Track market-moving stories before they get noisy

F.N.B. Corporation (FNB) Q2 2026 Earnings Call Transcript

Key Takeaways FNB matched Q2 earnings estimates as record revenues rose 5.6% y/y and net income increased.FNB grew net interest income and non-interest income, while average loans and deposits increased y/y.FNB's CET1 capital ratio improved and credit loss provisions declined y/y. F.N.B. Corporation (FNB - Free Report) reported second-quarter 2026 earnings of 42 cents per share, which matched the Zacks Consensus Estimate. The bottom line jumped 16.7% year over year.

Results primarily benefited from higher net interest income (NII), a rise in non-interest income and lower provisions. Higher average loans and deposits were other positives. However, higher non-interest expenses hurt the results to some extent.

Net income available to common shareholders was $148.7 million, up from $130.7 million in the prior-year quarter. Our estimate for net income available to common shareholders was $147.9 million.

FNB’s Revenues Improve, Expenses RiseTotal revenues were a record $462.7 million, up 5.6% from the year-ago quarter. However, the top line missed the Zacks Consensus Estimate of $468 million.

NII was $365.7 million, up 5.3% from the prior-year quarter. The rise reflected growth in average earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (NIM) (FTE basis) expanded 6 basis points (bps) year over year to 3.25%. Our estimates for NII and NIM were pegged at $370.5 million and 3.27%, respectively.

Non-interest income was $97 million, up 6.5% year over year. The rise was primarily driven by higher capital markets income, bank-owned life insurance, dividends on non-marketable equity securities, trust services fees and other income. Our estimate for the metric was $94.9 million.

Non-interest expenses were $253.2 million, up 2.9% year over year. The rise was due to an increase in almost all cost components, except for marketing costs, FDIC insurance expenses and other costs. Our estimate for non-interest expenses was $254.7 million.

At the end of the second quarter, average total loans and leases were $35.5 billion, up 2.9% from the prior-year quarter, while average total deposits were $38.7 billion, up 4.1%. Our estimates for average total loans and leases and average total deposits were $35.4 billion and $39.3 billion, respectively.

F.N.B. Corp’s Credit Quality ImprovesFNB’s provision for credit losses was $21.4 million, down 16.6% from the prior-year quarter. Our estimate for provisions was $23 million. Net charge-offs were $17 million, down from $21.8 million a year ago.

Also, the ratio of non-performing loans plus other real estate owned (OREO) to total loans and leases plus OREO decreased 3 bps year over year to 0.31%. However, total delinquency increased 9 bps to 0.71%.

FNB’s Capital Ratios ImproveAs of June 30, 2026, the common equity Tier 1 (CET1) ratio was 11.4%, up from 10.8% in the prior-year quarter. Tangible common equity to tangible assets ratio (non-GAAP) increased to 8.93% from 8.47%.

FNB’s Share Repurchase UpdateIn the second quarter, F.N.B. Corp repurchased 2.7 million shares for $47 million at a weighted average share price of $17.46.

Our View on FNBWeak asset quality and huge commercial loan exposure are expected to hurt FNB’s financials to an extent in the near term. Persistently rising expenses, mainly because of the company’s continued investments in franchise and digitization efforts, will likely hurt the bottom line.

Performance of Other BanksThe Bank of New York Mellon Corporation’s (BNY - Free Report) second-quarter 2026 adjusted earnings of $2.46 per share handily surpassed the Zacks Consensus Estimate of $2.20. The bottom line increased 26.8% from the year-ago quarter.

BNY’s results primarily benefited from a rise in fee revenues and NII. Also, the company recorded a provision benefit in the quarter, which was a tailwind.

Bank of America’s (BAC - Free Report) second-quarter 2026 earnings of $1.21 per share handily surpassed the Zacks Consensus Estimate of $1.13. The bottom line grew 34.4% year over year.

BAC recorded an improvement in trading numbers for the 17th straight quarter. The company’s investment banking performance was solid this time as well. These, along with higher NII, drove Bank of America’s total revenues. While provisions declined in the quarter on a year-over-year basis, non-interest expenses increased, which hurt the results to some extent.

F.N.B. (FNB - Free Report) came out with quarterly earnings of $0.42 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this financial holding company would post earnings of $0.38 per share when it actually produced earnings of $0.38, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

F.N.B., which belongs to the Zacks Banks - Southeast industry, posted revenues of $462.67 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.13%. This compares to year-ago revenues of $438.21 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

F.N.B. shares have added about 11.6% since the beginning of the year versus the S&P 500's gain of 10.6%.

What's Next for F.N.B.?While F.N.B. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for F.N.B. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.46 on $482.78 million in revenues for the coming quarter and $1.73 on $1.89 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southeast is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, TowneBank (TOWN - Free Report) , is yet to report results for the quarter ended June 2026.

This community bank is expected to post quarterly earnings of $0.76 per share in its upcoming report, which represents a year-over-year change of -6.2%. The consensus EPS estimate for the quarter has been revised 1.2% lower over the last 30 days to the current level.

TowneBank's revenues are expected to be $434.5 million, up 108.4% from the year-ago quarter.

Record Revenue of $462.7 million Drove EPS Growth of 16.7% Year-Over-Year

, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the second quarter of 2026 with net income of $148.7 million, or $0.42 per diluted common share. Comparatively, second quarter 2025 net income totaled $130.7 million, or $0.36 per diluted common share, and first quarter 2026 net income totaled $137.0 million, or $0.38 per diluted common share.

"F.N.B. Corporation's second quarter results reflect the successful execution of our technology-focused strategic business model, highlighted by a 17% year-over-year increase in EPS to $0.42. Record revenue of $463 million drove a 9% year-over-year increase in pre-provision net revenue (non-GAAP) and another quarter of positive operating leverage. Tangible book value per common share (non-GAAP) increased 10% compared to June 30, 2025, and return on average tangible common equity (non-GAAP) equaled 14%," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr. "Average loans and leases grew 7% annualized linked-quarter while maintaining our strict credit discipline and originating high-quality assets in a volatile geopolitical and macroeconomic environment. Average non-interest-bearing deposit balances grew nearly 5% annualized from the prior quarter leading to a 26% mix of non-interest-bearing to total deposits for the seventh consecutive quarter. Our investments in digital capabilities, data analytics and artificial intelligence enable us to gain efficiency and deepen household penetration, expanding our position as the primary bank for our consumer, advisory and commercial customers."

Second Quarter 2026 Highlights
(All comparisons refer to the second quarter of 2025, except as noted)

Average loans and leases totaled $35.5 billion, an increase of $1.0 billion, or 2.9%, as the growth of $1.1 billion in consumer loans more than offset a slight decrease of $66.7 million in commercial loans and leases. On a linked-quarter basis, total average loans and leases increased $601.2 million, or 6.9% annualized, driven by growth in consumer loans and commercial loans and leases of $362.6 million and $238.6 million, respectively. Average deposits totaled $38.7 billion, an increase of $1.5 billion, or 4.1%, reflecting growth in average money market deposits of $727.3 million, average interest-bearing demand deposits of $541.0 million, average non-interest-bearing demand deposits of $129.8 million, average time deposits of $71.0 million and average savings deposits of $65.4 million. On a linked-quarter basis, total average deposits increased $293.3 million, or 3.1% annualized, driven by growth in average time deposits of $119.3 million, average non-interest-bearing demand deposits of $114.0 million and average interest-bearing demand deposits of $75.8 million. The loan-to-deposit ratio was 92.5% at June 30, 2026, compared to 90.3% at March 31, 2026, and 91.9% at June 30, 2025. Net interest income totaled $365.7 million, an increase of $6.4 million, or 1.8%, linked-quarter, primarily due to growth in earning assets, lower cost of funds and the impact of one more day in the current quarter. Net interest margin (FTE) (non-GAAP) equaled 3.25%, stable to the first quarter 2026 level. Strong non-interest income totaled $97.0 million, an increase of $6.0 million, or 6.6%, linked-quarter, benefiting from our diversified business model and related revenue generation. Pre-provision net revenue (non-GAAP) totaled $209.4 million, an 8.8% increase from the prior quarter, driven by continued strong non-interest income generation and growth in net interest income. Provision for credit losses was $21.4 million, an increase of $2.9 million from the prior quarter, with net charge-offs of $17.0 million, or 0.19% annualized of total average loans, compared to $15.9 million, or 0.18% annualized, in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO decreased 3 basis points from the prior quarter to 0.31%, and total delinquency decreased 3 basis points from the prior quarter to 0.71%. The allowance for credit losses (ACL) to total loans and leases ratio decreased 1 basis point to 1.25%. Overall, asset quality metrics remain at solid levels, reflecting continued proactive management of the loan portfolio. The Common Equity Tier 1 (CET1) regulatory capital ratio ended the quarter at 11.4% (estimated), compared to 10.8% at June 30, 2025, and 11.4% at March 31, 2026. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.9%, compared to 8.5% at June 30, 2025, and 8.9% at March 31, 2026. Tangible book value per common share (non-GAAP) of $12.24 increased $1.10, or 9.9%, compared to June 30, 2025, and $0.18, or 1.5%, compared to March 31, 2026. During the second quarter of 2026, the Company repurchased $47 million, or 2.7 million shares, of common stock at a weighted average share price of $17.46. Non-GAAP financial 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 financial 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

2Q26

1Q26

2Q25

Reported results (b)

Net income available to common shareholders (millions)

$   148.7

$   137.0

$   130.7

Earnings per diluted common share

0.42

0.38

0.36

Book value per common share

19.34

19.12

18.17

Pre-provision net revenue (non-GAAP) (millions)

209.4

192.4

192.0

Average diluted common shares outstanding (thousands)

357,414

360,235

362,259

Capital measures

Common equity tier 1 (a)

11.4 %

11.4 %

10.8 %

Tangible common equity to tangible assets (non-GAAP)

8.93

8.91

8.47

Tangible book value per common share (non-GAAP)

$   12.24

$   12.06

$   11.14

(a) Estimated for 2Q26.

(b) Operating results equaled reported results as there were no significant items impacting earnings for the periods presented.

Second Quarter 2026 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the second quarter of 2025, except as noted.)

Net interest income totaled $365.7 million, an increase of $18.5 million, or 5.3%, reflecting growth in average earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 6 basis points to 3.25%. The yield on earning assets (non-GAAP) decreased 20 basis points to 5.13%, driven by a 27 basis point decline in yields on loans to 5.52%. Total cost of funds decreased 27 basis points to 1.99%, with a 50 basis point decrease in total borrowing costs to 4.21%, and a 30 basis point decrease in interest-bearing deposit costs to 2.36%. The Federal Open Market Committee FOMC has lowered the target federal funds rate by 175 basis points since August 2024.

Average loans and leases totaled $35.5 billion, an increase of $998.9 million, or 2.9%, including growth of $1.1 billion in consumer loans which more than offset a decrease of $66.7 million in commercial loans and leases. Average commercial and industrial loans increased $599.6 million, or 7.9%, and average commercial leases increased $20.8 million, or 2.7%, partially offsetting the decline in average commercial real estate loans of $668.1 million, or 5.2%. Solid commercial and industrial loan growth in the Charlotte and South Carolina markets was offset by expected commercial real estate loan payoffs. Equipment Finance also produced strong loan growth. Average consumer loans included an $858.4 million, or 10.3%, increase in residential mortgage loans largely due to the continued successful execution in key markets and long-standing strategy of serving the purchase market, partially offset by the sale of approximately $200 million of performing residential mortgage loans in February 2026. Average consumer lines of credit increased $181.5 million, or 12.9%, and indirect auto loans increased $43.1 million, or 5.5%, both reflecting solid organic growth in the respective portfolios.

