Hedging Activities" in the Consolidated Financial Statements included in our 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025.
Interest rate swap agreements with loan customers and with the offsetting counterparties are reported at fair value in other assets and other liabilities on the Consolidated Balance Sheets with any resulting gain or loss recorded in current period earnings as other income or other expense.
Risk participation agreements sold with notional amounts totaling $577 million as of March 31, 2025 have remaining terms ranging from five months to 16 years. Under these agreements, our maximum exposure assuming a customer defaults on their obligation to perform under certain derivative swap contracts with third parties would be $0 at both March 31, 2025 and December 31, 2024. The fair values of risk participation agreements purchased and sold were $0.1 million and $0.1 million, respectively, at March 31, 2025 and $0.1 million and $0, respectively, at December 31, 2024.
The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income:
TABLE 10.4
Three Months Ended
March 31,
(in millions)Consolidated Statements of Income Location20252024
Interest rate swapsNon-interest income - other$— $— 
Interest rate lock commitmentsMortgage banking operations— — 
Forward delivery contractsMortgage banking operations(4)4 
Credit risk contractsNon-interest income - other— — 
Counterparty Credit Risk
We are party to master netting arrangements with most of our swap derivative dealer counterparties. Collateral, usually marketable securities and/or cash, is exchanged between FNB and our counterparties, and is generally subject to thresholds and transfer minimums. For swap transactions that require central clearing, we post cash and securities to our clearing agency. Collateral positions are settled or valued daily, and adjustments to amounts received and pledged by us are made as appropriate to maintain proper collateralization for these transactions.
Certain master netting agreements contain provisions that, if violated, could cause the counterparties to request immediate settlement or demand full collateralization under the derivative instrument. If we had breached our agreements with our derivative counterparties we would be required to settle our obligations under the agreements at the termination value and would be required to pay nothing as of March 31, 2025 and $0.2 million as of December 31, 2024, in excess of amounts previously posted as collateral with the respective counterparty.
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The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset: Swap derivative transactions with customers are generally secured by rights to non-financial collateral, such as real and personal property, which is not shown in the table below.
TABLE 10.5
  Gross Amounts Not Offset in the Consolidated Balance Sheets 
(in millions)Gross Amount RecognizedGross Amount Offset in the Consolidated Balance SheetsNet Amount
Presented in
the Consolidated Balance
Sheets		Financial
Instruments Available for Offset		Collateral Received/PledgedNet
Amount
March 31, 2025
Derivative Assets
Subject to master netting arrangement$74 $— $74 $33 $41 $— 
Not subject to master netting arrangement37 — 37 
Total$111 $— $111 

Derivative Liabilities
Subject to master netting arrangement$37 $— $37 $33 $4 $— 
Not subject to master netting arrangement218 — 218 
Total$255 $— $255 

December 31, 2024
Derivative Assets
Subject to master netting arrangement$96 $— $96 $16 $80 $— 
Not subject to master netting arrangement16 — 16 
Total$112 $— $112 

Derivative Liabilities
Subject to master netting arrangement$22 $— $22 $16 $6 $— 
Not subject to master netting arrangement287 — 287 
Total$309 $— $309 

NOTE 11.    COMMITMENTS, CREDIT RISK AND CONTINGENCIES
We have commitments to extend credit and standby letters of credit that involve certain elements of credit risk in excess of the amount stated in the Consolidated Balance Sheets. Our exposure to credit loss in the event of non-performance by the customer is represented by the contractual amount of those instruments. The credit risk associated with commitments to extend credit and standby letters of credit is essentially the same as that involved in extending loans and leases to customers and is subject to normal credit policies. Since many of these commitments expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements.
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Following is a summary of off-balance sheet credit risk information:
TABLE 11.1
(in millions)March 31,
2025		December 31,
2024
Commitments to extend credit$14,143 $14,283 
Standby letters of credit291 271 
At March 31, 2025, funding of 82.1% of the commitments to extend credit was dependent on the financial condition of the customer. We have the ability to withdraw such commitments at our discretion. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Based on management’s credit evaluation of the customer, collateral may be deemed necessary. Collateral requirements vary and may include accounts receivable, inventory, property, plant and equipment and income-producing commercial properties.
Standby letters of credit are conditional commitments issued by us that may require payment at a future date. The credit risk involved in issuing letters of credit is actively monitored through review of the historical performance of our portfolios.
Our AULC for commitments that are not unconditionally cancellable, which is included in other liabilities on the Consolidated Balance Sheets, was $20.3 million at March 31, 2025 and $21.4 million at December 31, 2024. Additional information relating to the AULC is provided in Note 5, "Allowance for Credit Losses on Loans and Leases" in the Notes to Consolidated Financial Statements.
In addition to the above commitments, subordinated notes issued by FNB Financial Services, LP, a wholly-owned finance subsidiary, are fully and unconditionally guaranteed by FNB. These subordinated notes are included in the summaries of short-term borrowings and long-term borrowings in Note 9, “Borrowings” in the Notes to Consolidated Financial Statements.
Other Legal Proceedings
In the ordinary course of business, we may assert claims in legal proceedings against another party or parties, and likewise may be named as defendants in, or made parties to, pending and potential legal actions. Also, as regulated entities, we are subject to governmental and regulatory examinations, information-gathering requests, and may be subject to investigations and proceedings (both formal and informal). Such asserted or threatened claims, litigation, investigations, inquiries, regulatory and administrative proceedings typically entail matters that are considered incidental to the normal conduct of business. Claims for significant monetary damages may be asserted in many of these types of legal actions, while claims for disgorgement, reimbursement, restitution, penalties and/or other remedial actions or sanctions may be sought in regulatory matters. In these instances, if we determine that we have meritorious defenses, we will engage in an aggressive defense. However, if management determines, in consultation with counsel, that settlement of a matter is in the best interest of FNB and our shareholders, we may do so. It is inherently difficult to predict the eventual outcomes of such matters given their complexity and the particular facts and circumstances at issue in each of these matters. However, on the basis of our current knowledge and understanding, and advice of counsel, we do not believe that judgments, sanctions, settlement resolutions, regulatory actions, investigations, inquiries, settlements or orders, if any, that have arisen or may arise from these matters (either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage) will have a material adverse effect on our financial position or liquidity, although they could potentially have a material effect on net income in a given period.
In view of the inherent unpredictability of outcomes in litigation and governmental and regulatory matters, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) the matters involve novel legal theories or a large number of parties, as a matter of course, there is considerable uncertainty surrounding the timing or ultimate resolution of litigation and governmental and regulatory matters, including a possible eventual loss, financial or other commitments, fine, restitution, penalty, business or adverse reputational impact, if any, associated with each such matter. In accordance with applicable accounting guidance, we establish accruals for litigation and governmental and regulatory matters when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. We will continue to monitor such matters, including ongoing reviews, examinations, and investigations by banking regulatory agencies and other government authorities, for developments that could affect the amount of the accrual, and will adjust the accrual amount as appropriate. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably
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estimable. We believe that our accruals for legal proceedings are appropriate and, in the aggregate, are not material to our consolidated financial position, although future accruals could have a material effect on net income in a given period.
On February 5, 2024, we announced that Yadkin Bank and its successor by merger, FNBPA, reached a settlement with the DOJ and the State of North Carolina to resolve their fair lending concerns, which FNBPA disputes, related to the assessment of mortgage lending activities during a four-year period in the Winston-Salem and Charlotte, North Carolina markets that began prior to Yadkin’s merger with FNBPA in March 2017. The settlement includes FNBPA's commitment to provide $11.75 million in subsidies on mortgages and home equity loans originated in the Charlotte and Winston-Salem, North Carolina markets beginning in 2024, continuing until the full amount has been deployed. This subsidy amount is part of our existing, previously announced commitment to underserved communities, including the Winston-Salem and Charlotte markets. Importantly, the settlement was not initiated through a referral by a federal bank regulatory agency or consumer complaint, and included no civil money penalties levied against FNBPA.
NOTE 12.    STOCK INCENTIVE PLANS
Restricted Stock
We issue restricted stock unit awards to key employees under our Incentive Compensation Plan (Plan). We issue time-based awards and performance-based awards under this Plan, both of which are based on a three-year vesting period. The grant date fair value of the time-based awards is equal to the price of our common stock on the grant date. The fair value of the performance-based awards is based on a Monte-Carlo simulation valuation of our common stock as of the grant date. The assumptions used for this valuation include stock price volatility, risk-free interest rate and dividend yield. We granted 518,654 and 546,838 restricted stock units during the three months ended March 31, 2025 and 2024, respectively, including 311,194 and 328,104 performance-based restricted stock units during those same periods, respectively. We have shareholder approval under the Plan to issue up to 14,000,000 shares of common stock. As of March 31, 2025, we had 8,304,879 remaining shares available for awards under the Plan.
The unvested restricted stock unit awards are eligible to receive cash dividends or dividend equivalents which are ultimately used to purchase additional shares of stock and are subject to forfeiture if the requisite service period is not completed or the specified performance criteria are not met. These awards are subject to certain accelerated vesting provisions upon retirement, death, disability or in the event of a change in control as defined in the award agreements.
The following table summarizes the activity relating to restricted stock units during the periods indicated:
TABLE 12.1
Three Months Ended March 31,
20252024
UnitsWeighted
Average
Grant
Price per
Share		UnitsWeighted
Average
Grant
Price per
Share
Unvested units outstanding at beginning of period3,571,311 $13.38 3,502,598 $12.89 
Granted518,654 15.82 546,838 14.00 
Net adjustment269,322 — 320,315 — 
Vested(821,979)14.34 (873,153)11.12 
Forfeited/expired/canceled(22,023)12.70 (12,460)12.04 
Unvested units outstanding at end of period3,515,285 13.62 3,484,138 13.04 
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The following table provides certain information related to restricted stock units:
TABLE 12.2
Three Months Ended
March 31,
(in millions)20252024
Stock-based compensation expense$10 $9 
Tax benefit related to stock-based compensation expense2 2 
Fair value of units vested12 11 
As of March 31, 2025, there was $8.2 million of unrecognized compensation cost related to unvested restricted stock units.
The components of the restricted stock units as of March 31, 2025 are as follows:
TABLE 12.3
(dollars in millions)Service-
Based
Units		Performance-
Based
Units		Total
Unvested restricted stock units2,558,045 957,240 3,515,285 
Unrecognized compensation expense$8 $1 $9 
Intrinsic value$34 $13 $47 
Weighted average remaining life (in years)1.662.541.90
NOTE 13.      INCOME TAXES
Income Tax Expense
Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following:
TABLE 13.1
Three Months Ended
March 31,
(dollars in millions)20252024
Current income taxes:
Federal taxes$19 $17 
State taxes2 2 
Total current income taxes21 19 
Deferred income taxes:
Federal taxes9 13 
State taxes1 2 
Total deferred income taxes10 15 
Total income taxes$31 $34 
Statutory federal tax rate21.0 %21.0 %
Effective tax rate20.9 21.5 
Income tax expense was lower for the three months ended March 31, 2025 primarily due to lower pre-tax earnings.
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Deferred Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and tax purposes. Deferred tax assets and liabilities are measured based on the enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Net deferred tax assets were $34.8 million and $57.9 million at March 31, 2025 and December 31, 2024, respectively.
NOTE 14.    OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents changes in AOCI, net of tax, by component:
TABLE 14.1
(in millions)Unrealized
Net Gains (Losses) on
Debt Securities
Available
for Sale		Unrealized
Net Gains
(Losses) on
Derivative
Instruments		Unrecognized
Pension and
Postretirement
Obligations		Total
Three Months Ended March 31, 2025
Balance at beginning of period$(119)$(15)$(35)$(169)
Other comprehensive income (loss) before reclassifications33 8 1 42 
Amounts reclassified from AOCI— 6 — 6 
Net current period other comprehensive income (loss)33 14 1 48 
Balance at end of period$(86)$(1)$(34)$(121)
The amounts reclassified from AOCI related to debt securities AFS are included in net securities gains (losses) on the Consolidated Statements of Income, while the amounts reclassified from AOCI related to derivative instruments in cash flow hedge programs are generally included in interest income on loans and leases on the Consolidated Statements of Income. The tax (benefit) expense amounts reclassified from AOCI in connection with the debt securities AFS and derivative instruments reclassifications are included in income taxes on the Consolidated Statements of Income.
NOTE 15.    EARNINGS PER COMMON SHARE
Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock.
Diluted earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options and restricted shares, as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share.
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The following table sets forth the computation of basic and diluted earnings per common share:
TABLE 15.1
Three Months Ended
March 31,
(dollars in millions, except per share data)
20252024
Net income$117 $122 
Less: Preferred stock dividends— 6 
Net income available to common shareholders$117 $116 
Basic weighted average common shares outstanding361,725,530 361,246,402 
Net effect of dilutive stock options and restricted stock1,343,074 1,372,876 
Diluted weighted average common shares outstanding363,068,604 362,619,278 
Earnings per common share:
Basic$0.32 $0.32 
Diluted$0.32 $0.32 
There were no anti-dilutive shares for the three months ended March 31, 2025 and 2024.
NOTE 16.    CASH FLOW INFORMATION
Following is a summary of supplemental cash flow information:
TABLE 16.1
Three Months Ended
March 31,
(in millions)20252024
Interest paid on deposits and other borrowings$238 $229 
Transfers of loans to other real estate owned— 1 
Loans transferred to portfolio from held for sale69 
We did not have any restricted cash as of March 31, 2025 and 2024.
NOTE 17.    BUSINESS SEGMENTS
We operate in three reportable segments: Community Banking, Wealth Management and Insurance.

