F.N.B. Corporation Reports Third Quarter 2025 Earnings

Rhea-AI Summary

F.N.B. Corporation (NYSE: FNB) reported 3Q25 net income $149.5M and EPS $0.41, a 37% YoY increase (21% on an operating non-GAAP basis). Record revenue was $457M driven by higher net interest income and record non-interest income. Pre-provision net revenue (non-GAAP) rose 11% linked-quarter to $213.9M. Net interest margin (FTE, non-GAAP) was 3.25%. Average loans were $34.8B (+3.0% YoY) and average deposits $37.9B (+6.4% YoY). CET1 ratio (estimated) was 11.0% and tangible book value per share (non-GAAP) was $11.48 (+11.1% YoY). Share repurchases totaled $12M in the quarter.

Positive

• EPS +37% YoY to $0.41
• Record revenue $457M
• Pre-provision net revenue (non-GAAP) $213.9M (+11% QoQ)
• Tangible book value per share (non-GAAP) $11.48 (+11.1% YoY)
• Estimated CET1 ratio 11.0%

Negative

• Provision for credit losses $24.0M (net charge-offs $19.7M)
• Non-performing loans ratio 0.37% (up 3 bps QoQ)
• AOCI reduced tangible book by $0.22
• Operating non-interest expense increased 5.0% (on adjusted basis)

Insights

Banking franchise strategist

F.N.B. delivered record revenue and EPS growth, driven by NII, margin expansion and strong non-interest income.

The company reported $457 million of revenue and net income available to common shareholders of $149.5 million, or $0.41 per diluted share, a 37% year-over-year reported EPS increase and 21% on an operating basis (non-GAAP). Net interest income reached a record $359.3 million and net interest margin (FTE) (non-GAAP) widened to 3.25%, supported by higher earning assets and lower funding costs.

Key dependencies include sustaining loan and deposit growth and preserving margin. Average loans rose to $34.8 billion and average deposits to $37.9 billion, with the loan-to-deposit ratio near 91%. The results rely on continued non-interest income strength (record $98.2 million) and disciplined expense control to maintain the reported operating leverage.

Watch capital and asset-quality trajectories over the next few quarters: CET1 is estimated at 11.0%, tangible book value per share (non-GAAP) expanded to $11.48, and net charge-offs ran at 0.22% annualized. Near-term indicators to monitor through Q4 2025 include margin retention, deposit mix shifts, and any material uplift or deterioration in non-performing loans and ACL coverage.

Credit and risk specialist

Asset quality and reserves remain stable while provisions and charge-offs moderate, supporting the positive earnings signal.

Provision for credit losses was $24.0 million with net charge-offs of $19.7 million, or 0.22% annualized, and the ACL to loans remained at 1.25%. Non-performing loans plus OREO held near 0.37%, and total delinquency was 0.65%, indicating stable credit metrics alongside loan growth.

Risks stem from small upticks in non-performing metrics and sensitivity to deposit repricing; the ACL increased to $437.3 million, reflecting loan growth rather than deterioration. Continued proactive credit management appears embedded in the results, but monitoring delinquency trends and the ratio of ACL to performing loan balances is prudent.

Concrete near-term items to track include quarterly net charge-off trends, any change in ACL policy, and the impact of funding cost moves on margin and credit spreads through Q1 2026. Material deviation in these metrics would materially affect the operating profitability profile shown this quarter.

Earnings per Diluted Common Share of $0.41, a 37% Increase From the Prior Year (21% on an Operating Basis (non-GAAP)), Driven By Record Revenue of $457 Million with Tangible Book Value Per Common Share (non-GAAP) Year-over-Year growth of 11%

PITTSBURGH, Oct. 16, 2025 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the third quarter of 2025 with net income available to common shareholders of $149.5 million, or $0.41 per diluted common share. Comparatively, third quarter of 2024 net income available to common shareholders totaled $110.1 million, or $0.30 per diluted common share, and second quarter of 2025 net income available to common shareholders totaled $130.7 million, or $0.36 per diluted common share.

On an operating basis, third quarter of 2025 earnings per diluted common share (non-GAAP) was $0.41, excluding ($2.3) million (pre-tax) of significant items impacting earnings. By comparison, the third quarter of 2024 was $0.34 of earnings per diluted common share (non-GAAP) on an operating basis, excluding $0.04 of earnings per diluted common share (non-GAAP) of significant items impacting earnings, and the second quarter of 2025 was $0.36 of earnings per diluted common share (non-GAAP) with no significant items impacting earnings.

"F.N.B. Corporation reported record earnings per diluted common share of $0.41, a 37% increase from the year-ago quarter and 14% increase from the prior quarter, with revenue of $457 million principally driven by growth in net interest income, margin expansion and record non-interest income. Pre-provision net revenue (non-GAAP) grew 11% linked-quarter contributing to positive operating leverage and a peer-leading efficiency ratio (non-GAAP) of 52%," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr. "Our growing profitability further strengthened capital levels to all-time highs with a CET1 regulatory capital ratio of 11% (estimated), tangible book value per share (non-GAAP) growth of 11% year-over-year and a return on tangible common equity ratio (non-GAAP) of 15%. FNB's performance is supported by our consistent underwriting standards and proactive credit risk management actions, which led to continued solid credit results for the quarter, and by our technology investments. Our investments in digital capabilities, data analytics and Artificial Intelligence enable us to broaden household penetration and increasingly serve as the primary bank for new and existing consumer and commercial clients."

Third Quarter 2025 Highlights
(All comparisons refer to the third quarter of 2024, except as noted)