Average deposits totaled $38.7 billion, an increase of $1.5 billion, or 4.1%, with growth in average money market deposits of $727.3 million, average interest-bearing demand deposits of $541.0 million, average non-interest-bearing demand deposits of $129.8 million, average time deposits of $71.0 million and average savings deposits of $65.4 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% at both June 30, 2026, and June 30, 2025. The loan-to-deposit ratio was 92.5% at June 30, 2026, compared to 91.9% at June 30, 2025.

Non-interest income totaled $97.0 million, an increase of $5.9 million, or 6.5%. Wealth management revenues increased $1.6 million, or 7.8%, as trust services income and securities commissions and fees increased 8.5% and 7.0%, respectively, through continued strong contributions across the geographic footprint. Capital markets income increased $1.1 million, or 16.2%, reflecting solid revenue from international banking income, customer interest rate derivatives and debt capital markets, and early contributions from investment banking and public finance. Bank-owned life insurance increased $1.5 million, reflecting higher life insurance claims. Other non-interest income increased $1.0 million, or 16.8%, primarily due to higher residual gains on equipment leases.

Non-interest expense totaled $253.2 million, increasing $7.0 million, or 2.9%. Salaries and employee benefits increased $5.8 million, or 4.4%, primarily reflecting normal annual merit increases and strategic hiring associated with our efforts to grow market share and support strategic technology initiatives. Outside services increased $2.9 million, or 11.6%, driven by higher third-party legal and consulting costs. Net occupancy and equipment increased $2.4 million, or 5.1%, primarily due to technology-related investments and higher occupancy costs.

The ratio of non-performing loans and OREO to total loans and OREO decreased 3 basis points to 0.31%. Total delinquency increased 9 basis points to 0.71%. Overall, asset quality metrics remain at solid levels.

The provision for credit losses was $21.4 million, compared to $25.6 million. The second quarter of 2026 reflected net charge-offs of $17.0 million, or 0.19% 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 $447.3 million, an increase of $15.3 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.

The effective tax rate was 20.9%, compared to 21.5% in the second quarter of 2025.

The CET1 regulatory capital ratio was 11.4% (estimated) at June 30, 2026, and 10.8% at June 30, 2025. Tangible book value per common share (non-GAAP) was $12.24 at June 30, 2026, an increase of $1.10, or 9.9%, from $11.14 at June 30, 2025. AOCI reduced the current quarter's tangible book value per common share (non-GAAP) by $0.29, compared to a reduction of $0.26 at the end of the year-ago quarter.

Second Quarter 2026 Results – Comparison to Prior Quarter
(All comparisons refer to the first quarter of 2026, except as noted.)

Net interest income totaled $365.7 million, an increase of $6.4 million, or 1.8%, primarily due to growth in earning assets, lower cost of funds and the impact of one more day in the current quarter. The total yield on earning assets (non-GAAP) decreased 1 basis point to 5.13%, and the total cost of funds decreased 2 basis points to 1.99%, as the cost of interest-bearing deposits decreased 4 basis points to 2.36%. The resulting net interest margin (FTE) (non-GAAP) was 3.25%, stable to the prior quarter.

Average loans and leases totaled $35.5 billion, an increase of $601.2 million, or 6.9% annualized, as average consumer loans increased $362.6 million and average commercial loans and leases increased $238.6 million. For consumer lending, average residential mortgages increased $288.9 million driven by seasonal growth in mortgage originations. Average consumer lines of credit increased $55.3 million and indirect auto loans increased $35.9 million, both reflecting solid organic growth in the respective portfolios. Average commercial loans and leases growth reflected an increase of $336.5 million in average commercial and industrial loans and $9.8 million in average commercial leases, partially offset by a decline of $103.2 million in average commercial real estate loans due to continued expected payoff activity. Commercial and industrial loan growth was primarily driven by lower risk-rated, high-quality lending in the Mid-Atlantic, Pittsburgh and Charlotte markets.

Average deposits totaled $38.7 billion, an increase of $293.3 million, due to organic growth in new and existing customer relationships. The growth was primarily driven by average time deposits of $119.3 million, average non-interest-bearing demand deposits of $114.0 million, and average interest-bearing demand deposits of $75.8 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% for both June 30, 2026, and March 31, 2026. The loan-to-deposit ratio totaled 92.5% at June 30, 2026, compared to 90.3% at March 31, 2026, as loan growth exceeded deposit growth at quarter end.

Non-interest income totaled $97.0 million, an increase of $6.0 million, or 6.6%, from the prior quarter. Capital markets income increased $1.2 million, or 17.8%, with solid revenue from customer interest rate derivatives, international banking and debt capital markets, and early contributions from investment banking and public finance. Bank-owned life insurance increased $1.2 million, reflecting higher life insurance claims. Service charges increased $1.0 million, or 4.3%, and interchange and card transaction fees increased $0.8 million, or 6.5%, both driven by strong treasury management activity, as well as seasonally-higher consumer transactions. Mortgage banking operations income decreased $1.0 million, or 16.2%, driven by net fair value adjustments from pipeline hedging activity given the volatility of interest rates during the quarter. Other non-interest income increased $2.8 million, or 66.9%, primarily due to higher residual gains on equipment leases.

Non-interest expense totaled $253.2 million, a decrease of $4.6 million, or 1.8%, compared to the prior quarter. Salaries and employee benefits expense was flat as the declines from the seasonally-elevated long-term compensation and employer-paid payroll taxes expense in the first quarter were offset by increases in production-related compensation and merit-related increases in salaries in the current quarter. Net occupancy and equipment decreased $1.0 million, or 2.0%, primarily due to unusually high snow removal costs in the prior quarter. Outside services increased $1.8 million, or 6.7%, primarily due to higher third-party legal costs. The decline in linked-quarter other non-interest expense of $6.3 million, or 21.6%, reflected lower costs related to fraud losses, litigation, and the Community Uplift program. The efficiency ratio (non-GAAP) totaled 53.7%, compared to 56.1% in the prior quarter.

The ratio of non-performing loans and OREO to total loans and OREO decreased 3 basis points to 0.31%, and delinquency decreased 3 basis points to 0.71%. Overall, asset quality metrics remain at solid levels.

The provision for credit losses was $21.4 million, compared to $18.5 million. The second quarter of 2026 reflected net charge-offs of $17.0 million, or 0.19% annualized of total average loans, compared to $15.9 million, or 0.18% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $447.3 million, an increase of $4.3 million, with the ratio of the ACL to total loans and leases decreasing 1 basis point to 1.25%.

The effective tax rate was 20.9%, compared to 21.2%.

The CET1 regulatory capital ratio was 11.4% (estimated), stable to 11.4% at March 31, 2026. Tangible book value per common share (non-GAAP) was $12.24 at June 30, 2026, an increase of $0.18 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.29 as of June 30, 2026, compared to $0.24 at the end of the prior quarter.

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 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), 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 financial 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."

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 2026 and 2025 were calculated using a federal statutory income tax rate of 21%.

Cautionary Statement Regarding Forward-Looking Information
This release 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," "enable," "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, U.S. federal government shutdowns and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition and enforceability of tariffs, trade wars, barriers or restrictions, threats of such actions or related uncertainties; 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, including in the Middle East, disruption of supply chain and energy supply markets and capital markets, changes to inflation expectations and other related uncertainties; 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 and artificial intelligence; 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 2025 Annual Report on Form 10-K (including the MD&A section), our subsequent 2026 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other 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 second quarter of 2026 after the market close on Thursday, July 16, 2026. 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, July 17, 2026, 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/10210232/1045fa3ff88. 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 $51 billion and more than 355 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 and advisory 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

2Q26

2Q26

For the Six Months Ended
June 30,

%

2Q26

1Q26

2Q25

1Q26

2Q25

2026

2025

Var.

Interest Income

Loans and leases, including fees

$ 493,541

$ 485,913

$ 500,767

1.6

(1.4)

$    979,454

$    981,341

(0.2)

Securities:

   Taxable

63,808

61,140

57,168

4.4

11.6

124,948

112,018

11.5

   Tax-exempt

6,685

6,903

6,918

(3.2)

(3.4)

13,588

13,858

(1.9)

Other

13,979

15,325

17,788

(8.8)

(21.4)

29,304

34,861

(15.9)

     Total Interest Income 

578,013

569,281

582,641

1.5

(0.8)

1,147,294

1,142,078

0.5

Interest Expense

Deposits

169,114

168,681

181,190

0.3

(6.7)

337,795

367,018

(8.0)

Short-term borrowings

19,522

17,934

20,132

8.9

(3.0)

37,456

34,235

9.4

Long-term borrowings

23,654

23,388

34,123

1.1

(30.7)

47,042

69,784

(32.6)

     Total Interest Expense

212,290

210,003

235,445

1.1

(9.8)

422,293

471,037

(10.3)

       Net Interest Income

365,723

359,278

347,196

1.8

5.3

725,001

671,041

8.0

Provision for credit losses

21,361

18,462

25,601

15.7

(16.6)

39,823

43,090

(7.6)

      Net Interest Income After

      Provision for Credit Losses

344,362

340,816

321,595

1.0

7.1

685,178

627,951

9.1

Non-Interest Income

Service charges

23,749

22,770

22,930

4.3

3.6

46,519

45,285

2.7

Interchange and card transaction fees

13,303

12,487

13,254

6.5

0.4

25,790

25,624

0.6

Trust services

12,574

12,831

11,591

(2.0)

8.5

25,405

23,991

5.9

Insurance commissions and fees

5,410

6,224

5,108

(13.1)

5.9

11,634

10,901

6.7

Securities commissions and fees

9,503

8,982

8,882

5.8

7.0

18,485

17,702

4.4

Capital markets income

8,014

6,801

6,897

17.8

16.2

14,815

12,220

21.2

Mortgage banking operations

5,319

6,345

6,306

(16.2)

(15.7)

11,664

13,299

(12.3)

Dividends on non-marketable equity
securities

6,733

6,245

6,168

7.8

9.2

12,978

11,728

10.7

Bank owned life insurance

5,331

4,110

3,838

29.7

38.9

9,441

9,188

2.8

Net securities gains (losses)

27

2

58

n/m

(53.4)

29

58

(50.0)

Other

6,988

4,188

5,983

66.9

16.8

11,176

8,785

27.2

     Total Non-Interest Income

96,951

90,985

91,015

6.6

6.5

187,936

178,781

5.1

Non-Interest Expense

Salaries and employee benefits

135,603

135,707

129,842

(0.1)

4.4

271,310

264,977

2.4

Net occupancy

20,755

22,637

19,299

(8.3)

7.5

43,392

39,057

11.1

Equipment

28,962

28,091

27,988

3.1

3.5

57,053

53,873

5.9

Outside services

28,246

26,461

25,317

6.7

11.6

54,707

51,658

5.9

Marketing

3,954

3,601

5,017

9.8

(21.2)