•The Community Banking segment provides commercial and consumer banking services. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. Consumer banking products and services include deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services.
•The Wealth Management segment provides a broad range of personal and corporate fiduciary services including the administration of decedent and trust estates. In addition, it offers various alternative products, including securities brokerage (under a third-party arrangement) and investment advisory services, mutual funds and annuities.
•The Insurance segment includes a full-service insurance brokerage service offering all lines of commercial and personal insurance through major carriers. The Insurance segment also includes a reinsurer.
The interim segmentation and measurement basis for segment profit and loss as of March 31, 2025 is consistent to December 31, 2024.
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The following table provides financial information for these segments of FNB. The information provided under the caption “Parent and Other” represents operations not considered to be reportable segments and/or general operating expenses of FNB, and includes the parent company, other non-bank subsidiaries and eliminations and adjustments to reconcile to the Consolidated Financial Statements.
TABLE 17.1
(in millions)Community
Banking		Wealth
Management		InsuranceParent and
Other		Consolidated
At or for the Three Months Ended March 31, 2025
Interest income$558 $— $— $1 $559 
Interest expense221 — — 15 236 
Net interest income (loss)337 — — (14)323 
Provision for credit losses17 — — — 17 
Non-interest income:
Service charges22 — — — 22 
Interchange and card transaction fees12 — — — 12 
Trust services— 13 — — 13 
Insurance commissions and fees— — 6 — 6 
Securities commissions and fees— 9 — — 9 
Capital markets income4 — — 1 5 
Mortgage banking operations7 — — — 7 
Other18 — — (4)14 
Total non-interest income63 22 6 (3)88 
Non-interest expense:
Salaries and employee benefits121 10 4 — 135 
Other101 4 1 5 111 
Total non-interest expense222 14 5 5 246 
Income tax expense (benefit)34 2 — (5)31 
Net income (loss)$127 $6 $1 $(17)$117 
Total assets$48,668 $50 $35 $267 $49,020 
Total loans and leases34,191 — — 44 34,235 
Total deposits38,087 — — (848)37,239 
Market value of assets under administration - FNBIA, FNTC and FNIS (1)
— 13,897 — — 13,897 
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(in millions)Community
Banking		Wealth
Management		InsuranceParent and
Other		Consolidated
At or for the Three Months Ended March 31, 2024
Interest income$542 $— $— $1 $543 
Interest expense218 — — 6 224 
Net interest income (loss)324 — — (5)319 
Provision for credit losses14 — — — 14 
Non-interest income:
Service charges21 — — — 21 
Interchange and card transaction fees13 — — — 13 
Trust services— 11 — — 11 
Insurance commissions and fees— — 7 — 7 
Securities commissions and fees— 8 — — 8 
Capital markets income5 — — 1 6 
Mortgage banking operations8 — — — 8 
Other16 — — (2)14 
Total non-interest income63 19 7 (1)88 
Non-interest expense:
Salaries and employee benefits115 11 3 — 129 
Other100 2 1 5 108 
Total non-interest expense215 13 4 5 237 
Income tax expense (benefit)34 2 1 (3)34 
Net income (loss)$124 $4 $2 $(8)$122 
Total assets$45,639 $43 $33 $181 $45,896 
Total loans and leases32,541 — — 43 32,584 
Total deposits35,049 — — (314)34,735 
Market value of assets under administration - FNBIA, FNTC and FNIS (1)
— 13,515 — — 13,515 
(1) The assets under administration are not held on our Consolidated Balance Sheets.
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NOTE 18.    FAIR VALUE MEASUREMENTS
Refer to Note 26, "Fair Value Measurements" to the Consolidated Financial Statements included in our 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025 for a description of additional valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis.
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis:
TABLE 18.1
(in millions)Level 1Level 2Level 3Total
March 31, 2025
Assets Measured at Fair Value
Debt securities available for sale
U.S. Treasury$275 $— $— $275 
U.S. government agencies— 50 — 50 
U.S. government-sponsored enterprises— 302 — 302 
Residential MBS:
Agency MBS— 698 — 698 
Agency collateralized mortgage obligations— 678 — 678 
Agency commercial MBS— 1,415 — 1,415 
States of the U.S. and political subdivisions (municipals)— 19 — 19 
Other debt securities— 40 — 40 
Total debt securities available for sale275 3,202 — 3,477 
Loans held for sale— 189 — 189 
Loans receivable— — 59 59 
Derivative financial instruments
Trading— 104 — 104 
Not for trading— 7 4 11 
Total derivative financial instruments— 111 4 115 
Total assets measured at fair value on a recurring basis$275 $3,502 $63 $3,840 
Liabilities Measured at Fair Value
Derivative financial instruments
Trading$— $255 $— $255 
Not for trading— 1 1 2 
Total derivative financial instruments— 256 1 257 
Total liabilities measured at fair value on a recurring basis$— $256 $1 $257 
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(in millions)Level 1Level 2Level 3Total
December 31, 2024
Assets Measured at Fair Value
Debt securities available for sale
U.S. Treasury$274 $— $— $274 
U.S. government agencies— 53 — 53 
U.S. government-sponsored enterprises— 300 — 300 
Residential MBS:
Agency MBS— 694 — 694 
Agency collateralized mortgage obligations— 698 — 698 
Agency commercial MBS— 1,388 — 1,388 
States of the U.S. and political subdivisions (municipals)— 22 — 22 
Other debt securities— 37 — 37 
Total debt securities available for sale274 3,192 — 3,466 
Loans held for sale— 214 — 214 
Loans receivable— — 53 53 
Derivative financial instruments
Trading— 112 — 112 
Not for trading— 4 1 5 
Total derivative financial instruments— 116 1 117 
Total assets measured at fair value on a recurring basis$274 $3,522 $54 $3,850 
Liabilities Measured at Fair Value
Derivative financial instruments
Trading$— $303 $— $303 
Not for trading— 6 4 10 
Total derivative financial instruments— 309 4 313 
Total liabilities measured at fair value on a recurring basis$— $309 $4 $313 
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The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value:
TABLE 18.2
(in millions)Other
Debt
Securities		Loans ReceivableInterest
Rate Lock
Commitments		Total
Three Months Ended March 31, 2025
Balance at beginning of period$— $53 $1 $54 
Purchases, issuances, sales and settlements:
Issuances— — 4 4 
Settlements— — (1)(1)
Transfers into Level 3— 6 — 6 
Balance at end of period$— $59 $4 $63 
Year Ended December 31, 2024
Balance at beginning of period$— $— $5 $5 
Purchases, issuances, sales and settlements:
Issuances— — 1 1 
Settlements— — (5)(5)
Transfers into Level 3— 53 — 53 
Balance at end of period$— $53 $1 $54 
We review fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation attributes may result in reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out of Level 3 at fair value at the beginning of the period in which the changes occur. During the first three months of 2025, $5.6 million was transferred to loans receivable measured using the fair value option at Level 3, compared to $46.5 million during the first three months of 2024.
From time to time, we measure certain assets at fair value on a non-recurring basis. These adjustments to fair value usually result from the application of the lower of cost or fair value accounting or write-downs of individual assets. Valuation methodologies used to measure these fair value adjustments were described in Note 26, "Fair Value Measurements" to the Consolidated Financial Statements included in our 2024 Annual Report on Form 10-K. For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios:
TABLE 18.3
(in millions)Level 1Level 2Level 3Total
March 31, 2025
Collateral dependent loans$— $— $112 $112 
Other assets - MSRs— — 19 19 
Other assets - SBA servicing asset— — 1 1 
December 31, 2024
Collateral dependent loans$— $— $105 $105 
Other assets - MSRs— — 1 1 
Other assets - SBA servicing asset— — 1 1 
Other real estate owned— — 2 2 
The fair value amounts for collateral dependent loans and OREO in the table above were estimated at a date during the three months or twelve months ended March 31, 2025 and December 31, 2024, respectively. Consequently, the fair value information presented is not necessarily as of the period’s end. Collateral dependent loans measured or re-measured at fair value on a non-recurring basis during the three months ended March 31, 2025 had a carrying amount of $112.0 million, which includes an
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allocated ACL of $23.1 million. The ACL includes a provision applicable to the current period fair value measurements of $9.8 million, which was included in provision for credit losses for the three months ended March 31, 2025.
MSRs measured at fair value on a non-recurring basis had a carrying value of $18.7 million, and a valuation allowance of $0.2 million as of March 31, 2025. The valuation allowance includes a provision of $0.1 million included in earnings for 2025.
Fair Value of Financial Instruments
Refer to Note 26, "Fair Value Measurements" to the Consolidated Financial Statements included in our 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025 for a description of methods and assumptions that were used to estimate the fair value of each financial instrument.
The fair values of our financial instruments are as follows:
TABLE 18.4
  Fair Value Measurements
(in millions)Carrying
Amount		Fair
 Value		Level 1Level 2Level 3
March 31, 2025
Financial Assets
Cash and cash equivalents$2,445 $2,445 $2,445 $— $— 
Debt securities available for sale3,477 3,477 275 3,202 — 
Debt securities held to maturity4,029 3,735 1 3,734 — 
Net loans and leases, including loans held for sale33,996 33,121 — 189 32,932 
Loan servicing rights74 86 — — 86 
Derivative assets115 115 — 111 4 
Accrued interest receivable166 166 166 — — 
Financial Liabilities
Deposits37,239 37,204 29,934 7,270 — 
Short-term borrowings1,969 1,969 1,969 — — 
Long-term borrowings2,514 2,523 — 1,251 1,272 
Derivative liabilities257 257 — 256 1 
Accrued interest payable61 61 61 — — 
December 31, 2024
Financial Assets
Cash and cash equivalents$2,419 $2,419 $2,419 $— $— 
Debt securities available for sale3,466 3,466 274 3,192 — 
Debt securities held to maturity3,979 3,644 1 3,643 — 
Net loans and leases, including loans held for sale33,734 32,648 — 214 32,434 
Loan servicing rights72 88 — — 88 
Derivative assets117 117 — 116 1 
Accrued interest receivable164 164 164 — — 
Financial Liabilities
Deposits37,107 37,070 29,607 7,463 — 
Short-term borrowings1,256 1,256 1,256 — — 
Long-term borrowings3,012 3,004 — 1,748 1,256 
Derivative liabilities313 313 — 309 4 
Accrued interest payable65 65 65 — — 
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This MD&A represents an overview of and highlights material changes to our financial condition and consolidated results of operations at and for the three-month periods ended March 31, 2025 and 2024. This MD&A should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained herein and our 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025. Our results of operations for the three months ended March 31, 2025 are not necessarily indicative of results expected for the full year.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as “anticipates,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “likely,” “may,” “might,” “objective,” “plans,” “potential,” “projects,” “remains,” “should,” “target,” “trend,” “will,” “would,” or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.
There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to:
•the credit risk associated with the substantial amount of commercial loans and leases in our loan portfolio;
•the volatility of the mortgage banking business;
•changes in market interest rates and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions;
•the impact of changes in interest rates on the value of our investment securities portfolios;
•changes in our ability to obtain liquidity as and when needed to fund our obligations as they come due, including as a result of adverse changes to our credit ratings;
•the risk associated with uninsured deposit account balances;
•regulatory limits on our ability to receive dividends from our subsidiaries and pay dividends to our shareholders;
•our ability to recruit and retain qualified banking professionals;
•the financial soundness of other financial institutions and the impact of volatility in the banking sector on us;
•changes and instability in economic conditions and financial markets, in the regions in which we operate or otherwise, including a contraction of economic activity and economic downturn;
•our ability to continue to invest in technological improvements as they become appropriate or necessary;
•any interruption in or breach in security of our information systems, or other cybersecurity risks;
•risks associated with reliance on third-party vendors;
•risks associated with the use of models, estimations and assumptions in our business;
•the effects of adverse weather events and public health emergencies;
•the risks associated with acquiring other banks and financial services businesses, including integration into our existing operations;
•the extensive federal and state regulations, supervision and examination governing almost every aspect of our operations, and potential expenses associated with complying with such regulations;
•our ability to comply with the consent orders entered into by FNBPA with the DOJ and the North Carolina State Department of Justice, and related costs and potential reputational harm;
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•changes in federal, state or local tax rules and regulations or interpretations, or accounting policies, standards and interpretations;
•the effects of climate change and related legislative and regulatory initiatives; and
•any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above.
We caution that the risks identified here are not exhaustive of the types of risks that may adversely impact us and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2024 Annual Report on Form 10-K (including the MD&A section), our subsequent 2025 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other 2025 filings with the SEC, which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC's website at www.sec.gov. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings.
You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to us. We do not undertake, and specifically disclaim any obligation, to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
APPLICATION OF CRITICAL ACCOUNTING POLICIES
A description of our critical accounting policies is included in the MD&A section of our 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025 under the heading “Application of Critical Accounting Policies”. There have been no significant changes in critical accounting policies or the assumptions and judgments utilized in applying these policies since December 31, 2024.
USE OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common shareholders, operating earnings per diluted common share, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, operating non-interest expense, efficiency ratio and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.
These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included later in this Report under the heading “Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP”.
Management believes certain items (e.g. FDIC special assessment) are not organic to running our operations and facilities. These items are considered significant items impacting earnings as they are deemed to be outside of ordinary banking activities. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction.
To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2025 and 2024 were calculated using a federal statutory income tax rate of 21%.