• Average loans and leases totaled $34.8 billion, an increase of $1.0 billion, or 3.0%, primarily driven by consumer loan growth of $994.7 million.
• Average deposits totaled $37.9 billion, an increase of $2.3 billion, or 6.4%, as the growth in average interest-bearing demand deposits of $2.1 billion, average time deposits of $261.3 million and average non-interest-bearing demand deposits of $38.2 million more than offset the decline in average savings deposits of $155.9 million.
• On a linked-quarter basis, average loans and leases increased 3.6% annualized and average deposits increased 8.2% annualized.
• The loan-to-deposit ratio was 91% at September 30, 2025, a slight improvement compared to 92% at both June 30, 2025, and September 30, 2024.
• Net interest income totaled a record $359.3 million, an increase of $12.1 million, or 3.5%, linked-quarter, primarily due to growth in earning assets, lower cost of funds and the impact of one more day in the quarter.
• Net interest margin (FTE) (non-GAAP) equaled 3.25%, an increase of 6 basis points from the second quarter of 2025, reflecting a 3 basis point improvement in the total yield on earning assets (non-GAAP) and a 3 basis point decline in the total cost of funds.
• Non-interest income totaled a record $98.2 million, an increase of $7.2 million, or 7.9%, from the prior quarter, benefiting from our diversified business model and related revenue generation.
• Pre-provision net revenue (non-GAAP) totaled $213.9 million, an 11.4% increase from the prior quarter, driven by continued strong non-interest income generation, growth in net interest income and well managed non-interest expense.
• Provision for credit losses was $24.0 million, a decrease of $1.6 million from the prior quarter, with net charge-offs of $19.7 million, or 0.22% annualized of total average loans, compared to $21.8 million, or 0.25% annualized, in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO increased 3 basis points from the prior quarter to 0.37%, and total delinquency increased 3 basis points from the prior quarter to 0.65%. The allowance for credit losses (ACL) to total loans and leases remained stable at 1.25%. Overall, asset quality metrics remain at solid levels, reflecting continued proactive management of the loan portfolio.
• Record capital levels with the Common Equity Tier 1 (CET1) regulatory capital ratio at 11.0% (estimated), compared to 10.4% at September 30, 2024, and 10.8% at June 30, 2025. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.7%, compared to 8.2% at September 30, 2024, and 8.5% at June 30, 2025.
• Tangible book value per common share (non-GAAP) of $11.48 increased $1.15, or 11.1%, compared to September 30, 2024, and $0.34, or 3.1%, compared to June 30, 2025. Accumulated other comprehensive income/loss (AOCI) reduced the tangible book value per common share (non-GAAP) by $0.22 as of September 30, 2025, primarily due to the impact of unrealized losses on Available-for-Sale (AFS) securities, compared to a reduction of $0.43 as of September 30, 2024, and $0.26 as of June 30, 2025.
• During the third quarter of 2025, the Company repurchased $12 million, or 0.8 million shares, of common stock at a weighted average share price of $15.50 while maintaining capital above stated operating levels and supporting loan growth in the quarter.

 

Non-GAAP measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release. For more information regarding our use of non-GAAP measures, please refer to the discussion herein under the caption, "Use of Non-GAAP Financial Measures and Key Performance Indicators."

 

Quarterly Results Summary	3Q25		2Q25		3Q24
Reported results
Net income available to common shareholders (millions)	$      149.5		$      130.7		$      110.1
Earnings per diluted common share	0.41		0.36		0.30
Book value per common share	18.52		18.17		17.38
Pre-provision net revenue (non-GAAP) (millions)	213.9		192.0		163.6
Operating results (non-GAAP)
Operating net income available to common shareholders (millions)	$      147.7		$      130.7		$      122.2
Operating earnings per diluted common share	0.41		0.36		0.34
Operating pre-provision net revenue (millions)	211.6		192.0		178.8
Average diluted common shares outstanding (thousands)	361,670		362,259		362,426
Significant items impacting earnings(a) (millions)
Pre-tax FDIC special assessment reduction	$          2.3		$            —		$            —
After-tax impact of FDIC special assessment reduction	1.8		—		—
Pre-tax software impairment	—		—		(3.7)
After-tax impact of software impairment	—		—		(2.9)
Pre-tax loss related to indirect auto loan sale	—		—		(11.6)
After-tax impact of loss related to indirect auto loan sale	—		—		(9.1)
Total significant items pre-tax	$          2.3		$            —		$      (15.3)
Total significant items after-tax	$          1.8		$            —		$      (12.0)
Capital measures
Common equity tier 1 (b)	11.0 %		10.8 %		10.4 %
Tangible common equity to tangible assets (non-GAAP)	8.69		8.47		8.17
Tangible book value per common share (non-GAAP)	$      11.48		$      11.14		$      10.33
(a) Favorable (unfavorable) impact on earnings.
(b) Estimated for 3Q25.

Third Quarter 2025 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the third quarter of 2024, except as noted)

Net interest income totaled $359.3 million, an increase of $35.9 million, or 11.1%, reflecting growth in earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 17 basis points to 3.25%. The yield on earning assets (non-GAAP) decreased 15 basis points to 5.36%, driven by a 24 basis point decline in yields on loans to 5.79%, partially offset by a 41 basis point increase in yields on investment securities to 3.58%. Total cost of funds decreased 33 basis points to 2.23%, with a 42 basis point decrease in interest-bearing deposit costs to 2.66% and a 51 basis point decrease in total borrowing costs. The Federal Open Market Committee lowered the target federal funds rate by 125 basis points since August 2024.

Average loans and leases totaled $34.8 billion, an increase of $1.0 billion, or 3.0%, driven by growth of $994.7 million in consumer loans. Commercial leases increased $100.9 million, or 14.7%, driven by deepening customer relationships and increased activity in the manufacturing industry. Commercial real estate loans decreased $100.9 million, or 0.8%, while commercial and industrial loans increased slightly by $4.5 million, or 0.1%, as the growth in the North Carolina and Cleveland markets was offset by higher loan balance attrition from secondary market activity. The increase in average consumer loans included a $1.1 billion increase in residential mortgage loans largely due to the continued successful execution in key markets and long-standing strategy of serving the purchase market. Average indirect auto loans decreased $222.3 million, reflecting a sale of $431 million that closed in the third quarter of 2024, partially offset by new organic growth in the portfolio.

Average deposits totaled $37.9 billion, an increase of $2.3 billion, or 6.4%. The growth in average interest-bearing demand deposits of $2.1 billion, average time deposits of $261.3 million and average non-interest-bearing demand deposits of $38.2 million more than offset the decline in average savings deposits of $155.9 million as customers continued to migrate balances into higher-yielding products. The funding mix has slightly shifted compared to the year-ago quarter with non-interest-bearing demand deposits comprising 26% of total deposits at September 30, 2025, compared to 27% a year ago. The loan-to-deposit ratio improved to 91% at September 30, 2025, compared to 92% at September 30, 2024.