7,555

9,590

(21.2)

FDIC insurance

8,278

7,450

8,922

11.1

(7.2)

15,728

17,405

(9.6)

Bank shares tax

4,442

4,577

3,960

(2.9)

12.2

9,019

8,096

11.4

Other

23,009

29,341

25,880

(21.6)

(11.1)

52,350

48,380

8.2

     Total Non-Interest Expense

253,249

257,865

246,225

(1.8)

2.9

511,114

493,036

3.7

Income Before Income Taxes

188,064

173,936

166,385

8.1

13.0

362,000

313,696

15.4

Income tax expense (benefit)

39,343

36,890

35,715

6.6

10.2

76,233

66,511

14.6

Net Income

$ 148,721

$ 137,046

$ 130,670

8.5

13.8

$    285,767

$    247,185

15.6

Earnings per Common Share

Basic

$       0.42

$       0.38

$       0.36

10.5

16.7

$          0.80

$          0.68

17.6

Diluted

0.42

0.38

0.36

10.5

16.7

0.80

0.68

17.6

Cash Dividends per Common Share

0.13

0.12

0.12

8.3

8.3

0.25

0.24

4.2

n/m - not meaningful

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

% Variance

2Q26

2Q26

2Q26

1Q26

2Q25

1Q26

2Q25

Assets

Cash and due from banks

$       426

$       452

$       535

(5.8)

(20.4)

Interest-bearing deposits with banks

1,949

2,207

1,892

(11.7)

3.0

Cash and Cash Equivalents

2,375

2,659

2,427

(10.7)

(2.1)

Securities available for sale

3,758

3,775

3,580

(0.5)

5.0

Securities held to maturity

4,251

4,183

4,115

1.6

3.3

Loans held for sale

290

321

296

(9.7)

(2.0)

Loans and leases, net of unearned income

35,769

35,112

34,679

1.9

3.1

Allowance for credit losses on loans and leases

(447)

(443)

(432)

0.9

3.5

Net Loans and Leases

35,322

34,669

34,247

1.9

3.1

Premises and equipment, net

564

566

557

(0.4)

1.3

Goodwill

2,480

2,480

2,480

—

—

Core deposit and other intangible assets, net

30

33

44

(9.1)

(31.8)

Bank owned life insurance

674

671

665

0.4

1.4

Other assets

1,255

1,271

1,314

(1.3)

(4.5)

Total Assets

$  50,999

$  50,628

$  49,725

0.7

2.6

Liabilities

Deposits:

Non-interest-bearing

$  10,056

$  10,003

$    9,872

0.5

1.9

Interest-bearing

28,623

28,898

27,876

(1.0)

2.7

  Total Deposits

38,679

38,901

37,748

(0.6)

2.5

Short-term borrowings

2,681

2,157

1,876

24.3

42.9

Long-term borrowings

2,002

2,001

2,692

—

(25.6)

Other liabilities

798

768

885

3.9

(9.8)

Total Liabilities

44,160

43,827

43,201

0.8

2.2

Shareholders' Equity

Common stock

4

4

4

—

—

Additional paid-in capital

4,691

4,698

4,691

(0.1)

—

Retained earnings

2,539

2,437

2,112

4.2

20.2

Accumulated other comprehensive loss

(103)

(86)

(92)

19.8

12.0

Treasury stock

(292)

(252)

(191)

15.9

52.9

Total Shareholders' Equity

6,839

6,801

6,524

0.6

4.8

Total Liabilities and Shareholders' Equity

$  50,999

$  50,628

$  49,725

0.7

2.6

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in thousands)

(Unaudited)

2Q26

1Q26

2Q25

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

$              1,611,087

$           13,979

3.48 %

$              1,748,445

$           15,325

3.55 %

$              1,723,351

$           17,788

4.14 %

Taxable investment securities (1)

7,011,619

63,611

3.63

6,876,738

60,936

3.55

6,587,352

56,955

3.46

Tax-exempt investment
securities (1) (2)

958,948

8,460

3.53

991,913

8,735

3.52

1,004,672

8,737

3.48

Loans held for sale

327,705

5,974

7.29

437,086

7,572

6.93

225,509

4,156

7.37

Loans and leases (2) (3)

35,501,370

489,113

5.52

34,900,157

479,857

5.56

34,502,493

498,078

5.79

Total Interest Earning
Assets (2)

45,410,729

581,137

5.13

44,954,339

572,425

5.14

44,043,377

585,714

5.33

Cash and due from banks

377,777

373,240

395,418

Allowance for credit losses

(452,987)

(446,932)

(437,130)

Premises and equipment

567,661

567,938

555,889

Other assets

4,490,908

4,505,350

4,548,082

Total Assets

$            50,394,088

$            49,953,935

$            49,105,636

Liabilities

Deposits:

Interest-bearing demand

$ 6,617,287

18,393

1.11

$ 6,541,455

18,173

1.13

$ 6,076,305

16,373

1.08

Money market

11,691,192

84,878

2.91

11,700,669

85,030

2.95

10,963,843

92,276

3.38

Savings

3,096,095

6,421

0.83

3,102,399

6,787

0.89

3,030,706

6,831

0.90

Certificates and other time

7,312,462

59,422

3.26

7,193,173

58,690

3.31

7,241,453

65,710

3.64

Total interest-bearing deposits

28,717,036

169,114

2.36

28,537,696

168,680

2.40

27,312,307

181,190

2.66

Short-term borrowings

2,106,129

19,522

3.71

1,978,660

17,934

3.67

1,876,526

20,132

4.29

Long-term borrowings

2,001,579

23,654

4.74

1,984,936

23,388

4.78

2,741,561

34,123

4.99

Total Interest-Bearing
Liabilities  

32,824,744

212,290

2.59

32,501,292

210,002

2.62

31,930,394

235,445

2.96

Non-interest-bearing demand
deposits

9,942,298

9,828,293

9,812,486

Total Deposits and
Borrowings

42,767,042

1.99

42,329,585

2.01

41,742,880

2.26

Other liabilities

806,700

816,738

883,637

Total Liabilities

43,573,742

43,146,323

42,626,517

Shareholders' Equity

6,820,346

6,807,612

6,479,119

Total Liabilities and
Shareholders' Equity

$            50,394,088

$            49,953,935

$            49,105,636

Net Interest Earning Assets

$            12,585,985

$            12,453,047

$            12,112,983

Net Interest Income (FTE) (2)

368,847

362,423

350,269

Tax Equivalent Adjustment

(3,124)

(3,145)

(3,073)

Net Interest Income

$         365,723

$         359,278

$         347,196

Net Interest Spread

2.54 %

2.52 %

2.37 %

Net Interest Margin  (2)

3.25 %

3.25 %

3.19 %

(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)

Six Months Ended June 30,

2026

2025

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-bearing deposits with banks

$               1,679,386

$    29,304

3.52 %

$                1,732,129

$    34,861

4.06 %

Taxable investment securities (1)

6,944,551

124,547

3.59

6,512,930

111,590

3.43

Tax-exempt investment securities (1) (2)

975,340

17,195

3.52

1,007,379

17,501

3.47

Loans held for sale

382,093

13,546

7.09

214,605

8,040

7.49

Loans and leases (2) (3)

35,202,425

968,971

5.54

34,277,885

976,142

5.73

Total Interest Earning Assets (2)

45,183,795

1,153,563

5.13

43,744,928

1,148,134

5.28

Cash and due from banks

375,521

394,636

Allowance for credit losses

(449,976)

(433,039)

Premises and equipment

567,798

547,190

Other assets

4,498,089

4,541,924

Total Assets

$             50,175,227

$              48,795,639

Liabilities

Deposits:

Interest-bearing demand

$ 6,579,581

36,567

1.12

$ 6,187,745

35,199

1.15

Money market

11,695,904

169,908

2.93

10,809,047

182,300

3.40

Savings

3,099,230

13,208

0.86

3,087,255

14,941

0.98

Certificates and other time

7,253,147

118,112

3.28

7,232,714

134,578

3.75

Total interest-bearing deposits

28,627,862

337,795

2.38

27,316,761

367,018

2.71

Short-term borrowings

2,042,746

37,456

3.69

1,626,785

34,235

4.23

Long-term borrowings

1,993,303

47,042

4.76

2,784,543

69,784

5.05

Total Interest-Bearing Liabilities  

32,663,911

422,293

2.61

31,728,089

471,037

2.99

Non-interest-bearing demand deposits

9,885,610

9,730,677

Total Deposits and Borrowings

42,549,521

2.00

41,458,766

2.29

Other liabilities

811,692

910,946

Total Liabilities

43,361,213

42,369,712

Shareholders' Equity

6,814,014

6,425,927

Total Liabilities and Shareholders' Equity

$             50,175,227

$              48,795,639

Net Interest Earning Assets

$             12,519,884

$              12,016,839

Net Interest Income (FTE) (2)

731,270

677,097

Tax Equivalent Adjustment

(6,269)

(6,056)

Net Interest Income

$  725,001

$  671,041

Net Interest Spread

2.52 %

2.29 %

Net Interest Margin (2)

3.25 %

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 Six Months Ended
June 30,

2Q26

1Q26

2Q25

2026

2025

Performance Ratios

Return on average equity

8.75 %

8.16 %

8.09 %

8.46 %

7.76 %

Return on average tangible

common equity (1) 

14.07

13.20

13.57

13.64

13.11

Return on average assets

1.18

1.11

1.07

1.15

1.02

Return on average tangible assets (1) 

1.27

1.19

1.15

1.23

1.10

Net interest margin (FTE) (2)

3.25

3.25

3.19

3.25

3.11

Yield on earning assets (FTE) (2)

5.13

5.14

5.33

5.13

5.28

Cost of interest-bearing deposits

2.36

2.40

2.66

2.38

2.71

Cost of interest-bearing liabilities 

2.59

2.62

2.96

2.61

2.99

Cost of funds 

1.99

2.01

2.26

2.00

2.29

Efficiency ratio (1)

53.68

56.08

54.83

54.86

56.61

Effective tax rate

20.92

21.21

21.47

21.06

21.20

Capital Ratios

Equity / assets

13.41

13.43

13.12

Common equity tier 1 (3)

11.4

11.4

10.8

Leverage

9.25

9.22

8.78

Tangible common equity / tangible assets (1)

8.93

8.91

8.47

Common Stock Data

Average diluted common shares outstanding

357,413,941

360,234,607

362,258,964

358,819,030

362,663,795

Period end common shares outstanding

353,560,084

355,670,905

359,123,010

Book value per common share

$         19.34

$         19.12

$         18.17

Tangible book value per common share (1)

12.24

12.06

11.14

Dividend payout ratio (common)

31.23 %

31.71 %

33.34 %

31.46 %

35.42 %

(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)

June 30, 2026 Common Equity Tier 1 Capital ratio is an estimate.