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FINANCIAL SUMMARY
Net income available to common shareholders for the first quarter of 2025 was $116.5 million, or $0.32 per diluted common share, compared to net income available to common shareholders for the first quarter of 2024 of $116.3 million, or $0.32 per diluted common share. On an operating basis, earnings per diluted common share (non-GAAP) was $0.32 for the first quarter of 2025, with no significant items impacting earnings, while the first quarter of 2024 was $0.34, excluding $0.02 of significant items impacting earnings.
Our tangible book value per common share (non-GAAP) grew 12.3% year-over-year to $10.83 and we produced a record CET1 regulatory capital ratio at 10.7% and tangible common equity to tangible assets ratio (non-GAAP) at 8.4%. During the first quarter, we generated sequential and year-over-year revenue growth with net interest income expansion and solid non-interest income which benefited from the continuous strategic investments made to develop and expand high-value advisory businesses. The first quarter’s annualized loan and deposit growth of 3.5% and 1.4%, respectively, in a seasonally slower quarter, demonstrated our successful focus on leveraging our technology and digital banking platform to enhance the customer experience and drive primacy. Our comprehensive and conservative approach to credit risk management led to strong and stable asset quality with net-charge-offs at a solid 0.15%. We remain prepared for a broad range of economic scenarios given our diversified and granular deposit base, consistent and conservative underwriting, solid capital and liquidity levels and sound risk management policies and governance.
Income Statement Highlights
•Net interest income totaled $323.8 million, an increase of $1.6 million, or 0.5%, from the prior quarter, primarily due to a lower cost of funds more than offsetting the impact of lower yields on earning assets and two less days in the current quarter. The FOMC lowered the target Federal Funds interest rate by 100 basis points in the latter half of 2024.
•On a linked-quarter basis, the net interest margin (FTE) (non-GAAP) remained stable down only 1 basis point to 3.03%, reflecting an 11 basis point decline in the total yield on earning assets (non-GAAP) and a 10 basis point decrease in the total cost of funds.
•The provision for credit losses was $17.5 million, a decrease of $4.8 million from the prior quarter, with net charge-offs of $12.5 million, or 0.15% annualized of total average loans, compared to $20.6 million, or 0.24% annualized, in the prior quarter.
•Non-interest income totaled $87.8 million, a slight decrease of 0.1% from the year-ago quarter, benefiting from our diversified business model and related revenue generation, including record wealth management revenues, which offset lower capital markets income due to lower commercial customer activity in the current macroeconomic environment.
•The efficiency ratio (non-GAAP) was seasonally higher but remained at a solid level of 58.5%, compared to 56.0% for the year-ago quarter and 56.9% for the prior quarter.
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Balance Sheet Highlights
•Period-end total loans and leases increased $1.7 billion, or 5.1%, compared to March 31, 2024. Consumer loans increased $964.6 million, or 8.0%, net of a $431 million indirect auto loan sale that closed in the third quarter of 2024, and commercial loans and leases increased $686.6 million, or 3.3%. Our loan growth was driven by the continued success of our strategy to grow high-quality loans and deepen customer relationships across our diverse geographic footprint.
•On a linked-quarter basis, period-end total loans and leases increased $296.4 million, or 3.5% annualized, with an increase in consumer loans of $224.3 million and commercial loans and leases of $72.1 million.
•Period-end total deposits increased $2.5 billion, or 7.2%, compared to March 31, 2024, driven by an increase of $2.2 billion in interest-bearing demand deposits and $0.6 billion in time deposits, more than offsetting the decline in savings deposits of $242.4 million and $115.1 million in non-interest-bearing demand deposits, as customers continued to opt for higher-yielding deposit products.
•On a linked-quarter basis, period-end total deposits increased $131.7 million, or 1.4% annualized, with increases in interest-bearing demand deposits of $251.9 million and non-interest-bearing demand deposits of $105.8 million in a seasonally slow quarter, more than offsetting the decline in time deposits of $194.8 million and savings deposits of $31.1 million. The ratio of non-interest-bearing demand deposits to total deposits was stable at 26% at March 31, 2025, compared to the prior quarter end.
•The loan-to-deposit ratio was 92% at March 31, 2025, compared to the prior quarter at 91%, and 94% at March 31, 2024.
•The ratio of non-performing loans plus OREO to total loans and leases plus OREO was consistent with the prior quarter at 0.48%. Total delinquency increased 11 basis points to 0.75%, compared to 0.64% at March 31, 2024, but declined 8 basis points from the prior quarter. The overall asset quality metrics continue to remain at solid levels.
•The ACL on loans and leases was $428.9 million, an increase of $22.6 million compared to March 31, 2024, with the ratio of the ACL to total loans and leases stable at 1.25%.
•Tangible book value per common share (non-GAAP) of $10.83, increased $1.19, or 12.3%, compared to March 31, 2024. AOCI reduced the tangible book value per common share (non-GAAP) by $0.34 as of March 31, 2025, primarily due to the impact of higher interest rates on the fair value of AFS securities, compared to a $0.70 reduction as of March 31, 2024, and $0.47 as of December 31, 2024.
•Record capital levels with the CET1 regulatory capital ratio at 10.70%. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.37%.
•During the first quarter of 2025, we repurchased 0.7 million shares of common stock at a weighted average share price of $13.48 for $10.0 million while maintaining capital above stated operating levels and supporting loan growth in the quarter.
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TABLE 1
Three Months Ended
March 31,
Quarterly Results Summary20252024
Reported results
Net income available to common shareholders (millions)$116.5 $116.3 
Earnings per diluted common share0.32 0.32 
Book value per common share17.86 16.71 
Operating results (non-GAAP)
Operating net income available to common shareholders (millions)116.5 122.7 
Operating earnings per diluted common share0.32 0.34 
Average diluted common shares outstanding (thousands)363,069 362,619 
Significant items impacting earnings(1) (millions)
Preferred dividend equivalent at redemption$— $(4.0)
Pre-tax branch consolidation costs— (1.2)
After-tax impact of branch consolidation costs— (0.9)
Pre-tax FDIC assessment— (4.4)
After-tax impact of FDIC assessment— (3.5)
Pre-tax reduction of previous estimated loss on indirect auto loan sale— 2.6 
After-tax impact of previous estimated loss on indirect auto loan sale— 2.1 
Total significant items after-tax$— $(6.3)
Capital measures
CET1 capital ratio10.70 %10.21 %
Tangible common equity to tangible assets (non-GAAP)8.37 7.99 
Tangible book value per common share (non-GAAP)$10.83 $9.64 
(1) Favorable (unfavorable) impact on earnings
RESULTS OF OPERATIONS

Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024
Net income available to common shareholders for the first three months of 2025 was $116.5 million, or $0.32 per diluted common share, compared to $116.3 million, or $0.32 per diluted common share for the first three months of 2024. On an operating basis (non-GAAP), net income available to common shareholders for the first three months of 2025 was $116.5 million, or $0.32 per diluted common share, compared to $122.7 million or $0.34 per diluted common share for the first three months of 2024. Net interest income totaled $323.8 million, an increase of $4.8 million, or 1.5%, compared to $319.0 million reflecting growth in earning assets partially offset by higher deposit costs resulting from balance growth in higher yielding deposit products. The net interest margin (FTE) (non-GAAP) decreased 15 basis points to 3.03%, as the yield on earning assets (non-GAAP) declined 17 basis points to 5.23%, driven by a 25 basis point decline in yields on loans to 5.68%, offset by a 35 basis point increase in yields on investment securities to 3.41%. Total cost of funds decreased 1 basis point to 2.32% with a 6 basis point decrease in interest-bearing deposit costs to 2.76%, and a decrease of 8 basis points in total borrowing costs. The provision for credit losses for the first three months of 2025 totaled $17.5 million, compared to $13.9 million with net charge-offs of $12.5 million, or 0.15% annualized of total average loans, compared to $12.8 million, or 0.16% annualized. Non-interest income totaled $87.8 million, stable compared to $87.9 million, reflecting increased service charges, strong wealth management revenues and elevated life insurance claims on bank owned life insurance. Non-interest expense totaled $246.8 million, increasing $9.7 million, or 4.1%. On an operating basis (non-GAAP), non-interest expense increased $12.7 million, or 5.4%, compared to the first three months of 2024 as the year-ago quarter included significant items impacting earnings of $3.0 million. Salaries and benefits increased $6.0 million, or 4.7%, primarily reflecting strategic hiring associated with our efforts to grow market share and continued investments in our risk management infrastructure as well as higher performance and production-related compensation. Additionally, outside services increased $3.5 million, or 15.1%, and net occupancy and equipment expense increased $2.3 million, or 5.2%.
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Financial highlights are summarized below:
TABLE 2
Three Months Ended
March 31,		$%
(dollars in thousands, except per share data)20252024ChangeChange
Net interest income$323,845 $319,008 $4,837 1.5 %
Provision for credit losses 17,489 13,890 3,599 25.9 
Non-interest income87,766 87,862 (96)(0.1)
Non-interest expense246,811 237,096 9,715 4.1 
Income taxes30,796 33,553 (2,757)(8.2)
Net income116,515 122,331 (5,816)(4.8)
Less: Preferred stock dividends— 6,005 (6,005)(100.0)
Net income available to common shareholders$116,515 $116,326 $189 0.2 %
Earnings per common share – Basic$0.32 $0.32 $— — %
Earnings per common share – Diluted0.32 0.32 — — 
Cash dividends per common share0.12 0.12 — — 
The following table presents selected financial ratios and other relevant data used to analyze our performance:
TABLE 3
 Three Months Ended
March 31,
20252024
Return on average equity7.42 %8.15 %
Return on average tangible common equity (1)
12.62 14.00 
Return on average assets0.97 1.08 
Return on average tangible assets (1)
1.06 1.17 
Equity to assets13.09 13.09 
Average equity to average assets13.14 13.22 
Tangible common equity to tangible assets (1)
8.37 7.99 
CET1 capital ratio10.70 10.21 
Dividend payout ratio37.75 37.76 
Book value per common share $17.86 $16.71 
Tangible book value per common share (1)
10.83 9.64 
(1) Non-GAAP
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The following table provides information regarding the average balances and yields earned on interest-earning assets (non-GAAP) and the average balances and rates paid on interest-bearing liabilities:
TABLE 4
 Three Months Ended March 31,
 20252024
(dollars in thousands)Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-bearing deposits with banks$1,741,006 $17,073 3.98 %$872,353 $9,178 4.23 %
Taxable investment securities (1)
6,437,681 54,635 3.40 6,121,568 45,825 2.99 
Tax-exempt investment securities (1)(2)
1,010,117 8,764 3.47 1,041,224 8,971 3.45 
Loans held for sale203,579 3,884 7.63 237,106 4,287 7.25 
Loans and leases (2) (3)
34,050,781 478,065 5.68 32,380,951 478,146 5.93 
Total interest-earning assets (2)
43,443,164 562,421 5.23 40,653,202 546,407 5.40 
Cash and due from banks393,846 410,680 
Allowance for credit losses(428,903)(409,865)
Premises and equipment538,394 469,516 
Other assets4,535,697 4,554,056 
Total assets$48,482,198 $45,677,589 
Liabilities
Deposits:
Interest-bearing demand$16,901,025 108,828 2.61 $14,554,457 94,742 2.62 
Savings3,196,361 8,133 1.03 3,411,870 9,999 1.18 
Certificates and other time7,223,878 68,867 3.87 6,299,280 65,657 4.19 
            Total interest-bearing deposits27,321,264 185,828 2.76 24,265,607 170,398 2.82 
Short-term borrowings1,374,269 14,103 4.14 2,400,104 27,701 4.63 
Long-term borrowings2,828,002 35,662 5.11 2,057,817 26,390 5.16 
Total interest-bearing liabilities31,523,535 235,593 3.03 28,723,528 224,489 3.14 
Non-interest-bearing demand deposits9,647,959 9,939,350 
Total deposits and borrowings41,171,494 2.32 38,662,878 2.33 
Other liabilities938,559 975,138 
Total liabilities42,110,053 39,638,016 
Shareholders’ equity6,372,145 6,039,573 
Total liabilities and shareholders’ equity$48,482,198 $45,677,589 
Net interest-earning assets$11,919,629 $11,929,674 
Net interest income (FTE) (2)
326,828 321,918 
Tax-equivalent adjustment(2,983)(2,910)
Net interest income$323,845 $319,008 
Net interest spread2.20 %2.26 %
Net interest margin (2)
3.03 %3.18 %
(1)The average balances and yields earned on investment securities are based on historical cost.
(2)The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP). We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.
(3)Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