Non-interest income totaled a record $98.2 million, compared to $89.7 million. Mortgage banking operations income increased $3.6 million, or 65.8%, due to strong sold loan volumes, net positive fair value adjustments from pipeline hedging activity and a mortgage servicing rights (MSR) impairment of $2.8 million in the third quarter of 2024. Mortgage sold production increased 21% from the year-ago quarter. Capital markets income increased $1.7 million, or 27.1%, driven by record debt capital markets and international banking income, as well as contributions from customer swap activity, syndications, public finance and advisory services. Wealth Management revenues increased $1.5 million, or 8.0%, as securities commissions and fees and trust income increased 12.6% and 4.7%, respectively, through continued strong contributions across the geographic footprint. Other non-interest income increased $5.3 million, or 135.6%, primarily due to a $5.4 million recovery on an other asset previously written off as part of a 2017 acquisition.

Non-interest expense totaled $243.5 million, decreasing $5.9 million, or 2.4%. When adjusting for ($2.3) million¹ of significant items in the third quarter of 2025 and $15.3 million² of significant items in the third quarter of 2024, operating non-interest expense (non-GAAP) increased $11.6 million, or 5.0%. Salaries and employee benefits increased $5.5 million, or 4.4%, primarily reflecting strategic hiring, continued investments in our risk management infrastructure, and higher production-related compensation. Outside services increased $1.7 million, or 6.8%, due to higher volume-related technology and third-party costs. Other non-interest expense increased $3.7 million, or 17.4%, on an operating basis (non-GAAP) reflecting the impact of Community Uplift, a mortgage down payment assistance program that also includes commitments from our previously announced settlement agreement with the Department of Justice.

The ratio of non-performing loans and OREO to total loans and OREO decreased 2 basis points to 0.37%. Total delinquency decreased 14 basis points to 0.65%. Overall, asset quality metrics continue to remain at solid levels.

The provision for credit losses was $24.0 million, compared to $23.4 million. The third quarter of 2025 reflected net charge-offs of $19.7 million, or 0.22% annualized of total average loans, compared to $21.5 million, or 0.25% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $437.3 million, an increase of $17.1 million, reflecting overall loan growth and a stable ratio of the ACL to total loans and leases at 1.25%.

The effective tax rate was 21.3%, compared to 21.4% in the third quarter of 2024.

The CET1 regulatory capital ratio was 11.0% (estimated) at September 30, 2025, and 10.4% at September 30, 2024. Tangible book value per common share (non-GAAP) was $11.48 at September 30, 2025, an increase of $1.15, or 11.1%, from $10.33 at September 30, 2024. AOCI reduced the current quarter tangible book value per common share (non-GAAP) by $0.22, compared to a reduction of $0.43 at the end of the year-ago quarter.

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1 Third quarter 2025 non-interest expense significant items impacting earnings included a ($2.3) million (pre-tax) reduction in the estimated Federal Deposit Insurance Company (FDIC) special assessment related to the 2023 bank failures.

2 Third quarter 2024 non-interest expense significant items impacting earnings included an $11.6 million (pre-tax) loss on an indirect auto loan sale and a $3.7 million (pre-tax) software impairment.

Third  Quarter 2025 Results – Comparison to Prior Quarter
(All comparisons refer to the second quarter of 2025, except as noted)

Net interest income totaled $359.3 million, an increase of $12.1 million, or 3.5%, reflecting growth in earning assets, lower cost of funds and the impact of one more day in the quarter. The total yield on earning assets (non-GAAP) increased 3 basis points to 5.36%. The total cost of funds decreased 3 basis points to 2.23%, as the cost of interest-bearing deposits remained stable at 2.66% and total borrowing costs declined 6 basis points to 4.65%. Total average borrowings declined $423.7 million primarily due to the $350 million senior note offering that matured in August 2025 and the funding mix shift reflecting the growth in average deposits. The resulting net interest margin (FTE) (non-GAAP) was 3.25%, a 6 basis point increase from the prior quarter.

Average loans and leases totaled $34.8 billion, an increase of $311.8 million, or 3.6% annualized, as average consumer loans increased $431.2 million, or 13.0% annualized, and average commercial loans and leases decreased $119.4 million, or 2.2% annualized. The decrease in average commercial loans and leases included a decrease of $107.6 million in commercial real estate and $19.0 million in commercial and industrial loans reflecting elevated loan attrition in the secondary markets, partially offset by a $13.0 million increase in commercial leases. For consumer lending, average residential mortgages increased $384.4 million driven by continued seasonal growth in mortgage originations and average consumer home equity lending increased $45.7 million, or 12.9% annualized.

Average deposits totaled $37.9 billion, an increase of $766.5 million, due to organic growth in new and existing customer relationships. The increases were due to growth in average interest-bearing demand deposits of $375.2 million, average time deposits of $254.2 million, average non-interest-bearing deposit balances of $92.7 million and average savings deposit balances of $44.4 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% for both September 30, 2025 and June 30, 2025. The loan-to-deposit ratio improved to 91% at September 30, 2025 compared to 92% at June 30, 2025.

Non-interest income totaled a record $98.2 million, an increase of $7.2 million, or 7.9%, from the prior quarter. Mortgage banking operations income increased $2.9 million, or 45.6%, primarily due to strong sold loan volumes. Capital markets income increased $1.0 million, or 14.2%, driven by record debt capital markets and international banking income, as well as contributions from customer swap activity, syndications, public finance and advisory services. Other non-interest income increased $3.2 million, or 53.3%, primarily due to a $5.4 million recovery on an other asset previously written off as part of a 2017 acquisition.

Non-interest expense totaled $243.5 million, a decrease of $2.7 million, or 1.1%, compared to the prior quarter. When adjusting for ($2.3) million³ of significant items in the third quarter of 2025, operating non-interest expense (non-GAAP) decreased $0.4 million, or 0.2%. Salaries and employee benefits increased $1.7 million, or 1.3%, reflecting increased performance-related compensation while net occupancy and equipment decreased $2.5 million, or 5.2%, primarily due to lower fixed asset depreciation. The efficiency ratio (non-GAAP) totaled 52.4%, down from 54.8% in the prior quarter.

The ratio of non-performing loans and OREO to total loans and OREO increased 3 basis points to 0.37%, and delinquency increased 3 basis points to 0.65%. Overall, asset quality metrics continue to remain at solid levels. The provision for credit losses was $24.0 million, compared to $25.6 million. The third quarter of 2025 reflected net charge-offs of $19.7 million, or 0.22% annualized of total average loans, compared to $21.8 million, or 0.25% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $437.3 million, an increase of $5.2 million, with the ratio of the ACL to total loans and leases stable at 1.25%.

The effective tax rate was 21.3%, compared to 21.5%.