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

2Q26

2Q26

2Q26

1Q26

2Q25

1Q26

2Q25

Balances at period end

Loans and Leases:

Commercial real estate (1)

$  12,035

$  12,164

$  12,686

(1.1)

(5.1)

Commercial and industrial

8,194

8,032

7,556

2.0

8.4

Commercial leases

802

778

774

3.1

3.6

Other

140

87

182

60.9

(23.1)

Commercial loans and leases

21,171

21,061

21,198

0.5

(0.1)

Direct installment

2,654

2,655

2,671

—

(0.6)

Residential mortgages

9,471

9,038

8,595

4.8

10.2

Indirect installment

852

805

780

5.8

9.2

Consumer LOC

1,621

1,553

1,435

4.4

13.0

Consumer loans

14,598

14,051

13,481

3.9

8.3

Total loans and leases

$  35,769

$  35,112

$  34,679

1.9

3.1

Note: Loans held for sale were $290, $321 and $296 at 2Q26, 1Q26, and 2Q25, respectively.

(1) Commercial real estate is made up of 68% non-owner occupied and 32% owner-occupied at June 30, 2026.

% Variance

Average balances

2Q26

2Q26

For the Six Months
Ended
June 30,

%

Loans and Leases:

2Q26

1Q26

2Q25

1Q26

2Q25

2026

2025

Var.

Commercial real estate 

$  12,099

$  12,202

$  12,767

(0.8)

(5.2)

$  12,152

$  12,749

(4.7)

Commercial and industrial

8,192

7,855

7,592

4.3

7.9

8,022

7,578

5.9

Commercial leases

797

787

776

1.2

2.7

792

771

2.7

Other

140

144

159

(3.1)

(12.0)

142

154

(7.5)

Commercial loans and leases

21,227

20,988

21,294

1.1

(0.3)

21,108

21,251

(0.7)

Direct installment

2,649

2,667

2,667

(0.7)

(0.7)

2,658

2,665

(0.3)

Residential mortgages

9,210

8,921

8,352

3.2

10.3

9,066

8,200

10.6

Indirect installment

823

788

780

4.6

5.5

806

770

4.6

Consumer LOC

1,592

1,536

1,410

3.6

12.9

1,564

1,391

12.4

Consumer loans

14,274

13,912

13,209

2.6

8.1

14,094

13,027

8.2

Total loans and leases

$  35,501

$  34,900

$  34,502

1.7

2.9

$  35,202

$  34,278

2.7

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

2Q26

2Q26

Asset Quality Data

2Q26

1Q26

2Q25

1Q26

2Q25

Non-Performing Assets

Non-performing loans

$  110

$   118

$   117

(6.8)

(6.0)

Other real estate owned (OREO)

2

3

2

(33.3)

—

Non-performing assets

$  112

$   121

$   119

(7.4)

(5.9)

Non-performing loans / total loans and leases

0.31 %

0.33 %

0.34 %

Non-performing assets plus 90+ days past due / total loans and leases
plus OREO

0.46

0.49

0.38

Non-performing loans plus OREO / total loans and leases plus OREO

0.31

0.34

0.34

Delinquency

Loans 30-89 days past due

$    92

$     93

$     86

(1.1)

7.0

Loans 90+ days past due

51

50

13

2.0

292.3

Non-accrual loans

110

118

117

(6.8)

(6.0)

Past due and non-accrual loans

$  253

$   261

$   216

(3.1)

17.1

Past due and non-accrual loans / total loans and leases

0.71 %

0.74 %

0.62 %

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

% Variance

(Unaudited)

2Q26

2Q26

For the Six Months
Ended
June 30,

%

Allowance on Loans and Leases and Allowance for Unfunded Loan
Commitments Rollforward

2Q26

1Q26

2Q25

1Q26

2Q25

2026

2025

Var.

Allowance for Credit Losses on Loans and Leases

Balance at beginning of period

$ 443.0

$ 439.5

$ 428.9

0.8

3.3

$ 439.5

$ 422.8

4.0

Provision for credit losses 

21.3

19.4

25.0

10.1

(14.7)

40.6

43.6

(6.7)

Net loan (charge-offs) / recoveries

(17.0)

(15.9)

(21.8)

7.2

(22.0)

(32.8)

(34.3)

(4.3)

Allowance for credit losses on loans and leases

$ 447.3

$ 443.0

$ 432.1

1.0

3.5

$ 447.3

$ 432.1

3.5

Allowance for Unfunded Loan Commitments

Allowance for unfunded loan commitments balance at beginning of period

$   19.2

$   20.1

$   20.3

(4.6)

(5.3)

$   20.1

$   21.4

(5.9)

Provision (reduction in allowance) for unfunded loan commitments / other
adjustments

(0.1)

(0.9)

0.7

91.2

(111.8)

(1.0)

(0.4)

(135.0)

Allowance for unfunded loan commitments

$   19.1

$   19.2

$   21.0

(0.4)

(8.9)

$   19.1

$   21.0

(8.9)

Total allowance for credit losses on loans and leases and allowance for
unfunded loan commitments

$ 466.4

$ 462.2

$ 453.0

0.9

3.0

$ 466.4

$ 453.0

3.0

Allowance for credit losses on loans and leases / total loans and leases

1.25 %

1.26 %

1.25 %

Allowance for credit losses on loans and leases / total non-performing loans

404.3

376.8

370.7

Net loan charge-offs (annualized) / total average loans and leases

0.19

0.18

0.25

0.19 %

0.20 %

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.

For the Six Months Ended
June 30,

2Q26

1Q26

2Q25

2026

2025

Return on average tangible common equity

(dollars in thousands)

Net income available to common shareholders
(annualized)

$     596,518

$     555,798

$     524,116

$     576,271

$     498,467

Amortization of intangibles, net of tax (annualized)

9,761

10,733

12,607

10,245

12,614

Tangible net income available to common
shareholders (annualized) (non-GAAP)

$     606,279

$     566,531

$     536,723

$     586,516

$     511,081

Average total shareholders' equity

$  6,820,346

$  6,807,612

$  6,479,119

$  6,814,014

$  6,425,927

Less: Average intangible assets (1)

(2,511,122)

(2,514,310)

(2,525,338)

(2,512,707)

(2,526,481)

Average tangible common equity (non-GAAP)

$  4,309,224

$  4,293,302

$  3,953,781

$  4,301,307

$  3,899,446

Return on average tangible common equity
(non-GAAP)

14.07 %

13.20 %

13.57 %

13.64 %

13.11 %

Return on average tangible assets

(dollars in thousands)

Net income (annualized)

$      596,518

$      555,798

$      524,116

$      576,271

$      498,467

Amortization of intangibles, net of tax
(annualized)

9,761

10,733

12,607

10,245

12,614

Tangible net income (annualized) (non-GAAP)

$      606,279

$      566,531

$      536,723

$      586,516

$      511,081

Average total assets

$ 50,394,088

$ 49,953,935

$ 49,105,636

$ 50,175,227

$ 48,795,639

Less: Average intangible assets (1)

(2,511,122)

(2,514,310)

(2,525,338)

(2,512,707)

(2,526,481)

Average tangible assets (non-GAAP)

$ 47,882,966

$ 47,439,625

$ 46,580,298

$ 47,662,520

$ 46,269,158

Return on average tangible assets (non-GAAP)

1.27 %

1.19 %

1.15 %

1.23 %

1.10 %

(1) Excludes loan servicing rights.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

2Q26

1Q26

2Q25

Tangible book value per common share

(dollars in thousands, except per share data)

Total shareholders' equity

$   6,838,456

$   6,800,671

$   6,523,791

Less:  Intangible assets (1)

(2,509,651)

(2,512,732)

(2,524,005)

Tangible common equity (non-GAAP)

$   4,328,805

$   4,287,939

$   3,999,786

Common shares outstanding

353,560,084

355,670,905

359,123,010

Tangible book value per common share (non-GAAP)

$          12.24

$          12.06

$          11.14

Tangible common equity to tangible assets

(dollars in thousands)

Total shareholders' equity

$   6,838,456

$   6,800,671

$   6,523,791

Less:  Intangible assets (1)

(2,509,651)

(2,512,732)

(2,524,005)

Tangible common equity (non-GAAP)

$   4,328,805

$   4,287,939

$   3,999,786

Total assets

$ 50,998,603

$ 50,628,037

$ 49,724,837

Less:  Intangible assets (1)

(2,509,651)

(2,512,732)

(2,524,005)

Tangible assets (non-GAAP)

$ 48,488,952

$ 48,115,305

$ 47,200,832

Tangible common equity to tangible assets (non-GAAP)

8.93 %

8.91 %

8.47 %

(1) Excludes loan servicing rights.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

For the Six Months Ended
June 30,

2Q26

1Q26

2Q25

2026

2025

Pre-provision net revenue

(in thousands)

Net interest income

$  365,723

$  359,278

$  347,196

$  725,001

$  671,041

Non-interest income

96,951

90,985

91,015

187,936

178,781

Less: Non-interest expense

(253,249)

(257,865)

(246,225)

(511,114)

(493,036)

Pre-provision net revenue (reported) (non-GAAP)

$  209,425

$  192,398

$  191,986

$  401,823

$  356,786

Pre-provision net revenue (reported) (annualized)
(non-GAAP)

$  840,000

$  780,281

$  770,055

$  810,305

$  719,485

Efficiency ratio (FTE)

(dollars in thousands)

Total non-interest expense

$  253,249

$  257,865

$  246,225

$  511,114

$  493,036

Less: Amortization of intangibles

(3,081)

(3,350)

(3,979)

(6,431)

(7,918)

Less: OREO expense

(147)

(236)

(316)

(383)

(631)

Adjusted non-interest expense

$  250,021

$  254,279

$  241,930

$  504,300

$  484,487

Net interest income

$  365,723

$  359,278

$  347,196

$  725,001

$  671,041

Taxable equivalent adjustment

3,124

3,145

3,073

6,269

6,056

Non-interest income

96,951

90,985

91,015

187,936

178,781

Less:  Net securities losses (gains)

(27)

(2)

(58)

(29)

(58)

Adjusted net interest income (FTE) + non-interest
income

$  465,771

$  453,406

$  441,226

$  919,177

$  855,820

Efficiency ratio (FTE) (non-GAAP)

53.68 %

56.08 %

54.83 %

54.86 %

56.61 %

SOURCE F.N.B. Corporation

In its upcoming report, F.N.B. (FNB - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.42 per share, reflecting an increase of 16.7% compared to the same period last year. Revenues are forecasted to be $467.96 million, representing a year-over-year increase of 6.8%.

The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

That said, let's delve into the average estimates of some F.N.B. metrics that Wall Street analysts commonly model and monitor.

According to the collective judgment of analysts, 'Efficiency Ratio' should come in at 53.3%. The estimate is in contrast to the year-ago figure of 54.8%.

It is projected by analysts that the 'Net Interest Margin' will reach 3.3%. The estimate is in contrast to the year-ago figure of 3.2%.

The consensus among analysts is that 'Average Balance - Total interest earning assets' will reach $45.67 billion. The estimate is in contrast to the year-ago figure of $44.04 billion.

Analysts' assessment points toward 'Total Non-Performing Loans' reaching $119.46 million. The estimate is in contrast to the year-ago figure of $117.00 million.

The collective assessment of analysts points to an estimated 'Total Non-Performing Assets' of $119.19 million. Compared to the present estimate, the company reported $119.00 million in the same quarter last year.

Analysts expect 'Total Non-Interest Income' to come in at $94.58 million. Compared to the current estimate, the company reported $91.02 million in the same quarter of the previous year.

Analysts predict that the 'Insurance commissions and fees' will reach $5.13 million. The estimate is in contrast to the year-ago figure of $5.11 million.