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Net Interest Income
Net interest income on an FTE basis (non-GAAP) totaled $326.8 million, increasing $4.9 million, or 1.5%, reflecting growth in earning assets partially offset by higher deposit costs resulting from balance growth in higher yielding deposit products. Average earning assets grew $2.8 billion, or 6.9%, primarily driven by loan growth. Additionally, we reinvested the proceeds of the AFS securities sold in November 2024 as part of our balance sheet repositioning with an average yield of 1.41% into securities yielding 4.78% with a similar duration and convexity profile. Average interest-bearing demand deposits increased $2.3 billion, or 16.1%, with customers continuing to migrate into higher-yielding deposit products. Total average borrowings decreased $255.7 million primarily due to a decrease in FHLB borrowings, partially offset by an increase in senior debt. The net interest margin (FTE) (non-GAAP) decreased 15 basis points to 3.03%.
The following table provides certain information regarding changes in net interest income on an FTE basis (non-GAAP) attributable to changes in the average volumes and yields earned on interest-earning assets and the average volume and rates paid for interest-bearing liabilities for the three months ended March 31, 2025, compared to the three months ended March 31, 2024:
TABLE 5
(in thousands)VolumeRateNet
Interest Income (1)
Interest-bearing deposits with banks$8,443 $(548)$7,895 
Investment securities (2)
2,371 6,232 8,603 
Loans held for sale1,786 (2,189)(403)
Loans and leases (2)
(566)485 (81)
Total interest income (2)
12,034 3,980 16,014 
Interest Expense (1)
Deposits:
Interest-bearing demand20,043 (5,957)14,086 
Savings(240)(1,626)(1,866)
Certificates and other time7,354 (4,144)3,210 
Short-term borrowings(12,250)(1,348)(13,598)
Long-term borrowings9,394 (122)9,272 
Total interest expense24,301 (13,197)11,104 
Net change (2)
$(12,267)$17,177 $4,910 
(1)The amount of change not solely due to rate or volume changes was allocated between the change due to rate and the change due to volume based on the net size of the rate and volume changes.
(2)Interest income amounts are reflected on an FTE basis (non-GAAP) which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.
Interest income on an FTE basis (non-GAAP) of $562.4 million, increased $16.0 million, or 2.9%, resulting from growth in average earning assets of $2.8 billion. The increase in earning assets was primarily driven by a $1.7 billion, or 5.2%, increase in average loans and leases and an increase of $868.7 million in average cash balances. Average commercial loan growth of $725.9 million, or 3.5%, included increases of $430.7 million in commercial real estate, $174.6 million in commercial and industrial loans and $107.5 million in commercial leases. The increase in average commercial loans and leases was driven by activity across the footprint, including the South Carolina and eastern North Carolina markets with strong contributions from our commercial leasing team. The increase in commercial real estate included fundings on previously originated construction projects. Average consumer loans increased $943.9 million, or 7.9%, with a $1.3 billion increase in residential mortgages largely due to the continued successful execution in key markets and long-standing strategy of serving the purchase market. Average indirect installment loans decreased $378.7 million, or 33.3%, reflecting the $431 million sale that closed in the third quarter of 2024, partially offset by new organic growth in the portfolio. The yield on average earning assets (non-GAAP) decreased 17 basis points to 5.23%, driven by a 25-basis point decline in yields on loans to 5.68%, partially offset by a 35 basis point increase in yields on investment securities to 3.41%.
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Interest expense of $235.6 million increased $11.1 million primarily due to an increase in average interest-bearing deposits. Average total deposits increased $2.8 billion, or 8.1%, reflecting robust organic growth in new and existing customer relationships. The growth in average interest-bearing demand deposits of $2.3 billion and average time deposits of $924.6 million more than offset the decline in average non-interest-bearing demand deposits of $291.4 million and average savings deposits of $215.5 million as customers continued to migrate balances into higher-yielding products. The funding mix has slightly shifted with non-interest-bearing demand deposits comprising 26% of total deposits at March 31, 2025, compared to 29% at March 31, 2024. Average short-term borrowings decreased $1.0 billion, or 42.7%, primarily reflecting a decrease in FHLB borrowings. Average long-term borrowings increased $770.2 million, or 37.4%, primarily reflecting the December 2024 issuance of $500 million aggregate principal amount of 5.722% fixed rate / floating rate senior notes due in 2030. The rate paid on interest-bearing liabilities decreased 11 basis points from 3.14% to 3.03%. The total cost of funds decreased 1 basis point to 2.32%, with a decrease of 8 basis points in total borrowing costs and a 6 basis point decrease in interest-bearing deposit costs to 2.76%.
Provision for Credit Losses
The following table presents information regarding the provision for credit loss expense and net charge-offs:
TABLE 6
Three Months Ended
March 31,		$%
(dollars in thousands)20252024ChangeChange
Provision for credit losses on loans and leases$18,619 $13,509 $5,110 37.8 %
Provision for unfunded loan commitments(1,125)387 (1,512)(390.7)
Total provision for credit losses on loans and leases17,494 13,896 3,598 25.9 
Provision for investment securities(5)(7)2 (28.6)
Total provision for credit losses$17,489 $13,889 $3,600 25.9 %
Net loan charge-offs$12,539 $12,776 $(237)(1.9)%
Net loan charge-offs (annualized) / total average loans and leases0.15 %0.16 %
The provision for credit losses was $17.5 million, compared to $13.9 million for the first three months of 2024. The provision for credit losses for the first three months of 2025 was primarily due to loan growth and net charge-off activity. The first three months of 2025 reflected net charge-offs of $12.5 million, or 0.15% annualized of total average loans, compared to $12.8 million, or 0.16% annualized, in the first three months of 2024. The ACL on loans and leases was $428.9 million, an increase of $22.6 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.

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Non-Interest Income
The breakdown of non-interest income for the three months ended March 31, 2025 and 2024 is presented in the following table:
TABLE 7
Three Months Ended
March 31,		$%
(dollars in thousands)20252024ChangeChange
Service charges$22,355 $20,569 $1,786 8.7 %
Interchange and card transaction fees12,370 12,700 (330)(2.6)
Trust services12,400 11,424 976 8.5 
Insurance commissions and fees5,793 6,752 (959)(14.2)
Securities commissions and fees8,820 8,155 665 8.2 
Capital markets income5,323 6,331 (1,008)(15.9)
Mortgage banking operations6,993 7,914 (921)(11.6)
Dividends on non-marketable equity securities5,560 6,193 (633)(10.2)
Bank owned life insurance5,350 3,343 2,007 60.0 
Other2,802 4,481 (1,679)(37.5)
Total non-interest income$87,766 $87,862 $(96)(0.1)%
Total non-interest income was stable with a $0.1 million, or 0.1%, decline. The variances in significant individual non-interest income items are explained in the following paragraphs.
Service charges increased $1.8 million, or 8.7%, primarily due to strong treasury management activity and higher consumer transaction volumes.
Wealth management revenues increased $1.6 million, or 8.4%, to a record $21.2 million as trust income and securities commissions and fees increased 8.5% and 8.2%, respectively, through continued strong contributions across the geographic footprint. Additionally, the market value of assets under administration increased $382.0 million, or 2.8%, to $13.9 billion.
Insurance commissions and fees decreased $1.0 million, or 14.2%, primarily due to lower contingent fees during the first three months of 2025.
Capital markets income decreased $1.0 million, or 15.9%, reflecting lower commercial customer transaction activity in the current macroeconomic environment.
Mortgage banking operations income decreased $0.9 million, or 11.6%, as lower gain-on-sale margins were partially offset by higher sold loan volume. During the first three months of 2025, we sold $344.5 million of residential mortgage loans, a 4.6% increase compared to $329.2 million for the same period of 2024.
Bank owned life insurance increased $2.0 million due to elevated life insurance claims.

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Non-Interest Expense
The breakdown of non-interest expense for the three months ended March 31, 2025 and 2024 is presented in the following table:
TABLE 8
Three Months Ended
March 31,		$%
(dollars in thousands)20252024ChangeChange
Salaries and employee benefits$135,135 $129,126 $6,009 4.7 %
Net occupancy19,758 19,595 163 0.8 
Equipment25,885 23,772 2,113 8.9 
Outside services26,341 22,880 3,461 15.1 
Marketing4,573 5,431 (858)(15.8)
FDIC insurance8,483 12,662 (4,179)(33.0)
Bank shares and franchise taxes4,136 4,126 10 0.2 
Other22,500 19,504 2,996 15.4 
Total non-interest expense$246,811 $237,096 $9,715 4.1 %
Total non-interest expense of $246.8 million for the first three months of 2025 increased $9.7 million, a 4.1% increase from the same period of 2024. On an operating basis, non-interest expense (non-GAAP) increased $12.7 million, or 5.4%, when adjusting for significant items of $3.0 million in the first three months of 2024. See Table 9 in this section for a list of the significant items impacting earnings. The variances in the individual non-interest expense items are further explained in the following paragraphs.
Salaries and employee benefits increased $6.0 million, or 4.7%, primarily reflecting strategic hiring associated with our efforts to grow market share and continued investments in our risk management infrastructure, as well as higher performance and production-related compensation. Included in salaries and employee benefits in the first quarter of 2025 and 2024 were $7.6 million and $6.9 million, respectively, related to normal seasonal long-term compensation expense.
Net occupancy and equipment expense of $45.6 million increased $2.3 million, or 5.2%, largely from technology-related investments and increased occupancy costs.
Outside services increased $3.5 million, or 15.1%, with higher volume-related technology and third-party costs associated with ongoing investments in our ERM Framework.
Marketing expense of $4.6 million decreased $0.9 million, or 15.8%, primarily due the timing of certain marketing campaigns.
FDIC insurance decreased $4.2 million, or 33.0%, primarily due to special assessment expense of $4.4 million in 2024 to further replenish the FDIC's Deposit Insurance Fund associated with protecting uninsured depositors following the failed banks in early 2023 based on updated loss information provided by the FDIC.
Other non-interest expense was $22.5 million and $19.5 million for the first three months of 2025 and 2024, respectively. The first three months of 2024 included a $2.6 million reduction to the previously estimated loss on the indirect auto loan sale.
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The following table presents non-interest expense excluding significant items impacting earnings:
TABLE 9
Three Months Ended
March 31,		$%
(dollars in thousands)20252024ChangeChange
Total non-interest expense, as reported $246,811 $237,096 $9,715 4.1 %
Significant items:
   Branch consolidations — (1,194)1,194 
   FDIC special assessment— (4,408)4,408 
   Reduction in previously estimated loss on indirect auto loan sale— 2,603 (2,603)
Total non-interest expense, excluding significant items (1)
$246,811 $234,097 $12,714 5.4 %
(1) Non-GAAP
Income Taxes
The following table presents information regarding income tax expense and certain tax rates:
TABLE 10
 Three Months Ended
March 31,
(dollars in thousands)20252024
Income tax expense$30,796 $33,553 
Effective tax rate20.9 %21.5 %
Statutory federal tax rate21.0 21.0 
Income tax expense was lower for the three months ended March 31, 2025 primarily due to lower pre-tax earnings.