The CET1 regulatory capital ratio was 11.0% (estimated), compared to 10.8% at June 30, 2025. Tangible book value per common share (non-GAAP) was $11.48 at September 30, 2025, an increase of $0.34 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.22, compared to a reduction of $0.26 at the end of the prior quarter.

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3 Third quarter 2025 non-interest expense significant items impacting earnings included a ($2.3) million (pre-tax) reduction in the estimated FDIC special assessment related to the 2023 bank failures.

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 equity, 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, pre-provision net revenue (reported), operating pre-provision net revenue, 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 release 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%.

Cautionary Statement Regarding Forward-Looking Information

This document 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," "positioned," "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, the U.S. federal government shutdown 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, economic downturn or uncertainty and international conflict;
• 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 First National Bank of Pennsylvania with the Department of Justice and the North Carolina State Department of Justice, and related costs and potential reputational harm;
• 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.

FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB 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 Securities and Exchange Commission (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 FNB. FNB does not undertake, and specifically disclaims 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.

Conference Call
F.N.B. Corporation (NYSE: FNB) announced the financial results for the third quarter of 2025 after the market close on Thursday, October 16, 2025. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company's financial results on Friday, October 17, 2025 at 8:30 AM ET.

A live listen-only webcast of the conference call will be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com. Participants can access the link under the "About Us" tab and clicking on "Investor Relations" then "Investor Conference Calls." The live webcast will open approximately 30 minutes prior to the start of the call.

To participate in the Q&A portion of the call, dial 844-802-2440 (for domestic callers) or 412-317-5133 (for international callers). Pre-registration can be accessed at https://dpregister.com/sreg/10203302/ffffc5f3a0. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call.

Presentation slides and the earnings release will also be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.

Following the call, a replay of the conference call will be available via the webcast link under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.

About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's 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 Company has total assets of $50 billion and approximately 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, 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. The consumer banking segment 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. FNB's wealth management services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.

 

F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
							% Variance
							3Q25		3Q25		For the Nine Months Ended September 30,				%
	3Q25		2Q25		3Q24		2Q25		3Q24		2025		2024		Var.
Interest Income
Loans and leases, including fees	$ 511,045		$ 500,767		$ 515,948		2.1		(1.0)		$   1,492,386		$   1,491,226		0.1
Securities:
Taxable	59,718		57,168		48,541		4.5		23.0		171,736		142,391		20.6
Tax-exempt	6,923		6,918		7,007		0.1		(1.2)		20,781		21,179		(1.9)
Other	18,286		17,788		11,276		2.8		62.2		53,147		28,661		85.4
Total Interest Income	595,972		582,641		582,772		2.3		2.3		1,738,050		1,683,457		3.2
Interest Expense
Deposits	187,567		181,190		199,036		3.5		(5.8)		554,585		549,394		0.9
Short-term borrowings	17,764		20,132		29,934		(11.8)		(40.7)		51,999		90,472		(42.5)
Long-term borrowings	31,369		34,123		30,473		(8.1)		2.9		101,153		85,364		18.5
Total Interest Expense	236,700		235,445		259,443		0.5		(8.8)		707,737		725,230		(2.4)
Net Interest Income	359,272		347,196		323,329		3.5		11.1		1,030,313		958,227		7.5
Provision for credit losses	23,991		25,601		23,438		(6.3)		2.4		67,081		57,517		16.6
Net Interest Income After       Provision for Credit Losses	335,281		321,595		299,891		4.3		11.8		963,232		900,710		6.9
Non-Interest Income
Service charges	23,191		22,930		24,024		1.1		(3.5)		68,476		67,925		0.8
Interchange and card transaction fees	13,424		13,254		12,922		1.3		3.9		39,048		38,627		1.1
Trust services	11,647		11,591		11,120		0.5		4.7		35,638		34,019		4.8
Insurance commissions and fees	4,495		5,108		5,118		(12.0)		(12.2)		15,396		17,843		(13.7)
Securities commissions and fees	8,868		8,882		7,876		(0.2)		12.6		26,570		24,011		10.7
Capital markets income	7,875		6,897		6,194		14.2		27.1		20,095		17,668		13.7
Mortgage banking operations	9,183		6,306		5,540		45.6		65.8		22,482		20,410		10.2
Dividends on non-marketable equity securities	6,110		6,168		6,560		(0.9)		(6.9)		17,838		19,648		(9.2)
Bank owned life insurance	4,208		3,838		6,470		9.6		(35.0)		13,396		13,232		1.2
Net securities gains (losses)	—		58		(28)		n/m		n/m		58		(31)		n/m
Other	9,169		5,983		3,892		53.3		135.6		17,954		12,120		48.1
Total Non-Interest Income	98,170		91,015		89,688		7.9		9.5		276,951		265,472		4.3
Non-Interest Expense
Salaries and employee benefits	131,575		129,842		126,066		1.3		4.4		396,552		376,109		5.4
Net occupancy	19,161		19,299		22,384		(0.7)		(14.4)		58,218		60,611		(3.9)
Equipment	25,662		27,988		23,469		(8.3)		9.3		79,535		71,576		11.1
Outside services	26,033		25,317		24,383		2.8		6.8		77,691		70,513		10.2
Marketing	5,517		5,017		6,023		10.0		(8.4)		15,107		15,460		(2.3)
FDIC insurance	6,351		8,922		10,064		(28.8)		(36.9)		23,756		32,680		(27.3)
Bank shares and franchise taxes	3,959		3,960		3,931		—		0.7		12,055		11,987		0.6
Other	25,277		25,880		33,111		(2.3)		(23.7)		73,657		74,203		(0.7)
Total Non-Interest Expense	243,535		246,225		249,431		(1.1)		(2.4)		736,571		713,139		3.3
Income Before Income Taxes	189,916		166,385		140,148		14.1		35.5		503,612		453,043		11.2
Income tax expense	40,407		35,715		30,045		13.1		34.5		106,918		97,572		9.6
Net Income	149,509		130,670		110,103		14.4		35.8		396,694		355,471		11.6
Preferred stock dividends	—		—		—		—		—		—		6,005		(100.0)
Net Income Available to Common Shareholders	$ 149,509		$ 130,670		$ 110,103		14.4		35.8		$      396,694		$      349,466		13.5
Earnings per Common Share
Basic	$       0.41		$       0.36		$       0.30		13.9		36.7		$            1.10		$            0.97		13.4
Diluted	0.41		0.36		0.30		13.9		36.7		1.09		0.96		13.5
Cash Dividends per Common Share	0.12		0.12		0.12		—		—		0.36		0.36		—
n/m - not meaningful