The combined assessment of analysts suggests that 'Net Interest Income' will likely reach $372.67 million. Compared to the present estimate, the company reported $347.20 million in the same quarter last year.

Based on the collective assessment of analysts, 'Bank owned life insurance' should arrive at $4.36 million. The estimate compares to the year-ago value of $3.84 million.

Analysts forecast 'Capital markets income' to reach $7.30 million. Compared to the present estimate, the company reported $6.90 million in the same quarter last year.

The consensus estimate for 'Trust services' stands at $12.65 million. The estimate compares to the year-ago value of $11.59 million.

The average prediction of analysts places 'Net interest income (FTE)' at $375.26 million. The estimate compares to the year-ago value of $350.27 million.

View all Key Company Metrics for F.N.B. here>>>

F.N.B. shares have witnessed a change of +1% in the past month, in contrast to the Zacks S&P 500 composite's +4.3% move. With a Zacks Rank #4 (Sell), FNB is expected underperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

FNB Earns Continued Recognition for Workplace Excellence PR Newswire PITTSBURGH, June 29, 2026

FNB Earns Placement on Inaugural List of America's High Growth Companies

, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB), along with its largest subsidiary First National Bank, announced today it has been named to the inaugural America's High Growth Companies list from Business Insider for 2026, recognizing FNB's ability to achieve sustainable growth and maintain strong financial performance.

"FNB's strong performance, innovation and scale enable us to deliver value for our shareholders and exceptional experiences for our clients, employees and communities," said Vincent Delie, Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank. "This recognition reflects our team's dedication to excellence and their success executing a business model that has positioned us to grow and thrive throughout a broad range of economic cycles."

Business Insider is a global news brand known for its coverage of business, technology and innovation. Its America's High Growth Companies list recognizes companies that demonstrate sustained growth over time without compromising financial health. The ranking evaluated 3,000 companies across four pillars: financial performance, profitability growth, investor value and stability. To be eligible, companies had to meet specific profitability and revenue criteria and pass a media screening review. The 500 highest-scoring companies were named to the list, which was created in partnership with the research firm Plant-A Insights Group.

Under Delie's leadership, FNB has evolved from a small rural bank to one of the 50 largest bank holding companies based in the U.S. by total assets, with nearly 500 percent asset growth since 2009, the year he was named President of First National Bank. With a geographic footprint spanning seven states and Washington, D.C., the Company today operates one of the top 20 retail networks among domestic banks by number of branches. Its disciplined growth strategy and enhanced scale — coupled with a renowned focus on digital technology led by the eStore® and Common app — have driven exceptional results. Also since 2009, FNB's operating earnings per share increased by nearly 300 percent, total shareholder return increased by approximately 400 percent and market capitalization increased by approximately 700 percent.

FNB is regularly recognized for its performance, leadership, client service, industry-leading innovation and outstanding workplace culture. Select highlights include:

Performance: In addition to the High Growth Companies list, FNB has appeared on rankings of the best and most trusted organizations from prominent outlets such as Forbes, TIME and Newsweek. Leadership: Delie is frequently recognized for his significant impact on FNB, his industry and his community. His most recent national honors include the 2026 Excellence in Business Award (Sons of Italy Foundation — awarded in Washington, D.C.), Malden Mills Corporate Kindness Award (Values-in-Action Foundation — awarded in Cleveland) and Distinguished Leadership Award (Committee for Economic Development of The Conference Board — to be awarded in New York). Client Service: In 2026, FNB received: The Export-Import Bank of the United States Lender of the Year Award. 14 Best Bank Awards for commercial and small business excellence from Crisil Coalition Greenwich, a leading provider of strategic benchmarking, analytics and insights in the financial services industry. FNB has earned a total of approximately 130 awards from Crisil Coalition Greenwich since 2011. Innovation: Global Finance magazine recognized FNB among its Top Innovations in North America in 2026 for eStore and the eStore Common app, adding to an extensive list of national and global honors for the Company's proprietary technology. Culture: FNB has won more than 100 national and regional awards as a leading workplace based entirely on employee feedback. These recognitions support the Company's long-term strategic growth plan, backed by the people, systems and culture that drive strong performance and exceptional service.

For more information about the full list of accolades FNB has earned, visit https://www.fnb-online.com/about-us/newsroom/awards-and-recognition.

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 nearly $51 billion and more than 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 equipment 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 and advisory 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.

SOURCE F.N.B. Corporation

Sons of Italy Foundation and Values-in-Action Foundation Awards Build on Delie's Recognition for Performance, Innovation and Commitment to an Outstanding Culture of Growth and Community Impact

, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) and its largest subsidiary, First National Bank, today announced that Vincent Delie, Chairman, President and Chief Executive Officer, recently received two national awards complementing the broad-based honors he has garnered during his long tenure for sustained financial performance, customer-centric innovation, effective leadership, community engagement and FNB's superior workplace culture. Delie was presented with the Excellence in Business Award by the Sons of Italy Foundation® (SIF) and the Malden Mills Corporate Kindness Award by Values-In-Action Foundation.

Recognition from Leading National Organizations
Chosen for his commitment to excellence in business and service, Delie exemplifies the high standard of leadership and achievement recognized by the SIF Award for Excellence in Business, which was presented at the 37th Annual National Education and Leadership Awards (NELA) Gala in Washington, D.C.

Delie joins past honorees of SIF that include a wide range of high-achieving leaders, such as U.S. presidents, senior government officials, entertainers, educators, sports figures, and humanitarian and business leaders, all recognized for contributions to both the nation and the Italian-American community.

SIF is the philanthropic arm of the Order Sons and Daughters of Italy in America, dedicated to preserving and promoting Italian heritage, culture and values through charitable giving and impactful projects.

At the NELA Gala, Delie gave a heartfelt speech about his Italian American heritage and its profound influence on him personally and professionally. He dedicated the award to his Italian grandmother, whom he always strove to make proud. In their time together, she emphasized family values and shared stories that conveyed the character and commitment of his immigrant family members, who selflessly served their new country as soldiers and laborers. Similar to the stories of many other immigrants, despite meager beginnings, they forged a family legacy in America that made it possible for future generations to achieve success.

In addition to the SIF Award for Excellence in Business, Delie and FNB have also been honored with the nationally renowned Malden Mills Corporate Kindness Award. The award is presented annually to corporate leaders who exemplify the values of kindness, respect and care modeled by Malden Mills' late CEO Aaron Feuerstein, who famously continued to pay employees for months while rebuilding a factory in the wake of a devastating fire.

FNB and its CEO were selected for the Corporate Kindness Award due to the Company's exceptional and highly engaging workplace culture, which has earned more than 100 workplace awards nationally and in the markets it serves. Delie expressed his deep gratitude for his leadership team and all FNB's employees in a video interview with Values-in-Action. FNB's recognition, including the Corporate Kindness Award, reflects the collective efforts of FNB's employees, who demonstrate the Company's core values in the work they do every day.

Driving Growth and Innovation at FNB
Since assuming leadership of the Company, Delie has led its expansion to seven states and Washington, D.C., while delivering sustained revenue growth, enhanced profitability and approximately 700 percent gains in market capitalization. He has advanced FNB's digital strategy through its omnichannel Clicks-to-Bricks approach and investments in artificial intelligence and data science, with the Company emerging as an industry leader over the past decade.

FNB's digital strategy is anchored by the proprietary, award-winning eStore® platform, where clients can compare products, schedule banker appointments and access financial education resources, and the eStore Common application (Common app), a first-of-its-kind solution that enables clients to apply for more than 50 consumer and business products and services simultaneously through a single, streamlined digital application.

Delie's leadership continues to earn recognition from prominent third-party organizations, reflecting his impact on FNB, its stakeholders and the broader financial services industry. Recent honors build on a track record that includes being named CEO of the Year – USA by The Digital Banker, CEO of the Year by The CEO Magazine, a Distinguished Leadership Award winner from the Committee for Economic Development and a Top 50 CEO in the U.S. by Brand Finance, which also ranked him as a top-5 U.S.-based CEO on a global list.

Continued Recognition for Performance and Culture
Under Delie's direction, FNB receives repeated national and global acclaim for its performance and innovation. The Company has been named one of America's Most Admired Workplaces for 2026 by Newsweek, one of the World's Best Companies and one of America's Best Financial Services for 2026 by TIME, and as one of America's Best and Most Trusted Companies by Forbes. It has also earned ongoing recognition for its digital innovation from organizations such as FinTech Futures and Celent, as well as receiving approximately 130 Crisil Coalition Greenwich Best Bank Awards. These distinctions underscore FNB's continued focus on innovation, customer experience and disciplined growth.

For a comprehensive list of the honors received by Delie and FNB, visit FNB's Awards and Recognition page.

About the Sons of Italy Foundation
The Sons of Italy Foundation® (SIF) is the philanthropic arm of the Order Sons and Daughters of Italy in America (OSDIA), supporting scholarships, medical research, disaster relief, cultural preservation, and veterans' initiatives nationwide. Since its founding, SIF has contributed tens of millions of dollars to charitable causes, including awarding more than $600,000 in scholarships over the past four years to outstanding students across the country.

About Values-in-Action Foundation
Values‐in‐Action Foundation is a Cleveland-based national non-profit organization whose mission is to empower students and adults to build communities of kindness, caring and respect through programs that teach, promote, and provide skills and tools to enable individuals to make positive, values-based decisions every day.

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 nearly $51 billion and more than 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 equipment 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 and advisory 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fnb-ceo-vincent-delie-earns-additional-prestigious-national-honors-for-business-excellence-and-values-driven-leadership-302808071.html

SOURCE F.N.B. Corporation

Revenue Growth of 9.4% Drove an 18.8% Increase in Diluted EPS and 11.4% Growth in Tangible Book Value per Share (non-GAAP) from the First Quarter of 2025

, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the first quarter of 2026 with net income of $137.0 million, or $0.38 per diluted common share. Comparatively, first quarter 2025 net income totaled $116.5 million, or $0.32 per diluted common share, and fourth quarter of 2025 net income totaled $168.7 million, or $0.47 per diluted common share.

On an operating basis, there were no significant items impacting earnings for the first quarters of 2026 and 2025. By comparison, fourth quarter 2025 earnings per diluted common share on an operating basis (non-GAAP) was $0.50, excluding $16.6 million (pre-tax) of significant items impacting earnings.

"F.N.B. Corporation's first quarter earnings increased 19% from the year-ago quarter to $0.38 per diluted common share. Pre-provision net revenue (non-GAAP) increased 17% as we generated positive operating leverage of 5% with continued solid non-interest income generation and growth in net interest income," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr. "Our key performance metrics and capital ratios remain strong with return on average tangible common equity (non-GAAP) equaling 13.2% and tangible book value per share (non-GAAP) of $12.06, an increase of 11% from the year-ago-quarter. Our Company's sustained superior financial performance, investments in a resilient risk management framework and a strong balance sheet have provided FNB with flexibility to efficiently deploy capital to benefit our shareholders. As we previously announced, we increased our quarterly cash dividend 8% to $0.13 per share and authorized a new share repurchase program with a total of $300 million now available for repurchase. FNB's award-winning digital and data analytics capabilities, including the eStore®, as well as investments in our Advisory and Capital Markets businesses and differentiated product offerings have enabled our team to continue to sustain growth and win against competitors of all sizes."