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FINANCIAL CONDITION
The following table presents our condensed Consolidated Balance Sheets:
TABLE 11
(dollars in millions)March 31,
2025		December 31,
2024		$
Change		%
Change
Assets
Cash and cash equivalents$2,445 $2,419 $26 1.1 %
Investment securities7,506 7,445 61 0.8 
Loans held for sale190 218 (28)(12.8)
Loans and leases, net33,806 33,516 290 0.9 
Goodwill and other intangibles2,526 2,529 (3)(0.1)
Other assets2,547 2,498 49 2.0 
Total Assets$49,020 $48,625 $395 0.8 %
Liabilities and Shareholders’ Equity
Deposits$37,239 $37,107 $132 0.4 %
Borrowings4,483 4,268 215 5.0 
Other liabilities880 948 (68)(7.2)
Total Liabilities42,602 42,323 279 0.7 
Shareholders’ Equity6,418 6,302 116 1.8 
Total Liabilities and Shareholders’ Equity$49,020 $48,625 $395 0.8 %
Lending Activity
The loan and lease portfolio consists principally of loans and leases to individuals and small- and medium-sized businesses within our primary markets 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.
Following is a summary of loans and leases:
TABLE 12
(dollars in millions)March 31,
2025		December 31,
2024		$
Change		%
Change
Commercial real estate$12,652 $12,705 $(53)(0.4)%
Commercial and industrial7,628 7,550 78 1.0 
Commercial leases782 765 17 2.2 
Other174 144 30 20.8 
Total commercial loans and leases21,236 21,164 72 0.3 
Direct installment2,656 2,676 (20)(0.7)
Residential mortgages8,184 7,986 198 2.5 
Indirect installment776 739 37 5.0 
Consumer lines of credit1,383 1,374 9 0.7 
Total consumer loans12,999 12,775 224 1.8 
Total loans and leases$34,235 $33,939 $296 0.9 %
The growth in commercial loans and leases was across our footprint. Our commercial real estate portfolio included $8.9 billion of non-owner-occupied loans of which 18.4% represented office loans. Our top 25 non-owner-occupied commercial real estate
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loans averaged approximately $22 million per exposure with the office component primarily made up of mid-sized offices located outside of central business districts with 44% of the office portfolio averaging less than $5 million per exposure. For consumer lending, average residential mortgages increased $1.3 billion, compared to the three months ended March 31, 2024, largely due to the continued successful execution in key markets and long-standing strategy of serving the purchase market.
Non-Performing Assets
Following is a summary of non-performing assets:
TABLE 13
(dollars in millions)March 31,
2025		December 31,
2024		$
Change		%
Change
Commercial real estate$82 $88 $(6)(6.8)%
Commercial and industrial51 51 — — 
Commercial leases3 3 — — 
Other2 2 — — 
Total commercial loans and leases138 144 (6)(4.2)
Direct installment3 2 1 50.0 
Residential mortgages14 7 7 100.0 
Indirect installment2 2 — — 
Consumer lines of credit4 4 — — 
Total consumer loans23 15 8 53.3 
Total non-performing loans and leases161 159 2 1.3 
Other real estate owned2 3 (1)(33.3)
Total non-performing assets$163 $162 $1 0.6 %
Non-performing assets increased slightly, $0.8 million, from $162.4 million at December 31, 2024 to $163.2 million at March 31, 2025, remaining at or near historically low levels.
Allowance for Credit Losses on Loans and Leases
The CECL model takes into consideration the expected credit losses over the life of the loan at the time the loan is originated. The model used to calculate the ACL is dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates. Specifically, the following considerations are incorporated into the ACL calculation:
•a third-party macroeconomic forecast scenario;
•a 24-month R&S forecast period for macroeconomic factors with a reversion to the historical mean on a straight-line basis over a 12-month period; and
•the historical through-the-cycle default mean calculated using an expanded period to include a prior recessionary period.
At March 31, 2025 and December 31, 2024, we utilized a third-party consensus macroeconomic forecast reflecting the current and projected macroeconomic environment. For our ACL calculation at March 31, 2025, the macroeconomic variables that we utilized included, but were not limited to: (i) the purchase only Housing Price Index, which increases 7.0% over our R&S forecast period, (ii) a Commercial Real Estate Price Index, which increases 4.9% over our R&S forecast period, (iii) S&P Volatility, which increases 25.1% in 2025 and 0% in 2026 and (iv) personal and business bankruptcies, which increase steadily over the R&S forecast period but average below the historical through-the-cycle period. Macroeconomic variables that we utilized for our ACL calculation as of December 31, 2024 included, but were not limited to: (i) the purchase only Housing Price Index, which increases 7.4% over our R&S forecast period, (ii) a Commercial Real Estate Price Index, which increases 3.9% over our R&S forecast period, (iii) S&P Volatility, which increases 34.9% in 2025 and 2.5% in 2026 and (iv) personal and business bankruptcies, which increase steadily over the R&S forecast period but average below the historical through the cycle period.
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Following is a summary of certain data related to the ACL and loans and leases:
TABLE 14
Net Loan Charge-OffsNet Loan Charge-Offs to Average LoansACL at
Three Months Ended
March 31,		Three Months Ended
March 31,		March 31,
(dollars in millions)20252024202520242025
Commercial real estate$7.2 $6.7 0.09 %0.08 %$173.4 
Commercial and industrial1.8 3.1 0.02 0.04 88.6 
Commercial leases0.1 0.2 — — 22.8 
Other commercial0.8 0.6 0.01 0.01 4.4 
Direct installment0.3 — — — 28.1 
Residential mortgages0.3 — — — 94.1 
Indirect installment1.8 2.3 0.02 0.03 9.2 
Consumer lines of credit0.2 (0.1)— — 8.3 
Total net loan charge-offs on loans and leases, net loan charge-offs (annualized)/average loans$12.5 $12.8 0.15 %0.16 %$428.9 
Allowance for credit losses/total loans and leases1.25 %1.25 %
Allowance for credit losses/non-performing loans266.93 %388.61 %
The ACL on loans and leases of $428.9 million at March 31, 2025 increased $6.1 million, or 1.4%, from December 31, 2024. Our ending ACL coverage ratio was stable at 1.25% at both March 31, 2025 and December 31, 2024. The ACL as a percentage of non-performing loans for the total portfolio increased to 267% as of March 31, 2025, compared to 265% as of December 31, 2024.
Total provision for credit losses for the three months ended March 31, 2025 was $17.5 million, compared to $13.9 million for the same period in 2024. Net charge-offs were $12.5 million for the three months ended March 31, 2025, compared to $12.8 million for the first three months of 2024.
As a result of potential tariffs, U.S. Department of Government Efficiency (DOGE) activity and other governmental policies, we completed an evaluation of the potential credit quality impacts on our loan portfolio during the first quarter. Early in the first quarter of 2025, we instituted a mandatory assessment around potential tariffs into our underwriting process. Additionally, we identified five sectors that we determined would be most impacted in our commercial and industrial (C&I) portfolio, and surveyed customers representing approximately 50% of our C&I portfolio exposures. As a result, we estimated that less than 5% of the exposures would have high direct impacts from tariffs and concluded that FNB remained well-positioned at this point in time, with manageable exposure to the most heavily tariff-impacted businesses and consumer portfolios. We will continue to diligently monitor our loan portfolio and engage in active dialogue with our customers. A wider credit quality impact could result from a slowing or a recessionary macroeconomic environment, which we monitor via our ongoing quarterly stress testing process.

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Deposits
Our primary source of funds is deposits. Our diversified and granular deposit base are provided by business, consumer and municipal customers who we serve within our footprint.
Following is a summary of deposits:
TABLE 15
(in millions)March 31,
2025		December 31,
2024		$
Change		%
Change
Non-interest-bearing demand$9,867 $9,761 $106 1.1 %
Interest-bearing demand16,920 16,668 252 1.5 
Savings3,147 3,178 (31)(1.0)
Certificates and other time deposits7,305 7,500 (195)(2.6)
Total deposits$37,239 $37,107 $132 0.4 %
Total deposits increased $131.7 million, or 0.4%, from December 31, 2024, due to growth in new and existing customer relationships more than offsetting the normal seasonal outflows in the first quarter of the year. We ended the quarter with approximately 77% of all deposits insured by the FDIC or collateralized.
Capital Resources and Regulatory Matters
Our capital position depends in part on the access to, and cost of, funding for new business initiatives, the ability to engage in expanded business activities, the ability to pay dividends and the level and nature of regulatory oversight.
The assessment of capital adequacy depends on a number of factors such as expected organic growth in the Consolidated Balance Sheet, asset quality, liquidity, earnings performance and sustainability, changing competitive conditions, regulatory changes or actions, and economic forces. We seek to maintain a strong capital base to support our growth and expansion activities, to provide stability to current operations and to promote public confidence.
Pursuant to and in compliance with applicable SEC laws, rules and regulations, we may, from time to time, issue and sell in one or more offerings any combination of common stock, preferred stock, debt securities, depositary shares, warrants, stock purchase contracts or units. On December 11, 2024, we completed a registered debt offering in which we issued $500 million aggregate principal amount of 5.722% fixed rate / floating rate senior notes due in 2030. The net proceeds of the debt offering after deducting underwriting discounts and commissions and offering costs were $496.7 million. These proceeds are expected to be used for general corporate purposes, which may include investments at the holding company level, capital to support the growth of FNBPA and refinancing of outstanding indebtedness.
Since inception of our $300 million stock purchase program, we repurchased 14.4 million shares at a weighted average share price of $11.43 for $174.3 million, with $125.7 million remaining for repurchase under this program. During the first quarter of 2025, we repurchased 0.7 million shares at a weighted average share price of $13.48 for $10.0 million. Any repurchases will be made from time to time on the open market at prevailing market prices or in privately negotiated transactions. The purchases will be funded from available working capital. There is no guarantee as to the exact number of shares that will be repurchased and we may discontinue purchases at any time. The Inflation Reduction Act of 2022 requires a 1% excise tax on stock repurchases.
On February 15, 2024, we redeemed all our 7.25% Fixed Rate / Floating Rate Non-Cumulative Perpetual Preferred Stock in the amount of $111 million. The preferred stock is no longer outstanding and dividends will no longer accrue on such securities.
Capital management is a continuous process, with capital plans and stress testing for FNB and FNBPA updated at least annually. These capital plans include assessing the adequacy of expected capital levels assuming various scenarios by projecting capital needs for a forecast period of 2-3 years beyond the current year. From time to time, we issue shares initially acquired by us as treasury stock under our various benefit plans. We may issue additional preferred or common stock to maintain our well-capitalized status.
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FNB and FNBPA are subject to various regulatory capital requirements administered by the federal banking agencies. Quantitative measures established by regulators to ensure capital adequacy require FNB and FNBPA to maintain minimum amounts and ratios of total, tier 1 and CET1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of leverage ratio (as defined). Failure to meet minimum capital requirements could lead to initiation of certain mandatory, and possibly additional discretionary actions, by regulators that, if undertaken, could have a direct material effect on our Consolidated Financial Statements, dividends and future business and corporate strategies. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, FNB and FNBPA must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. FNB’s and FNBPA’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
At March 31, 2025, the capital levels of both FNB and FNBPA exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered “well-capitalized” for regulatory purposes.
In this volatile economic and uncertain environment, we frequently run stress tests for a variety of economic situations, including severely adverse scenarios. Under these scenarios, the results of these stress tests indicate that our regulatory capital ratios would remain above the regulatory requirements and we would be able to maintain appropriate liquidity levels, demonstrating our expected ability to continue to support our customers and communities under stressful financial conditions.
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Following are the capital amounts and related ratios for FNB and FNBPA:
TABLE 16
 Actual
Well-Capitalized
Requirements (1)
Minimum Capital
Requirements plus Capital Conservation Buffer
(dollars in millions)AmountRatioAmountRatioAmountRatio
As of March 31, 2025
F.N.B. Corporation
Total capital$4,693 12.47 %$3,762 10.00 %$3,951 10.50 %
Tier 1 capital4,026 10.70 2,257 6.00 3,198 8.50 
CET14,026 10.70 n/an/a2,634 7.00 
Leverage4,026 8.72 n/an/a1,848 4.00 
Risk-weighted assets37,625 
FNBPA
Total capital$4,882 13.07 %$3,734 10.00 %$3,921 10.50 %
Tier 1 capital4,025 10.78 2,987 8.00 3,174 8.50 
CET13,944 10.56 2,427 6.50 2,614 7.00 
Leverage4,024 8.76 2,296 5.00 1,837 4.00 
Risk-weighted assets37,342 
As of December 31, 2024
F.N.B. Corporation
Total capital$4,635 12.35 %$3,755 10.00 %$3,942 10.50 %
Tier 1 capital3,971 10.58 2,253 6.00 3,191 8.50 
CET13,971 10.58 n/an/a2,628 7.00 
Leverage3,971 8.75 n/an/a1,816 4.00 
Risk-weighted assets37,546 
FNBPA
Total capital$4,794 12.86 %$3,728 10.00 %$3,914 10.50 %
Tier 1 capital3,962 10.63 2,982 8.00 3,169 8.50 
CET13,882 10.41 2,423 6.50 2,610 7.00 
Leverage3,962 8.78 2,257 5.00 1,806 4.00 
Risk-weighted assets37,280 
(1) Reflects the well-capitalized standard under Regulation Y for F.N.B. Corporation and the prompt corrective action framework for FNBPA.
In accordance with Basel III Capital Rules, the minimum capital requirements plus capital conservation buffer, which are presented for each period above, represent the minimum requirements needed to avoid limitations on distributions of dividends and certain discretionary bonus payments.
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act)
The Dodd-Frank Act broadly affects the financial services industry by establishing a framework for systemic risk oversight, creating a resolution authority for institutions determined to be systemically important, mandating higher capital and liquidity requirements, requiring banks to pay increased fees to regulatory agencies and containing numerous other provisions aimed at strengthening the sound operation of the financial services sector that significantly change the system of regulatory oversight as described in more detail under Part I, Item 1, “Business - Government Supervision and Regulation” included in our 2024 Annual Report on Form 10-K as filed with the SEC on February 27, 2025.