 

F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(Unaudited)
							% Variance
							3Q25		3Q25
	3Q25		2Q25		3Q24		2Q25		3Q24
Assets
Cash and due from banks	$          474		$          535		$          596		(11.4)		(20.5)
Interest-bearing deposits with banks	1,939		1,892		1,482		2.5		30.8
Cash and Cash Equivalents	2,413		2,427		2,078		(0.6)		16.1
Securities available for sale	3,620		3,580		3,494		1.1		3.6
Securities held to maturity	4,049		4,115		3,820		(1.6)		6.0
Loans held for sale	278		296		193		(6.1)		44.0
Loans and leases, net of unearned income	34,957		34,679		33,717		0.8		3.7
Allowance for credit losses on loans and leases	(437)		(432)		(420)		1.2		4.0
Net Loans and Leases	34,520		34,247		33,297		0.8		3.7
Premises and equipment, net	557		557		505		—		10.3
Goodwill	2,480		2,480		2,478		—		0.1
Core deposit and other intangible assets, net	40		44		56		(9.1)		(28.6)
Bank owned life insurance	668		665		657		0.5		1.7
Other assets	1,264		1,314		1,398		(3.8)		(9.6)
Total Assets	$    49,889		$    49,725		$    47,976		0.3		4.0
Liabilities
Deposits:
Non-interest-bearing demand	$      9,969		$      9,872		$      9,870		1.0		1.0
Interest-bearing demand	17,803		17,292		15,999		3.0		11.3
Savings	3,114		3,071		3,231		1.4		(3.6)
Certificates and other time deposits	7,555		7,513		7,671		0.6		(1.5)
Total Deposits	38,441		37,748		36,771		1.8		4.5
Short-term borrowings	1,905		1,876		1,562		1.5		22.0
Long-term borrowings	2,099		2,692		2,515		(22.0)		(16.5)
Other liabilities	808		885		879		(8.7)		(8.1)
Total Liabilities	43,253		43,201		41,727		0.1		3.7
Shareholders' Equity
Common stock	4		4		4		—		—
Additional paid-in capital	4,693		4,691		4,693		—		—
Retained earnings	2,218		2,112		1,886		5.0		17.6
Accumulated other comprehensive loss	(77)		(92)		(154)		(16.3)		(50.0)
Treasury stock	(202)		(191)		(180)		5.8		12.2
Total Shareholders' Equity	6,636		6,524		6,249		1.7		6.2
Total Liabilities and Shareholders' Equity	$    49,889		$    49,725		$    47,976		0.3		4.0

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in thousands)
(Unaudited)
		3Q25						2Q25						3Q24
				Interest						Interest						Interest
		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
		Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Assets
Interest-bearing deposits with banks		$  1,738,570		$  18,286		4.17 %		$  1,723,351		$  17,788		4.14 %		$  1,003,513		$  11,276		4.47 %
Taxable investment securities (1)		6,611,222		59,506		3.60		6,587,352		56,955		3.46		6,177,736		48,317		3.13
Tax-exempt investment securities (1) (2)		1,003,661		8,742		3.48		1,004,672		8,737		3.48		1,023,050		8,816		3.45
Loans held for sale		312,034		5,480		7.02		225,509		4,156		7.37		300,326		5,729		7.61
Loans and leases (2) (3)		34,814,280		507,107		5.79		34,502,493		498,078		5.79		33,802,701		511,564		6.03
Total Interest Earning Assets (2)		44,479,767		599,121		5.36		44,043,377		585,714		5.33		42,307,326		585,702		5.51
Cash and due from banks		415,030						395,418						414,536
Allowance for credit losses		(440,868)						(437,130)						(427,826)
Premises and equipment		560,685						555,889						501,588
Other assets		4,504,231						4,548,082						4,620,414
Total Assets		$  49,518,845						$  49,105,636						$ 47,416,038
Liabilities
Deposits:
Interest-bearing demand		$  17,364,490		111,572		2.55		$  16,989,336		108,618		2.56		$ 15,215,815		108,762		2.84
Savings		3,125,868		7,586		0.96		3,081,518		6,862		0.89		3,281,732		10,406		1.26
Certificates and other time		7,495,691		68,409		3.62		7,241,453		65,710		3.64		7,234,412		79,868		4.39
Total interest-bearing deposits		27,986,049		187,567		2.66		27,312,307		181,190		2.66		25,731,959		199,036		3.08
Short-term borrowings		1,682,747		17,764		4.16		1,876,526		20,132		4.29		2,345,960		29,934		5.06
Long-term borrowings		2,511,652		31,369		4.96		2,741,561		34,123		4.99		2,314,914		30,473		5.24
Total Interest-Bearing Liabilities		32,180,448		236,700		2.92		31,930,394		235,445		2.96		30,392,833		259,443		3.39
Non-interest-bearing demand deposits		9,905,230						9,812,486						9,867,006
Total Deposits and Borrowings		42,085,678				2.23		41,742,880				2.26		40,259,839				2.56
Other liabilities		856,542						883,637						985,545
Total Liabilities		42,942,220						42,626,517						41,245,384
Shareholders' Equity		6,576,625						6,479,119						6,170,654
Total Liabilities and Shareholders' Equity		$  49,518,845						$  49,105,636						$ 47,416,038
Net Interest Earning Assets		$  12,299,319						$  12,112,983						$ 11,914,493
Net Interest Income (FTE) (2)				362,421						350,269						326,259
Tax Equivalent Adjustment				(3,149)						(3,073)						(2,930)
Net Interest Income				$  359,272						$  347,196						$  323,329
Net Interest Spread						2.44 %						2.37 %						2.12 %
Net Interest Margin  (2)						3.25 %						3.19 %						3.08 %