First Quarter 2026 Highlights
(All comparisons refer to the first quarter of 2025, except as noted)

Average loans and leases totaled $34.9 billion, an increase of $849.4 million, or 2.5%, driven by consumer loan growth of $1.1 billion. In December 2025, FNB transferred approximately $200 million of performing residential mortgage loans to held-for-sale in anticipation of a loan sale that closed in the first quarter of 2026 as part of balance sheet management actions. On a linked-quarter basis, period-end total consumer loans and commercial loans and leases increased $198.2 million and $136.0 million, respectively, as loan activity began to accelerate late in the quarter. Average deposits totaled $38.4 billion, an increase of $1.4 billion, or 3.8%, as the growth in average money market deposits of $1.0 billion, average interest-bearing demand deposits of $241.0 million and average non-interest-bearing demand deposits of $180.3 million more than offset the declines in average savings deposits of $42.0 million and average time deposits of $30.7 million. On a linked-quarter basis, period-end total deposits increased $141.8 million, with deposit growth more than offsetting seasonal outflows during the quarter. The loan-to-deposit ratio was 90.3% at March 31, 2026, compared to 89.7% at December 31, 2025, and 91.9% at March 31, 2025. Net interest income totaled $359.3 million, a decrease of $6.2 million, or 1.7%, linked-quarter, primarily due to the impact of two less days in the current quarter and lower yields on earning assets, partially offset by a lower cost of funds. Net interest margin (FTE) (non-GAAP) equaled 3.25%, a decrease of 3 basis points from the fourth quarter of 2025, reflecting an 8 basis point decline in the total cost of funds offset by an 11 basis point decline in the total yield on earning assets (non-GAAP) which were impacted by the Federal Open Market Committee (FOMC) lowering the target federal funds rate in December 2025. Pre-provision net revenue (non-GAAP) totaled $192.4 million, a 17% increase from the year-ago quarter, driven by continued solid non-interest income generation and growth in net interest income. Provision for credit losses was $18.5 million, a decrease of $0.4 million from the prior quarter, with net charge-offs of $15.9 million, or 0.18% annualized of total average loans, compared to $16.4 million, or 0.19% 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 0.34%, and total delinquency increased 3 basis points from the prior quarter to 0.74%. The allowance for credit losses (ACL) to total loans and leases ratio remained stable at 1.26%. Overall, asset quality metrics remain at solid levels, reflecting continued proactive management of the loan portfolio. The Common Equity Tier 1 (CET1) regulatory capital ratio ended the quarter at 11.4% (estimated), compared to 10.7% at March 31, 2025, and 11.4% at December 31, 2025. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.9%, compared to 8.4% at March 31, 2025, and 8.9% at December 31, 2025. Tangible book value per common share (non-GAAP) of $12.06 increased $1.23, or 11.4%, compared to March 31, 2025, and $0.19, or 1.6%, compared to December 31, 2025. During the first quarter of 2026, the Company repurchased $35 million, or 2.0 million shares, of common stock at a weighted average share price of $17.41. On April 14, 2026, FNB announced the authorization of a new $250 million common stock repurchase program. Including the authority remaining under the previous program, total repurchase capacity is $300 million.  In April 2026, the Board of Directors declared a quarterly common stock cash dividend of $0.13, an 8% increase, beginning with the common dividend payable on June 15, 2026. 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

1Q26

4Q25

1Q25

Reported results

Net income available to common shareholders (millions)

$    137.0

$    168.7

$    116.5

Earnings per diluted common share

0.38

0.47

0.32

Book value per common share

19.12

18.92

17.86

Pre-provision net revenue (non-GAAP) (millions)

192.4

184.6

164.8

Operating results (non-GAAP)

Operating net income available to common shareholders (millions)

$    137.0

$    181.8

$    116.5

Operating earnings per diluted common share

0.38

0.50

0.32

Operating pre-provision net revenue (millions)

192.4

205.7

164.8

Average diluted common shares outstanding (thousands)

360,235

360,840

363,069

Significant items impacting earnings(a) (millions)

FNB Foundation contribution (pre-tax)

$        —

$    (20.0)

$        —

FNB Foundation contribution (after-tax)

—

(15.8)

—

FDIC special assessment reduction (pre-tax)

—

3.4

—

FDIC special assessment reduction (after-tax)

—

2.7

—

Total significant items (pre-tax)

$        —

$    (16.6)

$        —

Total significant items (after-tax)

$        —

$    (13.1)

$        —

Capital measures

Common equity tier 1 (b)

11.4 %

11.4 %

10.7 %

Tangible common equity to tangible assets (non-GAAP)

8.91

8.89

8.37

Tangible book value per common share (non-GAAP)

$    12.06

$    11.87

$    10.83

(a) Favorable (unfavorable) impact on earnings.

(b) Estimated for 1Q26.

First Quarter 2026 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the first quarter of 2025, except as noted.)

Net interest income totaled $359.3 million, an increase of $35.4 million, or 10.9%, reflecting growth in average earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 22 basis points to 3.25%. The yield on earning assets (non-GAAP) decreased 9 basis points to 5.14%, driven by a 12 basis point decline in yields on loans to 5.56%, partially offset by a 13 basis point increase in yields on investment securities to 3.54%. Total cost of funds decreased 31 basis points to 2.01%, with a 36 basis point decrease in interest-bearing deposit costs to 2.40% and a 57 basis point decrease in total borrowing costs. The FOMC has lowered the target federal funds rate by 175 basis points since August 2024.

Average loans and leases totaled $34.9 billion, an increase of $849.4 million, or 2.5%, driven by growth of $1.1 billion in average consumer loans. Average commercial and industrial loans increased $266.4 million, or 3.5%, and average commercial leases increased $21.4 million, or 2.8%, offset by the decline in average commercial real estate loans of $503.1 million, or 4.0%. Solid commercial and industrial loan growth in the Charlotte, North Carolina market and equipment financing was offset by expected commercial real estate loan payoffs. The increase in average consumer loans included an $873.4 million, or 10.9%, increase in residential mortgage loans largely due to the continued successful execution in key markets and long-standing strategy of serving the purchase market, which was partially offset by the sale of approximately $200 million of performing residential mortgage loans in February 2026. Average consumer lines of credit increased $164.1 million, or 12.0%, and indirect auto loans increased $28.0 million, or 3.7%, both reflecting solid organic growth in the portfolio.

Average deposits totaled $38.4 billion, an increase of $1.4 billion, or 3.8%. The growth in average money market deposits of $1.0 billion, average interest-bearing demand deposits of $241.0 million and average non-interest-bearing demand deposits of $180.3 million more than offset the decline in average savings deposits of $42.0 million and average time deposits of $30.7 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% at both March 31, 2026, and March 31, 2025. The loan-to-deposit ratio improved to 90.3% at March 31, 2026, compared to 91.9% at March 31, 2025.

Non-interest income totaled $91.0 million, an increase of $3.2 million, or 3.7%. Capital markets income increased $1.5 million, or 27.8%, reflecting solid contributions from debt capital markets, swap fees and international banking income. Wealth Management revenues increased $0.6 million, or 2.8%, as trust services income and securities commissions and fees increased 3.5% and 1.8%, respectively, through continued strong contributions across the geographic footprint. Other non-interest income increased $1.4 million, or 49.5%, from miscellaneous gains, while bank-owned life insurance decreased $1.2 million, reflecting higher life insurance claims in the year-ago quarter.

Non-interest expense totaled $257.9 million, increasing $11.1 million, or 4.5%. Net occupancy and equipment increased $5.1 million, or 11.1%, primarily due to technology-related investments and higher occupancy costs, which included unusually high seasonal snow removal costs. Bank shares tax increased $0.4 million, or 10.7%, reflecting a higher capital base. Other non-interest expense increased $6.8 million, or 30.4%, due to higher fraud losses, various litigation-related expenses and the impact of Community Uplift, an affordable mortgage down payment assistance program.

The ratio of non-performing loans and OREO to total loans and OREO decreased 14 basis points to 0.34%. Total delinquency decreased 1 basis point to 0.74%. Overall, asset quality metrics remain at solid levels.

The provision for credit losses was $18.5 million, compared to $17.5 million. The first quarter of 2026 reflected net charge-offs of $15.9 million, or 0.18% annualized of total average loans, compared to $12.5 million, or 0.15% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $443.0 million, an increase of $14.2 million, with the ratio of the ACL to total loans and leases increasing 1 basis point to 1.26%.

The effective tax rate was 21.2%, compared to 20.9% in the first quarter of 2025.

The CET1 regulatory capital ratio was 11.4% (estimated) at March 31, 2026, and 10.7% at March 31, 2025. Tangible book value per common share (non-GAAP) was $12.06 at March 31, 2026, an increase of $1.23, or 11.4%, from $10.83 at March 31, 2025. AOCI reduced the current quarter tangible book value per common share (non-GAAP) by $0.24, compared to a reduction of $0.34 at the end of the year-ago quarter.

First Quarter 2026 Results – Comparison to Prior Quarter
(All comparisons refer to the fourth quarter of 2025, except as noted.)

Net interest income totaled $359.3 million, a decrease of $6.2 million, or 1.7%, primarily due to two less days in the current quarter and lower yields on earning assets, partially offset by lower cost of funds. The total yield on earning assets (non-GAAP) decreased 11 basis points to 5.14%. The total cost of funds decreased 8 basis points to 2.01%, as the cost of interest-bearing deposits decreased 13 basis points to 2.40% and total borrowing costs decreased 12 basis points to 4.23%. Total average borrowings increased $356.9 million due to normal seasonal outflows of deposits. The resulting net interest margin (FTE) (non-GAAP) was 3.25%, a 3 basis point decline.

Average loans and leases totaled $34.9 billion, a slight decrease of $83.0 million, or 1.0% annualized, as average consumer loans increased $48.8 million, offsetting the decrease of $131.8 million in average commercial loans and leases. End of period balances for consumer loans and commercial loans and leases increased $198.2 million and $136.0 million, respectively, as loan activity began to accelerate late in the quarter. For consumer lending, average consumer lines of credit increased $32.1 million and indirect auto loans increased $28.2 million, both reflecting solid organic growth in the portfolio and offsetting the impact of the loan sale on average residential mortgages. Average commercial loans and leases included declines of $299.2 million in average commercial real estate loans from secondary market activity and $28.2 million in average commercial leases, partially offset by an increase of $201.4 million in average commercial and industrial loans.

Average deposits totaled $38.4 billion, a decrease of $264.8 million, due to the impact of normal seasonal outflows in public funds and other corporate deposit balances. The decreases in average time deposits of $221.8 million and average non-interest-bearing deposit balances of $190.3 million were partially offset by growth in average interest-bearing demand deposits of $104.4 million and average savings deposit balances of $37.5 million. End of period total deposits increased $141.8 million as deposit inflows increased near the end of the quarter from their seasonal lows. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% for both March 31, 2026 and December 31, 2025. The loan-to-deposit ratio totaled 90.3% at March 31, 2026, compared to 89.7% at December 31, 2025.