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LIQUIDITY
Our primary liquidity management goal is to satisfy the cash flow requirements of customers and the operating cash needs of FNB with cost-effective funding. Our Board of Directors has established an Asset/Liability Management Policy to guide management in achieving and maintaining earnings performance consistent with long-term goals, while maintaining acceptable levels of interest rate risk, a “well-capitalized” Balance Sheet and appropriate levels of liquidity. Our Board of Directors has also established Liquidity and Contingency Funding Policies to guide management in addressing the ability to identify, measure, monitor and control both normal and stressed liquidity conditions. These policies designate our ALCO as the body responsible for meeting these objectives. The ALCO, which is comprised of members of executive management, reviews liquidity on a continuous basis and approves significant changes in strategies that affect Balance Sheet or cash flow positions. Liquidity is centrally managed daily by our Treasury Department.
Parent Company Liquidity
The parent company’s funding requirements primarily consist of shareholder dividends, debt service, income taxes, operating expenses, funding of non-bank subsidiaries, and stock repurchases. The parent company’s funding sources primarily consist of dividends and interest received from FNBPA and other direct subsidiaries, net taxes collected from subsidiaries included in the consolidated tax returns, fees for services provided to subsidiaries and the issuance of debt instruments. The dividends received from FNBPA and other direct subsidiaries may be impacted by the parent’s or its subsidiaries’ capital and liquidity needs, statutory laws and regulations, corporate policies, contractual restrictions, profitability and other factors. In addition, through one of our subsidiaries, we regularly issue subordinated notes, which are guaranteed by FNB.
Management utilizes various strategies to ensure sufficient cash on hand is available to meet the parent company's funding needs. During the fourth quarter of 2024, we successfully completed an offering of fixed to floating rate senior notes maturing in December 2030 for $496.7 million in net proceeds. The issuance was met with strong investor interest and was priced with a coupon of 5.722%, a spread of 165 basis points above the yield of a comparable term Treasury Note. We have historically been opportunistic when accessing the capital markets, and we expect to continue with that strategy. The parent company's cash position at March 31, 2025 was $770.3 million, decreasing $33.1 million in part due to share repurchase activity, from December 31, 2024.
In February 2024, we redeemed all $111 million of our Series E, 7.25% Fixed Rate / Floating Rate Non-Cumulative Perpetual Preferred Stock. The Board of Directors declared the redemption of the preferred stock given its higher relative cost of capital, a 3-month SOFR + 4.60%, and our strong capital position. Our regulatory CET1 ratio and Total Capital ratios were 10.7% and 12.5%, respectively, at March 31, 2025 with the Total Capital ratio reflecting the completed preferred stock redemption.
Two metrics that are used to gauge the adequacy of the parent company’s cash position are the Liquidity Coverage Ratio (LCR) and Months of Cash on Hand (MCH). The LCR is defined as the sum of cash on hand plus projected cash inflows over the next 12 months divided by projected cash outflows over the next 12 months. The MCH is defined as the number of months of corporate expenses and dividends that can be covered by the existing cash on hand. The LCR and MCH ratios and Parent company cash on hand are presented in the following table:
TABLE 17
March 31,
2025		December 31,
2024		Internal
Limit
Liquidity coverage ratio 1.5 times1.5 times> 1 time
Months of cash on hand 12.8 months13.7 months> 12 months
Parent company cash on hand (millions)$770.3 $803.4 n/a
As previously mentioned, our parent company cash on hand increased materially due to the issuance of senior debt during the fourth quarter of 2024. The LCR at March 31, 2025 included the scheduled maturity of $350 million in senior debt due in August 2025 and $100 million of subordinated debt scheduled to mature in October 2025, which are considered cash outflows for the ratio calculations. The MCH decreased from December 31, 2024 primarily due to the smaller cash balance on hand. The projected LCR and MCH after the maturity of the senior and subordinated debt in 2025 would be 2.5 times and 16.3 months, respectively. Management has concluded that our cash levels remain appropriate given the current market environment.
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Bank Liquidity
Bank-level liquidity sources from assets include payments from loans and investments, as well as the ability to securitize, pledge or sell loans, investment securities and other assets. Liquidity sources from liabilities are generated primarily through the banking offices of FNBPA in the form of deposits and customer repurchase agreements. FNBPA also has access to reliable and cost-effective wholesale sources of liquidity. Short- and long-term funds are available for use to help fund normal business operations, and unused credit availability can be utilized to serve as contingency funding if faced with a liquidity crisis.
Over time, our liquidity position has been positively impacted by FNBPA's ability to generate growth in relationship-based deposit accounts. Organic growth in low-cost transaction deposits has been complemented by management’s continued strategy of deposit gathering efforts focused on attracting new customer relationships across our geographic footprint and deepening relationships with existing customers, in part through internal lead generation efforts leveraging our data analytics capabilities. These strategies helped management successfully grow total deposits by $131.7 million, or 0.4%, when compared to December 31, 2024, in a quarter typically reflecting seasonal deposit outflows. Interest-bearing demand deposits and non-interest-bearing demand deposits increased $251.9 million and $105.8 million, respectively, when compared to December 31, 2024 through these efforts. Time deposits declined $194.8 million and savings account balances declined $31.1 million compared to December 31, 2024. The mix of non-interest-bearing demand deposits to total deposits remained consistent with the prior quarter at 26%. The liquidity position of FNBPA was further strengthened by the sale of $431 million of indirect auto loans in the third quarter of 2024. Our loan to deposit ratio stood at 92% at March 31, 2025 compared to 91% at December 31, 2024.
At March 31, 2025, approximately 77% of our deposits were insured by the FDIC or collateralized, consistent with December 31, 2024 balances. Our cash balances held at the FRB were $1.9 billion at March 31, 2025 and $2.0 billion at December 31, 2024. Management will continue to evaluate appropriate levels of liquidity based on expected loan and deposit growth and other balance sheet activity.
The following table presents certain information relating to FNBPA’s credit availability and salable unpledged investment securities:
TABLE 18
(dollars in millions)March 31,
2025		December 31,
2024
Unused wholesale credit availability$15,639 $16,056 
Unused wholesale credit availability as a % of FNBPA assets32.1 %33.2 %
Salable unpledged government and agency securities$1,034 $927 
Salable unpledged government and agency securities as a % of FNBPA assets2.1 %1.9 %
Cash and salable unpledged government and agency securities as a % of FNBPA assets6.0 %6.0 %
Our bank-level liquidity position has remained strong. Our contingency funding policy and periodic liquidity stress testing of multiple stress scenarios is particularly valuable as we successfully manage our liquidity. A portion of our available borrowing capacity includes capacity at the FRB's Discount Window. We have no borrowings under this facility. Additional sources of unused wholesale credit availability for FNBPA include the ability to borrow from the FHLB, correspondent bank lines, and access to other funding channels. In addition to credit availability, FNBPA also has salable unpledged government and agency securities that could be utilized to meet funding needs and has excess cash to meet its pledging requirements. At March 31, 2025, FNBPA has $2.9 billion, equal to December 31, 2024, of cash and salable unpledged government and agency securities representing 6.0% of total assets. This compares to a policy minimum of 3.0%.
Another metric for measuring liquidity risk is the liquidity gap analysis. The following liquidity gap analysis as of March 31, 2025 compares the difference between our cash flows from existing earning assets and interest-bearing liabilities over future time intervals. Management calculates this ratio at least quarterly and it is reviewed regularly by ALCO. Management monitors the size of the liquidity gaps so that sources and uses of funds are reasonably matched in the normal course of business and in relation to implied forward rate expectations. A reasonably matched position lays a better foundation for dealing with additional funding needs during a potential liquidity crisis. A positive gap position means that more assets are expected to mature over the next 12 months than liabilities. The allocation of non-maturity deposits and customer repurchase agreements to the twelve-month categories is based on the estimated lives of each product.
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TABLE 19
(dollars in millions)Within
1 Month		2-3
Months		4-6
Months		7-12
Months		Total
1 Year
Assets
Loans$893 $1,638 $2,069 $3,320 $7,920 
Investments2,030 162 285 515 2,992 
2,923 1,800 2,354 3,835 10,912 
Liabilities
Non-maturity deposits320 640 960 1,920 3,840 
Time deposits1,029 1,826 2,102 1,826 6,783 
Borrowings1,673 139 620 333 2,765 
3,022 2,605 3,682 4,079 13,388 
Period Gap (Assets - Liabilities)$(99)$(805)$(1,328)$(244)$(2,476)
Cumulative Gap$(99)$(904)$(2,232)$(2,476)
Cumulative Gap to Total Assets(0.2)%(1.8)%(4.6)%(5.1)%
The twelve-month cumulative gap to total assets ratio was (5.1)% as of March 31, 2025, compared to (5.0)% as of December 31, 2024. The change in the twelve-month cumulative gap to total assets was primarily related to management's shorter-term time deposit offerings, which reduced our asset sensitivity. In addition, the ALCO regularly monitors various liquidity ratios, stress scenarios of our liquidity position and assumptions considering market disruptions, lending demand, deposit behavior, and funding availability. The stress scenarios forecast that adequate funding will be available even under severe conditions. Management believes we have sufficient liquidity available to meet our normal operating and contingency funding cash needs for the next twelve months and thereafter for the foreseeable future.
MARKET RISK
Market risk refers to potential losses arising predominately from changes in interest rates, foreign exchange rates, equity prices and commodity prices. Interest rate risk is comprised of repricing risk, basis risk, yield curve risk and options risk. We are primarily exposed to interest rate risk inherent in our lending and deposit-taking activities as a financial intermediary. To succeed in this capacity, we offer an extensive variety of financial products to meet the diverse needs of our customers. These products sometimes contribute to interest rate risk for us when product groups do not complement one another. For example, depositors may want short-term deposits, while borrowers may desire long-term loans.
Changes in market interest rates may result in changes in the fair value of our financial instruments, cash flows and net interest income. Subject to its ongoing oversight, the Board of Directors has given ALCO the responsibility for market risk management, which involves devising policy guidelines, risk measures and limits, and managing the amount of interest rate risk and its effect on net interest income and capital. We use derivative financial instruments, among other strategies, for interest rate risk management purposes.
We use an asset/liability model to measure our interest rate risk. Interest rate risk measures we utilize include earnings simulation, EVE and gap analysis. Gap analysis and EVE are static measures that do not incorporate assumptions regarding future business. Gap analysis, while a helpful diagnostic tool, displays cash flows for only a single rate environment. EVE’s long-term horizon helps identify changes in optionality and longer-term positions. However, EVE’s liquidation perspective does not translate into the earnings-based measures that are the focus of managing and valuing a going concern. Net interest income simulations explicitly measure the exposure to earnings from changes in market rates of interest. In these simulations, our current financial position is combined with assumptions regarding future business activities to calculate net interest income under various hypothetical rate scenarios. The ALCO regularly reviews earnings simulations over multiple years under various interest rate scenarios. Reviewing these various measures provides us with a comprehensive view of our interest rate risk profile, which provides the basis for balance sheet management strategies.
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The following repricing gap analysis as of March 31, 2025 compares the difference between the amount of interest-earning assets and interest-bearing liabilities subject to repricing. The allocation of non-maturity deposits and customer repurchase agreements to the one-month maturity category below is based on the estimated sensitivity of each product to changes in market rates. For example, if a product’s rate is estimated to increase by 50% as much as the market rates, then 50% of the account balance was placed in this category.
TABLE 20
(dollars in millions)Within
1 Month		2-3
Months		4-6
Months		7-12
Months		Total
1 Year
Assets
Loans$15,471 $1,102 $937 $1,675 $19,185 
Investments2,037 173 355 530 3,095 
17,508 1,275 1,292 2,205 22,280 
Liabilities
Non-maturity deposits9,759 — — — 9,759 
Time deposits1,121 1,824 2,099 1,822 6,866 
Borrowings1,658 530 636 115 2,939 
12,538 2,354 2,735 1,937 19,564 
Off-balance sheet(2,150)250 250 250 (1,400)
Period Gap (Assets – Liabilities + Off-balance sheet)$2,820 $(829)$(1,193)$518 $1,316 
Cumulative Gap$2,820 $1,991 $798 $1,316 
Cumulative Gap to Earning Assets6.4 %4.5 %1.8 %3.0 %
Management utilizes the repricing gap analysis as a diagnostic tool in managing net interest income and EVE risk measures. The positive cumulative gap positions indicate that we have a greater amount of repricing earning assets than repricing interest-bearing liabilities over the subsequent twelve months, thereby creating our current asset sensitive position. As a result of management's strategies to reduce its asset sensitive position, the twelve-month cumulative repricing gap to total assets was 3.0% as of March 31, 2025, down from 4.5% at December 31, 2024. Specific pricing actions included an emphasis on originating shorter-term time deposits so more interest-bearing liabilities will mature in less than 12 months, hence reducing the repricing gap differential.
In addition to the repricing gap analysis above, we model rate scenarios which move all rates gradually over twelve months (Rate Ramps). We also model rate scenarios which move all rates in an immediate and parallel fashion (Rate Shocks) and model scenarios that gradually change the shape of the yield curve. Using a static Balance Sheet structure and utilizing net interest income simulations, the following table presents an analysis of the potential sensitivity of our net interest income to changes in interest rates using Rate Ramps and the sensitivity of EVE using Rate Shocks. The variance percentages represent the change between the net interest income and EVE calculated under the particular rate scenario compared to the net interest income and EVE that was calculated assuming market rates as of March 31, 2025. The calculated results do not reflect management's potential actions.
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TABLE 21
March 31,
2025		December 31,
2024		ALCO
Limits
Net interest income change over 12 months (Rate Ramps):
+ 200 basis points2.7 %3.0 %(10.0)%
+ 100 basis points1.4 1.5 (10.0)
- 100 basis points(1.4)(1.5)(10.0)
- 200 basis points(2.9)(3.1)(10.0)
Economic value of equity (Rate Shocks):
+ 300 basis points5.7 4.5 (25.0)
+ 200 basis points4.2 3.3 (15.0)
+ 100 basis points2.7 1.9 (10.0)
- 100 basis points(3.9)(3.2)(10.0)
- 200 basis points(8.2)(6.9)(15.0)
There are multiple factors that influence our interest rate risk position and impact net interest income, including external factors such as the shape of the yield curve, the competitive landscape and expectations regarding future interest rates, as well as internal factors regarding product offerings, product mix and pricing and re-pricing of loans and deposits. Our current interest rate risk position is moderately asset sensitive. A key driver of this position resulted from the origination of consumer and commercial loans with short-term repricing characteristics, some of which have been swapped to a fixed rate. Total variable and adjustable-rate loans were 62.8% and 62.9% of total net loans and leases at March 31, 2025 and December 31, 2024, respectively. Forty-seven percent of our net loans and leases reprice within the next three months and are indexed to short-term SOFR, Prime and other indices. Furthermore, we regularly sell long-term fixed-rate residential mortgages in the secondary market.
Management continues to be proactive in managing our interest rate risk (IRR) position with the intention to manage to a more neutral position given the current market expectations for lower short-term interest rates. During the first three months of 2025, management adjusted the IRR position by slightly extending the duration of the investment securities portfolio, originating adjustable-rate mortgage loans with longer-duration fixed-rate reset periods, strategically meeting our customers' preferences for higher yielding deposit products, with shorter-term time deposits and utilizing borrowings with variable rates and varying maturities. As a result, the net interest income change over 12 months shown above in both the up and down rate ramp scenarios is, as intended, closer to neutral when compared to December 31, 2024.
We also utilize derivatives to manage the IRR position. These positions are used to protect the fair value of assets and liabilities by converting the contractual interest rate on a specified amount (i.e., notional amounts) to another interest rate index or to hedge the variability in cash flows attributable to the contractually specified interest rate by converting the variable rate index into a fixed rate. The volume, maturity and mix of derivative positions change periodically as we adjust our broader interest rate risk management objectives, and the balance sheet positions to be hedged. During the fourth quarter of 2024, we executed receive-fixed interest rate swaps designated as cash flow hedges for variable rate commercial loans for $1.0 billion (notional) at an average rate of 3.9% and average maturity of 42.3 months. At March 31, 2025, we have a total of $2.0 billion (notional) of these cash flow hedges at an average rate of 2.7% and average maturity of 22.8 months with the last hedge scheduled to expire in January 2030, with $0.75 billion (notional) of this total maturing in 2025 at an average rate of 0.8%. Additionally, we have a $200.0 million (notional) interest rate collar on variable rate commercial loans with strike rates between 2.8525% and 5.50% that matures in April 2026. These actions lowered our asset sensitivity.
Derivative financial instruments are also offered to enable commercial customers to meet their financing and investing objectives and for their risk management purposes. We typically enter into offsetting third-party contracts with reputable counterparties with substantially matching terms to economically hedge the exposure related to these derivatives. At March 31, 2025, the commercial customer-related interest rate swaps totaled $6.0 billion (notional), up from $5.9 billion (notional) at December 31, 2024. For additional information regarding interest rate swaps, see Note 10, "Derivative Instruments and Hedging Activities" in the Notes to Consolidated Financial Statements in this Report.
In addition to the rate ramp scenarios for net interest income changes shown above, we also model immediate interest rate shock scenarios. These results use historical long-term deposit rate beta assumptions that are regularly analyzed and adjusted as necessary for both rising and falling rate scenarios. Assuming a static Balance Sheet, a +100 basis point Rate Shock increases
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net interest income (12 months) by 1.9% at March 31, 2025 and 2.0% at December 31, 2024. For a +200 basis point Rate Shock, net interest income (12 months) increases by 3.5% at March 31, 2025 and 3.9% at December 31, 2024. The metrics for a minus 200 basis point Rate Shock are (4.2)% and (4.6)% at March 31, 2025 and December 31, 2024, respectively, and for a minus 100 basis point Rate Shock are (2.0)% and (2.2)% at March 31, 2025 and December 31, 2024, respectively. In addition to the cash flow hedges, the primary drivers of the change in net interest income in the rate shock scenarios include the mix shift of deposit products into shorter-term time deposits, the pace of deposit repricing and assumed betas and loan prepayments. These results reflect a more neutral net interest income change over 12 months in both the up and down rate shock scenarios compared to December 31, 2024, consistent with the rate ramp results.
We recognize that all asset/liability models have some inherent shortcomings. Asset/liability models require certain assumptions to be made, such as prepayment rates on interest-earning assets and repricing impact on non-maturity deposits, which may differ from actual experience. These business assumptions are based upon our experience, business plans, economic and market trends and available industry data. While management believes that its methodology for developing such assumptions is reasonable, there can be no assurance that modeled results will be achieved. Furthermore, the metrics are based upon the static Balance Sheet structure as of the valuation date and do not reflect planned growth or management actions that could be taken.
CREDIT RATINGS
Our credit ratings affect the cost and availability of short- and long-term funding and collateral requirements for certain derivative instruments.
Credit ratings are subject to ongoing review by rating agencies, which consider a number of factors, including our financial strength, performance, prospects and operations as well as other factors not under our control. Other factors that influence our credit ratings include changes to the rating agencies’ methodologies for our industry or certain security types; the rating agencies’ assessment of the general operating environment for financial services companies; our relative positions in the markets in which we compete; our various risk exposures and risk management policies and activities; pending litigation and other contingencies; our reputation; our liquidity position, diversity of funding sources and funding costs; the current and expected level and volatility of our earnings; our capital position and capital management practices; our corporate governance; current or future regulatory and legislative initiatives; and the agencies’ views on whether the U.S. government would provide meaningful support to us or our subsidiaries in a crisis.
Credit rating downgrades or negative watch warnings could negatively impact our reputation with lenders, investors and other third parties, which could also impair our ability to compete in certain markets or engage in certain transactions. In particular, holders of deposits which exceed FDIC insurance limits may perceive such a downgrade or warning negatively and withdraw all or a portion of such deposits.
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The following table presents the credit ratings for FNB and FNBPA as of March 31, 2025:
TABLE 22
Moody'sStandard & Poor'sKroll
F.N.B. Corporation
     Issuer credit ratingBaa2BBB-A-
     Senior debtBaa2BBB-A-
     Subordinated debtBaa2n/aBBB+
First National Bank of Pennsylvania
     Baseline credit assessmentBaa1n/an/a
     Issuer credit ratingBaa1BBBA
     Senior debtn/an/aA
     Subordinated debtn/an/aA-
     Bank depositsA2/P-1n/aA
     Short-term borrowingsn/aA-2K1
Outlook for F.N.B. Corporation and First National Bank of PennsylvaniaNegativeStableStable
n/a - not applicable
RISK MANAGEMENT
As a financial institution, we take on a certain amount of risk in every business decision, transaction and activity. Accordingly, we have designed an ERM Framework and risk management practices to identify, assess, monitor and report the material risks known throughout the organization in pursuit of our business strategies. Our Board of Directors and senior management have identified seven major categories of risk: credit risk, market risk, liquidity risk, operational risk, compliance risk, reputation risk and strategic risk. In its oversight role of our risk management function, the Board of Directors focuses on the strategies, analyses and conclusions of management relating to identifying, understanding and managing risks to optimize total shareholder value, while balancing prudent business and safety and soundness considerations.
We support our risk management processes and business oversight through three lines of defense and a governance structure at the Board of Directors and management levels.
The lines of defense model consists of:
•First Line of Defense - consists of our businesses and enterprise support areas that engage in risk-taking activities and are principally responsible for owning and managing the day-to-day operational activities in accordance with the risk frameworks.
•Second Line of Defense - consists of the Risk Management Department responsible for developing risk frameworks and identifying, assessing, overseeing and controlling enterprise aggregate risks independent from the First Line of Defense.
•Third Line of Defense - is Internal Audit and develops and executes a risk-based audit plan to provide assurance on the compliance and effectiveness of controls and risk management practices throughout the organization independent from the First and Second Lines of Defense.
Our Board of Directors is responsible for the oversight of management on behalf of our shareholders. The Board of Directors has assistance in carrying out its duties and may delegate authority through the following standing Board Committees:
•Audit Committee - provides oversight of our internal and external audit processes. In addition, monitors the integrity of the consolidated financial statements, internal controls over financial reporting, qualifications and independence of our audit function.
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•Nominating and Corporate Governance Committee - responsible for selecting and recommending nominees for election to the FNB and FNBPA Boards of Directors.
•Compensation Committee - reviews performance and compensation of senior management and reviews and implements compensation and benefit matters having corporate-wide significance.
•Executive Committee - joint session of the FNB and FNBPA Board of Directors to cover special matters, as deemed necessary, in between regularly scheduled board meetings.
•Risk Committee - provides oversight and approves the ERM Framework including the review and approval of risk management policies and practices, to identify, assess, monitor and report material risks.
•Credit Risk, Fair Lending and Community Reinvestment Act Committee - responsible for providing oversight of credit and lending strategies and objectives.
The Risk Committee serves as the primary point of contact between our Board of Directors and the Risk Management Council (RMC), which is the senior management level committee responsible for identifying, assessing, monitoring and reporting on enterprise-wide risks. The Risk Committee and RMC are supported by other risk management committees, including Credit Risk Committees, the Operational Risk Committee, the Compliance Risk Committee and the ALCO.
Risk appetite is an integral element of our ERM Framework and of our business and capital planning processes through our Board Risk Committee and RMC. We use our risk appetite processes to promote appropriate alignment of risk, capital and performance tactics, while also considering risk capacity and appetite constraints from both financial and non-financial risks. The Board of Directors adopted an enterprise risk appetite that defines acceptable risk limits under which we seek to operate in pursuit of optimizing returns. As such, we monitor a series of Key Risk Indicators for various business lines and operations units to measure performance alignment with our stated risk appetite. Our top-down risk appetite process serves as a limit for undue risk-taking for bottom-up planning from our various business functions. Our Board Risk Committee, in collaboration with our RMC, approves our risk appetite on an annual basis, or more frequently, as needed to reflect changes in the risk, regulatory, economic and strategic plan environments, with the goal of ensuring that our strategic plans and business operations remain consistent with our risk appetite given the current economic and regulatory environments, as well as shareholders' expectations.
Our ERM Framework provides the practices to identify, assess, control, monitor and report on risk across the organization. Reports relating to our risk appetite and strategic plans, and our ongoing monitoring thereof, and our aggregate risk profile, are regularly presented to our various management level risk oversight and planning committees and periodically reported up through our Board Risk Committee.
We continue to assess our risk management practices on an ongoing basis and are making investments as necessary to position ourselves for continued growth and heightened regulatory risk management expectations for large banking institutions with average total consolidated assets of $50 billion or more.
The Board of Directors believes that our enterprise-wide risk management process is effective and enables the Board of Directors to:
•assess the quality of the information they receive;
•understand the businesses, investments and financial, accounting, legal, regulatory and strategic considerations, and the risks that FNB faces;
•oversee and assess how senior management evaluates risk; and
•assess appropriately the quality of our enterprise-wide risk management processes.