(1)	The average balances and yields earned on 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).
(3)	Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in thousands)
(Unaudited)
		Nine Months Ended September 30,
		2025						2024
				Interest						Interest
		Average		Income/		Yield/		Average		Income/		Yield/
		Balance		Expense		Rate		Balance		Expense		Rate
Assets
Interest-bearing deposits with banks		$  1,734,300		$      53,147		4.10 %		$     915,076		$      28,661		4.18 %
Taxable investment securities (1)		6,546,054		171,096		3.48		6,151,500		141,706		3.07
Tax-exempt investment securities (1) (2)		1,006,126		26,243		3.48		1,032,573		26,698		3.45
Loans held for sale		247,438		13,519		7.29		216,403		12,534		7.73
Loans and leases (2) (3)		34,458,648		1,483,204		5.75		33,148,858		1,482,613		5.97
Total Interest Earning Assets (2)		43,992,566		1,747,209		5.31		41,464,410		1,692,212		5.45
Cash and due from banks		401,509						404,234
Allowance for credit losses		(435,677)						(417,393)
Premises and equipment		551,738						485,378
Other assets		4,529,221						4,588,437
Total Assets		$  49,039,357						$  46,525,066
Liabilities
Deposits:
Interest-bearing demand		$  17,086,648		329,018		2.57		$  14,812,493		301,716		2.72
Savings		3,134,324		22,580		0.96		3,351,144		30,541		1.22
Certificates and other time		7,321,336		202,987		3.71		6,728,312		217,137		4.31
Total interest-bearing deposits		27,542,308		554,585		2.69		24,891,949		549,394		2.95
Short-term borrowings		1,645,644		51,999		4.21		2,461,925		90,472		4.90
Long-term borrowings		2,692,580		101,153		5.02		2,179,733		85,364		5.23
Total Interest-Bearing Liabilities		31,880,532		707,737		2.97		29,533,607		725,230		3.28
Non-interest-bearing demand deposits		9,789,501						9,908,989
Total Deposits and Borrowings		41,670,033				2.27		39,442,596				2.46
Other liabilities		892,612						999,327
Total Liabilities		42,562,645						40,441,923
Shareholders' Equity		6,476,712						6,083,143
Total Liabilities and Shareholders' Equity		$  49,039,357						$  46,525,066
Net Interest Earning Assets		$  12,112,034						$  11,930,803
Net Interest Income (FTE) (2)				1,039,472						966,982
Tax Equivalent Adjustment				(9,159)						(8,755)
Net Interest Income				$ 1,030,313						$   958,227
Net Interest Spread						2.34 %						2.17 %
Net Interest Margin (2)						3.16 %						3.11 %

(1)	The average balances and yields earned on 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).
(3)	Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
							For the Nine Months Ended September 30,
	3Q25		2Q25		3Q24		2025		2024
Performance Ratios
Return on average equity	9.02 %		8.09 %		7.10 %		8.19 %		7.81 %
Return on average tangible equity (1)	14.94		13.57		12.43		13.74		13.79
Return on average tangible common equity (1)	14.94		13.57		12.43		13.74		13.63
Return on average assets	1.20		1.07		0.92		1.08		1.02
Return on average tangible assets (1)	1.29		1.15		1.01		1.17		1.11
Net interest margin (FTE) (2)	3.25		3.19		3.08		3.16		3.11
Yield on earning assets (FTE) (2)	5.36		5.33		5.51		5.31		5.45
Cost of interest-bearing deposits	2.66		2.66		3.08		2.69		2.95
Cost of interest-bearing liabilities	2.92		2.96		3.39		2.97		3.28
Cost of funds	2.23		2.26		2.56		2.27		2.46
Efficiency ratio (1)	52.38		54.83		55.16		55.13		55.18
Effective tax rate	21.28		21.47		21.44		21.23		21.54
Capital Ratios
Equity / assets	13.30		13.12		13.02
Common equity tier 1 (3)	11.0		10.8		10.4
Leverage	8.92		8.78		8.64
Tangible common equity / tangible assets (1)	8.69		8.47		8.17
Common Stock Data
Average diluted common shares outstanding	361,669,618		362,258,964		362,425,528		362,329,469		362,583,005
Period end common shares outstanding	358,381,940		359,123,010		359,585,544
Book value per common share	$          18.52		$          18.17		$          17.38
Tangible book value per common share (1)	11.48		11.14		10.33
Dividend payout ratio (common)	29.05 %		33.34 %		39.58 %		33.02 %		37.51 %

(1)	See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.
(2)	The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%.
(3)	September 30, 2025 Common Equity Tier 1 Capital ratio is an estimate.

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
(Unaudited)
							% Variance
							3Q25		3Q25
	3Q25		2Q25		3Q24		2Q25		3Q24
Balances at period end
Loans and Leases:
Commercial real estate (1)	$   12,568		$    12,686		$    12,812		(0.9)		(1.9)
Commercial and industrial	7,590		7,556		7,541		0.4		0.6
Commercial leases	829		774		709		7.1		16.9
Other	153		182		120		(15.9)		27.5
Commercial loans and leases	21,140		21,198		21,182		(0.3)		(0.2)
Direct installment	2,678		2,671		2,693		0.3		(0.6)
Residential mortgages	8,888		8,595		7,789		3.4		14.1
Indirect installment	767		780		706		(1.7)		8.6
Consumer LOC	1,484		1,435		1,347		3.4		10.2
Consumer loans	13,817		13,481		12,535		2.5		10.2
Total loans and leases	$   34,957		$    34,679		$    33,717		0.8		3.7
Note: Loans held for sale were $278, $296 and $193 at 3Q25, 2Q25, and 3Q24, respectively.
(1) Commercial real estate is made up of 70% non-owner occupied and 30% owner-occupied at September 30, 2025.
							% Variance
Average balances							3Q25		3Q25		For the Nine Months Ended September 30,				%
Loans and Leases:	3Q25		2Q25		3Q24		2Q25		3Q24		2025		2024		Var.
Commercial real estate	$   12,659		$    12,767		$    12,760		(0.8)		(0.8)		$        12,714		$        12,560		1.2
Commercial and industrial	7,573		7,592		7,569		(0.2)		0.1		7,581		7,491		1.2
Commercial leases	789		776		688		1.7		14.7		777		668		16.2
Other	153		159		141		(3.7)		8.8		153		139		10.1
Commercial loans and leases	21,174		21,294		21,158		(0.6)		0.1		21,225		20,859		1.8
Direct installment	2,671		2,667		2,693		0.2		(0.8)		2,667		2,708		(1.5)
Residential mortgages	8,736		8,352		7,624		4.6		14.6		8,381		7,170		16.9
Indirect installment	777		780		999		(0.5)		(22.2)		772		1,102		(29.9)
Consumer LOC	1,456		1,410		1,329		3.2		9.6		1,413		1,310		7.9
Consumer loans	13,640		13,209		12,645		3.3		7.9		13,234		12,289		7.7
Total loans and leases	$   34,814		$    34,502		$    33,803		0.9		3.0		$        34,459		$        33,149		4.0