Non-interest income totaled $91.0 million, a decrease of $1.4 million, or 1.5%, from the prior quarter. Insurance commission and fees increased $1.4 million, or 30.3%, driven by seasonal contingent revenue and new client acquisition. Mortgage banking operations income increased $0.7 million, or 12.7%, primarily due to an 8% increase in sold loan volumes. Dividends on non-marketable equity securities increased $0.6 million, or 9.9%, from higher Federal Home Loan Bank activity. Service charges decreased $1.2 million, or 5.2%, primarily from the seasonally higher consumer transaction volumes in the prior quarter. Bank-owned life insurance decreased $1.2 million, reflecting higher life insurance claims in the prior quarter.

Non-interest expense totaled $257.9 million, a decrease of $15.3 million, or 5.6%, compared to the prior quarter. When adjusting for $16.6 million1 (pre-tax) of significant items in the fourth quarter of 2025, operating non-interest expense (non-GAAP) increased $1.3 million, or 0.5%. Net occupancy and equipment increased $3.0 million, or 6.3%, primarily due to unusually high snow removal costs and higher occupancy costs. Salaries and employee benefits increased $1.9 million, or 1.4%, primarily due to normal seasonal long-term compensation expense of $7.1 million in the first quarter of 2026, as well as seasonally higher employer-paid payroll taxes, partially offset by lower employer-paid healthcare costs and performance-based compensation. Outside services decreased $3.1 million, or 10.6%, due to lower third-party legal costs. The efficiency ratio (non-GAAP) totaled 56.1%, compared to 53.8% in the prior quarter, reflecting the impact of the December FOMC rate cut and two less days in the quarter on net interest income and normal seasonality.

The ratio of non-performing loans and OREO to total loans and OREO increased 3 basis points to 0.34%, and delinquency increased 3 basis points to 0.74%. Overall, asset quality metrics remain at solid levels.

The provision for credit losses was $18.5 million, compared to $18.9 million. The first quarter of 2026 reflected net charge-offs of $15.9 million, or 0.18% annualized of total average loans, compared to $16.4 million, or 0.19% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $443.0 million, an increase of $3.5 million, with the ratio of the ACL to total loans and leases stable at 1.26%.

The effective tax rate was 21.2%, compared to (1.8)%, reflecting the impact of the investment tax credits recognized as part of a renewable energy project financing transaction in the prior quarter.

The CET1 regulatory capital ratio was 11.4% (estimated), stable to 11.4% at December 31, 2025. Tangible book value per common share (non-GAAP) was $12.06 at March 31, 2026, an increase of $0.19 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.24 as of March 31, 2026, compared to $0.18 at the end of the prior quarter.

1 Fourth quarter 2025 non-interest expense significant items impacting earnings included a $20 million (pre-tax) contribution to the FNB Foundation and ($3.4) 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 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, 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 2026 and 2025 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," "enable," "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, U.S. federal government shutdowns and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition and enforceability of tariffs, trade wars, barriers or restrictions, threats of such actions or related uncertainties; 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, including in the Middle East, disruption of supply chain and energy supply markets and capital markets, changes to inflation expectations and other related uncertainties; 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 and artificial intelligence; 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 2025 Annual Report on Form 10-K (including the MD&A section), our subsequent 2026 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other 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 first quarter of 2026 after the market close on Thursday, April 16, 2026. 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, April 17, 2026 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/10207964/103b8b94fec. 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 nearly $51 billion and more than 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

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Interest Income

Loans and leases, including fees

$ 485,913

$ 503,498

$ 480,574

(3.5)

1.1

Securities:

   Taxable

61,140

60,249

54,850

1.5

11.5

   Tax-exempt

6,903

6,932

6,940

(0.4)

(0.5)

Other

15,325

16,811

17,073

(8.8)

(10.2)

     Total Interest Income 

569,281

587,490

559,437

(3.1)

1.8

Interest Expense

Deposits

168,681

182,480

185,828

(7.6)

(9.2)

Short-term borrowings

17,934

15,892

14,103

12.8

27.2

Long-term borrowings

23,388

23,676

35,661

(1.2)

(34.4)

     Total Interest Expense

210,003

222,048

235,592

(5.4)

(10.9)

       Net Interest Income

359,278

365,442

323,845

(1.7)

10.9

Provision for credit losses

18,462

18,870

17,489

(2.2)

5.6

      Net Interest Income After

      Provision for Credit Losses

340,816

346,572

306,356

(1.7)

11.2

Non-Interest Income

Service charges

22,770

24,013

22,355

(5.2)

1.9

Interchange and card transaction fees

12,487

13,345

12,370

(6.4)

0.9

Trust services

12,831

12,211

12,400

5.1

3.5

Insurance commissions and fees

6,224

4,777

5,793

30.3

7.4

Securities commissions and fees

8,982

9,129

8,820

(1.6)

1.8

Capital markets income

6,801

6,534

5,323

4.1

27.8

Mortgage banking operations

6,345

5,629

6,993

12.7

(9.3)

Dividends on non-marketable equity securities

6,245

5,683

5,560

9.9

12.3

Bank owned life insurance

4,110

5,264

5,350

(21.9)

(23.2)

Net securities gains (losses)

2

—

—

n/m

n/m

Other

4,188

5,756

2,802

(27.2)

49.5

     Total Non-Interest Income

90,985

92,341

87,766

(1.5)

3.7

Non-Interest Expense

Salaries and employee benefits

135,707

133,774

135,135

1.4

0.4

Net occupancy

22,637

19,829

19,758

14.2

14.6

Equipment

28,091

27,875

25,885

0.8

8.5

Outside services

26,461

29,585

26,341

(10.6)

0.5

Marketing

3,601

5,297

4,573

(32.0)

(21.3)

FDIC insurance

7,450

4,585

8,483

62.5

(12.2)

Bank shares tax

4,577

1,237

4,136

270.0

10.7

Other

29,341

50,987

22,500

(42.5)

30.4

     Total Non-Interest Expense

257,865

273,169

246,811

(5.6)

4.5

Income Before Income Taxes

173,936

165,744

147,311

4.9

18.1

Income tax expense (benefit)

36,890

(2,949)

30,796

1,350.9

19.8

Net Income

$ 137,046

$ 168,693

$ 116,515

(18.8)

17.6

Earnings per Common Share

Basic

$    0.38

$    0.47

$    0.32

(19.1)

18.8

Diluted

0.38

0.47

0.32

(19.1)

18.8

Cash Dividends per Common Share

0.12

0.12

0.12

—

—

n/m - not meaningful

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

% Variance

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Assets

Cash and due from banks

$      452

$      387

$      524

16.8

(13.7)

Interest-bearing deposits with banks

2,207

2,111

1,921

4.5

14.9

Cash and Cash Equivalents

2,659

2,498

2,445

6.4

8.8

Securities available for sale

3,775

3,727

3,477

1.3

8.6

Securities held to maturity

4,183

4,117

4,029

1.6

3.8

Loans held for sale

321

515

190

(37.7)

68.9

Loans and leases, net of unearned income

35,112

34,777

34,235

1.0

2.6

Allowance for credit losses on loans and leases

(443)

(439)

(429)

0.9

3.3

Net Loans and Leases

34,669

34,338

33,806

1.0

2.6

Premises and equipment, net

566

568

539

(0.4)

5.0

Goodwill

2,480

2,480

2,478

—

0.1

Core deposit and other intangible assets, net

33

36

48

(8.3)

(31.3)

Bank owned life insurance

671

667

662

0.6

1.4

Other assets

1,271

1,283

1,346

(0.9)

(5.6)

Total Assets

$   50,628

$   50,229

$   49,020

0.8

3.3

Liabilities

Deposits:

Non-interest-bearing

$   10,003

$    9,914

$    9,867

0.9

1.4

Interest-bearing

28,898

28,845

27,372

0.2

5.6

Total Deposits

38,901

38,759

37,239

0.4

4.5

Short-term borrowings

2,157

2,017

1,969

6.9

9.5

Long-term borrowings

2,001

1,901

2,514

5.3

(20.4)

Other liabilities

768

793

880

(3.2)

(12.7)

Total Liabilities

43,827

43,470

42,602

0.8

2.9

Shareholders' Equity

Common stock

4

4

4

—

—

Additional paid-in capital

4,698

4,695

4,696

0.1

—

Retained earnings

2,437

2,343

2,025

4.0

20.3

Accumulated other comprehensive loss

(86)

(63)

(121)

36.5

(28.9)

Treasury stock

(252)

(220)

(186)

14.5

35.5

Total Shareholders' Equity

6,801

6,759

6,418

0.6

6.0

Total Liabilities and Shareholders' Equity

$   50,628

$   50,229

$   49,020

0.8

3.3

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in thousands)

(Unaudited)

1Q26

4Q25

1Q25

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

$ 1,748,445

$ 15,325

3.55 %

$ 1,752,290

$ 16,811

3.81 %

$ 1,741,006

$ 17,073

3.98 %

Taxable investment securities (1)

6,876,738

60,936

3.55

6,706,245

60,039

3.58

6,437,681

54,635

3.40

Tax-exempt investment securities (1) (2)

991,913

8,735

3.52

1,000,876

8,764

3.50

1,010,117

8,764

3.47

Loans held for sale

437,086

7,572

6.93

347,216

6,271

7.22

203,579

3,884

7.63

Loans and leases (2) (3)

34,900,157

479,857

5.56

34,983,204

498,753

5.67

34,050,781

478,065

5.68

Total Interest Earning Assets (2)

44,954,339

572,425

5.14

44,789,831

590,638

5.25

43,443,164

562,421

5.23

Cash and due from banks

373,240

388,831

393,846

Allowance for credit losses

(446,932)

(442,527)

(428,903)

Premises and equipment

567,938

562,855

538,394

Other assets

4,505,350

4,469,488

4,535,697

Total Assets

$ 49,953,935

$ 49,768,478

$ 48,482,198

Liabilities

Deposits:

Interest-bearing demand

$ 6,541,455

18,173

1.13

$ 6,437,006

18,683

1.15

$ 6,300,423

18,826

1.21

Money market

11,700,669

85,030

2.95

11,695,237

91,789

3.11

10,652,531

90,025

3.43

Savings

3,102,399

6,787

0.89

3,064,940

7,340

0.95

3,144,432

8,110

1.05

Certificates and other time

7,193,173

58,690

3.31

7,414,998

64,668

3.46

7,223,878

68,867

3.87

Total interest-bearing deposits

28,537,696

168,680

2.40

28,612,181

182,480

2.53

27,321,264

185,828

2.76

Short-term borrowings

1,978,660

17,934

3.67

1,669,263

15,892

3.76

1,374,269

14,103

4.14

Long-term borrowings

1,984,936

23,388

4.78

1,937,403

23,676

4.85

2,828,002

35,662

5.11

Total Interest-Bearing Liabilities  

32,501,292

210,002

2.62

32,218,847

222,048

2.73

31,523,535

235,593

3.03

Non-interest-bearing demand deposits

9,828,293

10,018,626

9,647,959

Total Deposits and Borrowings

42,329,585

2.01

42,237,473

2.09

41,171,494

2.32

Other liabilities

816,738

838,258

938,559

Total Liabilities

43,146,323

43,075,731

42,110,053

Shareholders' Equity

6,807,612

6,692,747

6,372,145

Total Liabilities and Shareholders' Equity

$ 49,953,935

$ 49,768,478

$ 48,482,198

Net Interest Earning Assets

$ 12,453,047

$ 12,570,984

$ 11,919,629

Net Interest Income (FTE) (2)