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP
Reconciliations of non-GAAP operating measures and key performance indicators discussed in this Report to the most directly comparable GAAP financial measures are included in the following tables.
TABLE 23
Operating net income available to common shareholders
Three Months Ended
March 31,
(in thousands)20252024
Net income available to common shareholders$116,515 $116,326 
Preferred dividend at redemption— 3,995 
Branch consolidation costs— 1,194 
Tax benefit of branch consolidation costs— (251)
FDIC special assessment— 4,408 
Tax benefit of FDIC special assessment— (926)
Reduction of previous estimated loss on indirect auto loan sale— (2,603)
Tax expense of reduction of previous estimated loss on indirect auto loan sale— 547 
Operating net income available to common shareholders (non-GAAP)$116,515 $122,690 
The table above shows how operating net income available to common shareholders (non-GAAP) is derived from amounts reported in our financial statements. We believe certain charges, such as preferred dividend at redemption, FDIC special assessment, loss related to indirect auto loan sale and branch consolidation costs are not organic costs to run our operations and facilities. These costs are specific to each individual transaction, and may vary significantly based on the size and complexity of the transaction.
TABLE 24
Operating earnings per diluted common share
Three Months Ended
March 31,
 20252024
Earnings per diluted common share$0.32 $0.32 
Preferred dividend at redemption— 0.01 
Branch consolidation costs— — 
Tax benefit of branch consolidation costs— — 
FDIC special assessment— 0.01 
Tax benefit of FDIC special assessment— — 
Reduction of previous estimated loss on indirect auto loan sale— (0.01)
Tax expense of reduction of previous estimated loss on indirect auto loan sale— — 
Operating earnings per diluted common share (non-GAAP)$0.32 $0.34 
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TABLE 25
Return on average tangible common equity
 Three Months Ended
March 31,
(dollars in thousands)20252024
Net income available to common shareholders (annualized)$472,534 $467,859 
Amortization of intangibles, net of tax (annualized)12,620 14,115 
Tangible net income available to common shareholders (annualized) (non-GAAP)$485,154 $481,974 
Average total shareholders’ equity$6,372,145 $6,039,573 
Less: Average preferred shareholders' equity— (52,854)
Less: Average intangible assets (1)
(2,527,636)(2,544,032)
Average tangible common equity (non-GAAP)$3,844,509 $3,442,687 
Return on average tangible common equity (non-GAAP)12.62 %14.00 %
(1) Excludes loan servicing rights.