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
(Unaudited)
							% Variance
							3Q25		3Q25
Asset Quality Data	3Q25		2Q25		3Q24		2Q25		3Q24
Non-Performing Assets
Non-performing loans	$    125		$    117		$    129		6.8		(3.1)
Other real estate owned (OREO)	3		2		2		50.0		50.0
Non-performing assets	$    128		$    119		$    131		7.6		(2.3)
Non-performing loans / total loans and leases	0.36 %		0.34 %		0.38 %
Non-performing assets plus 90+ days past due / total loans and leases plus OREO	0.40		0.38		0.43
Non-performing loans plus OREO / total loans and leases plus OREO	0.37		0.34		0.39
Delinquency
Loans 30-89 days past due	$       89		$       86		$    124		3.5		(28.2)
Loans 90+ days past due	13		13		12		—		8.3
Non-accrual loans	125		117		129		6.8		(3.1)
Past due and non-accrual loans	$    227		$    216		$    265		5.1		(14.3)
Past due and non-accrual loans / total loans and leases	0.65 %		0.62 %		0.79 %

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
							% Variance
(Unaudited)							3Q25		3Q25		For the Nine Months Ended September 30,				%
Allowance on Loans and Leases and Allowance for Unfunded Loan Commitments Rollforward	3Q25		2Q25		3Q24		2Q25		3Q24		2025		2024		Var.
Allowance for Credit Losses on Loans and Leases
Balance at beginning of period	$  432.1		$  428.9		$  418.8		0.7		3.2		$        422.8		$       405.6		4.3
Provision for credit losses	24.9		25.0		22.9		(0.3)		8.9		68.5		56.7		20.8
Net loan (charge-offs) / recoveries	(19.7)		(21.8)		(21.5)		(9.6)		(8.2)		(54.0)		(42.1)		28.4
Allowance for credit losses on loans and leases	$  437.3		$  432.1		$  420.2		1.2		4.1		$        437.3		$       420.2		4.1
Allowance for Unfunded Loan Commitments
Allowance for unfunded loan commitments balance at beginning of period	$    21.0		$    20.3		$    21.8		3.4		(3.7)		$          21.4		$         21.5		(0.5)
Provision (reduction in allowance) for unfunded loan commitments / other adjustments	(0.9)		0.7		0.6		(223.8)		(242.9)		(1.3)		0.9		(248.6)
Allowance for unfunded loan commitments	$    20.1		$    21.0		$    22.4		(4.1)		(10.1)		$          20.1		$         22.4		(10.1)
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments	$  457.4		$  453.0		$  442.5		1.0		3.4		$        457.4		$       442.5		3.4
Allowance for credit losses on loans and leases / total loans and leases	1.25 %		1.25 %		1.25 %
Allowance for credit losses on loans and leases / total non-performing loans	349.9		370.7		326.7
Net loan charge-offs (annualized) / total average loans and leases	0.22		0.25		0.25						0.21 %		0.17 %

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP
We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in our financial statements.
							% Variance
							3Q25		3Q25		For the Nine Months Ended September 30,				%
	3Q25		2Q25		3Q24		2Q25		3Q24		2025		2024		Var.
Operating net income available to common shareholders
(dollars in thousands)
Net income available to common shareholders	$  149,509		$  130,670		$  110,103						$  396,694		$ 349,466
Preferred dividend at redemption	—		—		—						—		3,995
Branch consolidation costs	—		—		—						—		1,194
Tax benefit of branch consolidation costs	—		—		—						—		(251)
FDIC special assessment	(2,272)		—		—						(2,272)		5,212
Tax expense (benefit) of FDIC special assessment	477		—		—						477		(1,095)
Software impairment	—		—		3,690						—		3,690
Tax benefit of software impairment	—		—		(775)						—		(775)
Loss related to indirect auto loan sales	—		—		11,572						—		8,969
Tax benefit of loss related to indirect auto loan sales	—		—		(2,430)						—		(1,883)
Operating net income available to common shareholders (non-GAAP)	$  147,714		$  130,670		$  122,160		13.0		20.9		$  394,899		$ 368,522		7.2
Operating earnings per diluted common share
Earnings per diluted common share	$       0.41		$       0.36		$       0.30						$        1.09		$        0.96
Preferred dividend at redemption	—		—		—						—		0.01
Branch consolidation costs	—		—		—						—		—
Tax benefit of branch consolidation costs	—		—		—						—		—
FDIC special assessment	(0.01)		—		—						(0.01)		0.01
Tax expense (benefit) of FDIC special assessment	—		—		—						—		—
Software impairment	—		—		0.01						—		0.01
Tax benefit of software impairment	—		—		—						—		—
Loss related to indirect auto loan sales	—		—		0.03						—		0.02
Tax benefit of loss related to indirect auto loan sales	—		—		(0.01)						—		(0.01)
Operating earnings per diluted common share (non-GAAP)	$       0.41		$       0.36		$       0.34		13.9		20.6		$        1.09		$        1.02		6.9

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
							For the Nine Months Ended September 30,
	3Q25		2Q25		3Q24		2025		2024
Return on average tangible equity
(dollars in thousands)
Net income (annualized)	$      593,162		$      524,116		$      438,019		$      530,379		$      474,826
Amortization of intangibles, net of tax (annualized)	12,507		12,607		13,753		12,578		13,926
Tangible net income (annualized) (non-GAAP)	$      605,669		$      536,723		$      451,772		$      542,957		$      488,752
Average total shareholders' equity	$   6,576,625		$   6,479,119		$   6,170,654		$   6,476,712		$   6,083,143
Less: Average intangible assets (1)	(2,522,022)		(2,525,338)		(2,535,769)		(2,524,978)		(2,539,822)
Average tangible shareholders' equity (non-GAAP)	$   4,054,603		$   3,953,781		$   3,634,885		$   3,951,734		$   3,543,321
Return on average tangible equity (non-GAAP)	14.94 %		13.57 %		12.43 %		13.74 %		13.79 %
Return on average tangible common equity
(dollars in thousands)
Net income available to common shareholders (annualized)	$      593,162		$      524,116		$      438,019		$      530,379		$      466,806
Amortization of intangibles, net of tax (annualized)	12,507		12,607		13,753		12,578		13,926
Tangible net income available to common shareholders (annualized) (non-GAAP)	$      605,669		$      536,723		$      451,772		$      542,957		$      480,732
Average total shareholders' equity	$   6,576,625		$   6,479,119		$   6,170,654		$   6,476,712		$   6,083,143
Less:  Average preferred shareholders' equity	—		—		—		—		(17,554)
Less: Average intangible assets (1)	(2,522,022)		(2,525,338)		(2,535,769)		(2,524,978)		(2,539,822)
Average tangible common equity (non-GAAP)	$   4,054,603		$   3,953,781		$   3,634,885		$   3,951,734		$   3,525,767
Return on average tangible common equity (non-GAAP)	14.94 %		13.57 %		12.43 %		13.74 %		13.63 %
Return on average tangible assets
(dollars in thousands)
Net income (annualized)	$      593,162		$      524,116		$      438,019		$      530,379		$      474,826
Amortization of intangibles, net of tax (annualized)	12,507		12,607		13,753		12,578		13,926
Tangible net income (annualized) (non-GAAP)	$      605,669		$      536,723		$      451,772		$      542,957		$      488,752
Average total assets	$ 49,518,845		$ 49,105,636		$ 47,416,038		$ 49,039,357		$ 46,525,066
Less: Average intangible assets (1)	(2,522,022)		(2,525,338)		(2,535,769)		(2,524,978)		(2,539,822)
Average tangible assets (non-GAAP)	$ 46,996,823		$ 46,580,298		$ 44,880,269		$ 46,514,379		$ 43,985,244
Return on average tangible assets (non-GAAP)	1.29 %		1.15 %		1.01 %		1.17 %		1.11 %
(1) Excludes loan servicing rights.