TABLE 26
Return on average tangible assets
 Three Months Ended
March 31,
(dollars in thousands)20252024
Net income (annualized)$472,534 $492,012 
Amortization of intangibles, net of tax (annualized)12,620 14,115 
Tangible net income (annualized) (non-GAAP)$485,154 $506,127 
Average total assets$48,482,198 $45,677,589 
Less: Average intangible assets (1)
(2,527,636)(2,544,032)
Average tangible assets (non-GAAP)$45,954,562 $43,133,557 
Return on average tangible assets (non-GAAP)1.06 %1.17 %
(1) Excludes loan servicing rights.
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TABLE 27
Tangible book value per common share
(dollars in thousands, except per share data)March 31, 2025March 31, 2024
Total shareholders’ equity$6,418,012 $6,005,562 
Less: Intangible assets (1)
(2,525,619)(2,541,911)
Tangible common equity (non-GAAP)$3,892,393 $3,463,651 
Ending common shares outstanding359,364,784 359,366,316 
Tangible book value per common share (non-GAAP)$10.83 $9.64 
(1) Excludes loan servicing rights.
TABLE 28
Tangible common equity to tangible assets
(dollars in thousands)March 31, 2025March 31, 2024
Total shareholders' equity$6,418,012 $6,005,562 
Less: Intangible assets (1)
(2,525,619)(2,541,911)
Tangible common equity (non-GAAP)$3,892,393 $3,463,651 
Total assets$49,019,742 $45,895,574 
Less: Intangible assets (1)
(2,525,619)(2,541,911)
Tangible assets (non-GAAP)$46,494,123 $43,353,663 
Tangible common equity to tangible assets (non-GAAP)8.37 %7.99 %
(1) Excludes loan servicing rights.
TABLE 29
Operating non-interest expense
Three Months Ended
March 31,
(in thousands)20252024
Non-interest expense$246,811 $237,096 
Branch consolidations— (1,194)
FDIC special assessment— (4,408)
Reduction of previous estimated loss on indirect auto loan sale— 2,603 
Operating non-interest expense (non-GAAP)$246,811 $234,097 

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Key Performance Indicators
TABLE 30
Efficiency ratio
 Three Months Ended
March 31,		Three Months Ended
(dollars in thousands)20252024December 31, 2024
Non-interest expense$246,811 $237,096 $248,200 
Less: Amortization of intangibles(3,939)(4,442)(4,298)
Less: OREO expense(315)(190)(252)
Less: Branch consolidation costs— (1,194)— 
Less: FDIC special assessment— (4,408)— 
Add: Reduction of previous estimated loss on indirect auto loan sale— 2,603 — 
Less: Tax credit-related project impairment— — (10,397)
Adjusted non-interest expense$242,557 $229,465 $233,253 
Net interest income$323,845 $319,008 $322,216 
Taxable equivalent adjustment2,983 2,910 2,931 
Non-interest income87,766 87,862 50,923 
Less: Net securities (gains) losses— — 33,980 
Adjusted net interest income (FTE) + non-interest income$414,594 $409,780 $410,050 
Efficiency ratio (FTE) (non-GAAP)58.50 %56.00 %56.88 %
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The information called for by this item is provided in the Market Risk section of "MD&A," which is included in Item 2 of this Report, and is incorporated herein by reference.
ITEM 4.    CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. FNB’s management, with the participation of our principal executive and financial officers, evaluated our disclosure controls and procedures (as defined in Rules 13a–15(e) and 15d–15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Report. Based on this evaluation, our management, including the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO), concluded that, as of the end of the period covered by this Report, our disclosure controls and procedures were effective as of such date at the reasonable assurance level as discussed below to ensure that information required to be disclosed by us in the reports we file under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
LIMITATIONS ON THE EFFECTIVENESS OF CONTROLS. FNB’s management, including the CEO and the CFO, does not expect that our disclosure controls and internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within FNB have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. In addition, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING. The CEO and the CFO have evaluated the changes to our internal control over financial reporting that occurred during our fiscal quarter ended March 31, 2025, as required by paragraph (d) of Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended, and have concluded that there were no such changes that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
The information required by this Item is set forth in the “Other Legal Proceedings” discussion in Note 11, "Commitments, Credit Risk and Contingencies" of the Notes to Consolidated Financial Statements, which is incorporated herein by reference in response to this Item.
ITEM 1A.    RISK FACTORS
For more information regarding risk factors that could affect our results of operations, financial condition and liquidity, see the risk factors disclosed in the “Risk Factors” section of our 2024 Annual Report on Form 10-K. Except as set forth below, there have been no material changes in risk factors relevant to our results of operations, financial condition or liquidity since December 31, 2024.
Global trade policies, including changing tariffs and the imposition of new or increased tariffs and related uncertainty thereof, could have a material adverse effect on our business, results of operations or financial condition.
There continues to be significant uncertainty about the future relationship between the U.S. and other countries, including with respect to trade policies, treaties, government regulations, sanctions, tariffs, and application thereof. For example, in April 2025, the U.S. government began imposing tariffs intended to address trade deficits and inconsistent economic treatment of importation between the U.S. and other countries. In response, China, among others, has announced retaliatory tariffs against certain imports from the U.S. Although we are continuing to evaluate the impact of these evolving developments, we cannot provide any assurance about the ultimate outcome or impact of these developments or other changes in trade policies, including the imposition or application of new or increased tariffs between the U.S. and other countries. Furthermore, changes to trade policies, retaliatory measures, or prolonged uncertainty in trade relationships could increase the cost of, and reduce demand for, our products and services, or customers’ ability to service debt, which would adversely impact our business. In addition, political tensions as a result of trade policies could reduce trade volume, investment and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets, which could adversely affect our business, results of operations and financial condition.
ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table provides information regarding FNB's purchases of our common stock during the quarter ended March 31, 2025.
PeriodTotal number of shares purchased Average price paid per shareTotal number of shares purchased as part of publicly announced plans or programsMaximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs
January 1 - January 31, 2025— $— — $135,741,432 
February 1 - February 28, 2025— — — 135,741,432 
March 1 - March 31, 2025741,148 13.48 741,148 125,741,435 
Total741,148 $13.48 741,148 
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.    MINE SAFETY DISCLOSURES
Not Applicable.
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ITEM 5.    OTHER INFORMATION
During the three months ended March 31, 2025, no director or officer (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) of FNB adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
ITEM 6.    EXHIBITS
Exhibit Index
Exhibit NumberDescription
31.1.
31.2.
32.1.
32.2.
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document (filed herewith).
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith).
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith).
101.LABInline XBRL Taxonomy Extension Label Linkbase Document (filed herewith).
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith).
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
  F.N.B. CORPORATION
Dated: May 7, 2025 /s/ Vincent J. Delie, Jr.
  Vincent J. Delie, Jr.
  Chairman, President and Chief Executive Officer
  (Principal Executive Officer)
Dated: May 7, 2025 /s/ Vincent J. Calabrese, Jr.
  Vincent J. Calabrese, Jr.
  Chief Financial Officer
  (Principal Financial Officer)
Dated: May 7, 2025 /s/ James L. Dutey
  James L. Dutey
  Corporate Controller
  (Principal Accounting Officer)
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