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
	3Q25		2Q25		3Q24
Tangible book value per common share
(dollars in thousands, except per share data)
Total shareholders' equity	$    6,635,620		$    6,523,791		$    6,248,456
Less:  Intangible assets (1)	(2,520,013)		(2,524,005)		(2,533,856)
Tangible common equity (non-GAAP)	$    4,115,607		$    3,999,786		$    3,714,600
Common shares outstanding	358,381,940		359,123,010		359,585,544
Tangible book value per common share (non-GAAP)	$            11.48		$            11.14		$            10.33
Tangible common equity to tangible assets
(dollars in thousands)
Total shareholders' equity	$    6,635,620		$    6,523,791		$    6,248,456
Less:  Intangible assets (1)	(2,520,013)		(2,524,005)		(2,533,856)
Tangible common equity (non-GAAP)	$    4,115,607		$    3,999,786		$    3,714,600
Total assets	$  49,888,522		$  49,724,837		$  47,975,574
Less:  Intangible assets (1)	(2,520,013)		(2,524,005)		(2,533,856)
Tangible assets (non-GAAP)	$  47,368,509		$  47,200,832		$  45,441,718
Tangible common equity to tangible assets (non-GAAP)	8.69 %		8.47 %		8.17 %
(1) Excludes loan servicing rights.

 

F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
							For the Nine Months Ended September 30,
	3Q25		2Q25		3Q24		2025		2024
Pre-provision net revenue
(in thousands)
Net interest income	$   359,272		$   347,196		$   323,329		$  1,030,313		$   958,227
Non-interest income	98,170		91,015		89,688		276,951		265,472
Less: Non-interest expense	(243,535)		(246,225)		(249,431)		(736,571)		(713,139)
Pre-provision net revenue (reported) (non-GAAP)	$   213,907		$   191,986		$   163,586		$   570,693		$   510,560
Pre-provision net revenue (reported) (annualized) (non-GAAP)	$   848,651		$   770,055		$   650,789		$   763,015		$   681,989
Adjustments:
Add: Branch consolidation costs (non-interest expense)	—		—		—		—		1,194
Add (Less): FDIC special assessment (non-interest expense)	(2,272)		—		—		(2,272)		5,212
Add: Software impairment (non-interest expense)	—		—		3,690		—		3,690
Add: Loss related to indirect auto loan sales (non-interest expense)	—		—		11,572		—		8,969
Operating pre-provision net revenue (non-GAAP)	$   211,635		$   191,986		$   178,848		$   568,421		$   529,625
Operating pre-provision net revenue (annualized) (non-GAAP)	$   839,637		$   770,055		$   711,505		$   759,977		$   707,455
Efficiency ratio (FTE)
(dollars in thousands)
Total non-interest expense	$   243,535		$   246,225		$   249,431		$   736,571		$   713,139
Less: Amortization of intangibles	(3,991)		(3,979)		(4,376)		(11,909)		(13,197)
Less: OREO expense	(578)		(316)		(354)		(1,209)		(744)
Less: Branch consolidation costs	—		—		—		—		(1,194)
Add (Less): FDIC special assessment	2,272		—		—		2,272		(5,212)
Less: Software impairment	—		—		(3,690)		—		(3,690)
Less: Loss related to indirect auto loan sales	—		—		(11,572)		—		(8,969)
Adjusted non-interest expense	$   241,238		$   241,930		$   229,439		$   725,725		$   680,133
Net interest income	$   359,272		$   347,196		$   323,329		$  1,030,313		$   958,227
Taxable equivalent adjustment	3,149		3,073		2,930		9,159		8,755
Non-interest income	98,170		91,015		89,688		276,951		265,472
Less:  Net securities losses (gains)	—		(58)		28		(58)		31
Adjusted net interest income (FTE) + non-interest income	$   460,591		$   441,226		$   415,975		$  1,316,365		$  1,232,485
Efficiency ratio (FTE) (non-GAAP)	52.38 %		54.83 %		55.16 %		55.13 %		55.18 %

 

 

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SOURCE F.N.B. Corporation

FAQ

What were FNB's reported 3Q25 earnings per share and net income?

FNB reported 3Q25 net income $149.5M and EPS $0.41.

How did FNB's revenue and net interest margin perform in 3Q25 (FNB)?

Revenue was a record $457M and net interest margin (FTE, non-GAAP) was 3.25%.

What capital metrics did FNB report for September 30, 2025 (FNB)?

Estimated CET1 ratio was 11.0% and tangible book value per share (non-GAAP) was $11.48.

How did FNB's loans and deposits change in 3Q25 (FNB)?

Average loans were $34.8B (+3.0% YoY) and average deposits were $37.9B (+6.4% YoY).

Did FNB repurchase shares in 3Q25 and how much (FNB)?

Yes. FNB repurchased $12M, about 0.8 million shares at an average price of $15.50.

What were key credit trends reported by FNB for 3Q25 (FNB)?

Provision for credit losses was $24.0M, net charge-offs $19.7M (0.22% annualized), and non-performing loans ratio was 0.37%.