362,423

368,590

326,828

Tax Equivalent Adjustment

(3,145)

(3,148)

(2,983)

Net Interest Income

$ 359,278

$ 365,442

$ 323,845

Net Interest Spread

2.52 %

2.52 %

2.20 %

Net Interest Margin  (2)

3.25 %

3.28 %

3.03 %

(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)

1Q26

4Q25

1Q25

Performance Ratios

Return on average equity

8.16 %

10.00 %

7.42 %

Return on average tangible

common equity (1) 

13.20

16.33

12.62

Return on average assets

1.11

1.34

0.97

Return on average tangible assets (1) 

1.19

1.44

1.06

Net interest margin (FTE) (2)

3.25

3.28

3.03

Yield on earning assets (FTE) (2)

5.14

5.25

5.23

Cost of interest-bearing deposits

2.40

2.53

2.76

Cost of interest-bearing liabilities 

2.62

2.73

3.03

Cost of funds 

2.01

2.09

2.32

Efficiency ratio (1)

56.08

53.81

58.50

Effective tax rate

21.21

(1.78)

20.91

Capital Ratios

Equity / assets

13.43

13.46

13.09

Common equity tier 1 (3)

11.4

11.4

10.7

Leverage

9.22

9.11

8.72

Tangible common equity / tangible assets (1)

8.91

8.89

8.37

Common Stock Data

Average diluted common shares outstanding

360,234,607

360,839,742

363,068,604

Period end common shares outstanding

355,670,905

357,303,315

359,364,784

Book value per common share

$      19.12

$      18.92

$      17.86

Tangible book value per common share (1)

12.06

11.87

10.83

Dividend payout ratio (common)

31.71 %

25.70 %

37.75 %

(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)

March 31, 2026 Common Equity Tier 1 Capital ratio is an estimate.

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Balances at period end

Loans and Leases:

Commercial real estate (1)

$  12,164

$  12,274

$  12,652

(0.9)

(3.9)

Commercial and industrial

8,032

7,718

7,628

4.1

5.3

Commercial leases

778

791

782

(1.6)

(0.5)

Other

87

141

174

(38.3)

(50.0)

Commercial loans and leases

21,061

20,924

21,236

0.7

(0.8)

Direct installment

2,655

2,678

2,656

(0.9)

—

Residential mortgages

9,038

8,882

8,184

1.8

10.4

Indirect installment

805

767

776

5.0

3.7

Consumer LOC

1,553

1,526

1,383

1.8

12.3

Consumer loans

14,051

13,853

12,999

1.4

8.1

Total loans and leases

$  35,112

$  34,777

$  34,235

1.0

2.6

Note: Loans held for sale were $321, $515 and $190 at 1Q26, 4Q25, and 1Q25, respectively.

(1) Commercial real estate is made up of 68% non-owner occupied and 32% owner-occupied at March 31, 2026.

% Variance

Average balances

1Q26

1Q26

Loans and Leases:

1Q26

4Q25

1Q25

4Q25

1Q25

Commercial real estate 

$  12,202

$  12,501

$  12,705

(2.4)

(4.0)

Commercial and industrial

7,855

7,654

7,589

2.6

3.5

Commercial leases

787

815

766

(3.5)

2.8

Other

144

150

148

(3.9)

(2.6)

Commercial loans and leases

20,988

21,120

21,208

(0.6)

(1.0)

Direct installment

2,667

2,679

2,664

(0.4)

0.1

Residential mortgages

8,921

8,921

8,048

—

10.9

Indirect installment

788

759

760

3.7

3.7

Consumer LOC

1,536

1,504

1,372

2.1

12.0

Consumer loans

13,912

13,863

12,843

0.4

8.3

Total loans and leases

$  34,900

$  34,983

$  34,051

(0.2)

2.5

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

1Q26

1Q26

Asset Quality Data

1Q26

4Q25

1Q25

4Q25

1Q25

Non-Performing Assets

Non-performing loans

$   118

$   105

$   161

12.4

(26.7)

Other real estate owned (OREO)

3

3

2

—

50.0

Non-performing assets

$   121

$   108

$   163

12.0

(25.8)

Non-performing loans / total loans and leases

0.33 %

0.30 %

0.47 %

Non-performing assets plus 90+ days past due / total loans and leases plus OREO

0.49

0.35

0.50

Non-performing loans plus OREO / total loans and leases plus OREO

0.34

0.31

0.48

Delinquency

Loans 30-89 days past due

$    93

$   130

$    88

(28.5)

5.7

Loans 90+ days past due

50

13

9

284.6

455.6

Non-accrual loans

118

105

161

12.4

(26.7)

Past due and non-accrual loans

$   261

$   248

$   258

5.2

1.2

Past due and non-accrual loans / total loans and leases

0.74 %

0.71 %

0.75 %

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

% Variance

(Unaudited)

1Q26

1Q26

Allowance on Loans and Leases and Allowance for Unfunded Loan Commitments Rollforward

1Q26

4Q25

1Q25

4Q25

1Q25

Allowance for Credit Losses on Loans and Leases

Balance at beginning of period

$ 439.5

$ 437.3

$ 422.8

0.5

4.0

Provision for credit losses 

19.4

18.7

18.6

3.4

3.9

Net loan (charge-offs) / recoveries

(15.9)

(16.4)

(12.5)

(3.6)

26.4

Allowance for credit losses on loans and leases

$ 443.0

$ 439.5

$ 428.9

0.8

3.3

Allowance for Unfunded Loan Commitments

Allowance for unfunded loan commitments balance at beginning of period

$   20.1

$   20.1

$   21.4

0.1

(5.9)

Provision (reduction in allowance) for unfunded loan commitments / other adjustments

(0.9)

—

(1.1)

n/m

(17.1)

Allowance for unfunded loan commitments

$   19.2

$   20.1

$   20.3

(4.6)

(5.3)

Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments

$ 462.2

$ 459.6

$ 449.1

0.6

2.9

Allowance for credit losses on loans and leases / total loans and leases

1.26 %

1.26 %

1.25 %

Allowance for credit losses on loans and leases / total non-performing loans

376.8

417.7

266.9

Net loan charge-offs (annualized) / total average loans and leases

0.18

0.19

0.15

n/m - not meaningful

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

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Operating net income available to common shareholders

(dollars in thousands)

Net income available to common shareholders

$ 137,046

$ 168,693

$ 116,515

FNB Foundation contribution

—

20,000

—

Tax benefit of FNB Foundation contribution

—

(4,200)

—

FDIC special assessment

—

(3,375)

—

Tax expense (benefit) of FDIC special assessment

—

709

—

Operating net income available to common shareholders (non-GAAP)

$ 137,046

$ 181,827

$ 116,515

(24.6)

17.6

% Variance

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Operating earnings per diluted common share

Earnings per diluted common share

$    0.38

$    0.47

$    0.32

FNB Foundation contribution

—

0.06

—

Tax benefit of FNB Foundation contribution

—

(0.01)

—

FDIC special assessment

—

(0.01)

—

Tax expense (benefit) of FDIC special assessment

—

—

—

Operating earnings per diluted common share (non-GAAP)

$    0.38

$    0.50

$    0.32

(24.0)

18.8

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

1Q26

4Q25

1Q25

Return on average tangible common equity

(dollars in thousands)

Net income available to common shareholders (annualized)

$    555,798

$    669,270

$    472,534

Amortization of intangibles, net of tax (annualized)

10,733

12,324

12,620

Tangible net income available to common shareholders (annualized) (non-GAAP)

$    566,531

$    681,594

$    485,154

Average total shareholders' equity

$  6,807,612

$  6,692,747

$  6,372,145

Less: Average intangible assets (1)

(2,514,310)

(2,517,887)

(2,527,636)

Average tangible common equity (non-GAAP)

$  4,293,302

$  4,174,860

$  3,844,509

Return on average tangible common equity (non-GAAP)

13.20 %

16.33 %

12.62 %

Return on average tangible assets

(dollars in thousands)

Net income (annualized)

$    555,798

$    669,270

$    472,534

Amortization of intangibles, net of tax (annualized)

10,733

12,324

12,620

Tangible net income (annualized) (non-GAAP)

$    566,531

$    681,594

$    485,154

Average total assets

$ 49,953,935

$ 49,768,478

$ 48,482,198

Less: Average intangible assets (1)

(2,514,310)

(2,517,887)

(2,527,636)

Average tangible assets (non-GAAP)

$ 47,439,625

$ 47,250,591

$ 45,954,562

Return on average tangible assets (non-GAAP)

1.19 %

1.44 %

1.06 %

(1) Excludes loan servicing rights.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

1Q26

4Q25

1Q25

Tangible book value per common share

(dollars in thousands, except per share data)

Total shareholders' equity

$   6,800,671

$   6,758,572

$   6,418,012

Less:  Intangible assets (1)

(2,512,732)

(2,516,082)

(2,525,619)

Tangible common equity (non-GAAP)

$   4,287,939

$   4,242,490

$   3,892,393

Common shares outstanding

355,670,905

357,303,315

359,364,784

Tangible book value per common share (non-GAAP)

$        12.06

$        11.87

$        10.83

Tangible common equity to tangible assets

(dollars in thousands)

Total shareholders' equity

$   6,800,671

$   6,758,572

$   6,418,012

Less:  Intangible assets (1)

(2,512,732)

(2,516,082)

(2,525,619)

Tangible common equity (non-GAAP)

$   4,287,939

$   4,242,490

$   3,892,393

Total assets

$ 50,628,037

$ 50,229,013

$ 49,019,742

Less:  Intangible assets (1)

(2,512,732)

(2,516,082)

(2,525,619)

Tangible assets (non-GAAP)

$ 48,115,305

$ 47,712,931

$ 46,494,123

Tangible common equity to tangible assets (non-GAAP)

8.91 %

8.89 %

8.37 %

(1) Excludes loan servicing rights.

Operating non-interest expense

(in thousands)

Non-interest expense

$       257,865

$       273,169

$       246,811

FNB Foundation contribution

—

(20,000)

—

FDIC special assessment

—

3,375

—

Operating non-interest expense (non-GAAP)

$       257,865

$       256,544

$       246,811

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

1Q26

4Q25

1Q25

Pre-provision net revenue

(in thousands)

Net interest income

$  359,278

$  365,442

$  323,845

Non-interest income

90,985

92,341

87,766

Less: Non-interest expense

(257,865)

(273,169)

(246,811)

Pre-provision net revenue (reported) (non-GAAP)

$  192,398

$  184,614

$  164,800

Pre-provision net revenue (reported) (annualized) (non-GAAP)

$  780,281

$  732,437

$  668,357

Adjustments:

Add: FNB Foundation contribution (non-interest expense)

—

20,000

—

Add (Less): FDIC special assessment (non-interest expense)

—

(3,375)

—

Add: Tax credit-related impairment project (non-interest expense)

—

4,442

—

Operating pre-provision net revenue (non-GAAP)

$  192,398

$  205,681

$  164,800

Operating pre-provision net revenue (annualized) (non-GAAP)

$  780,281

$  816,015

$  668,357

Efficiency ratio (FTE)

(dollars in thousands)

Total non-interest expense

$  257,865

$  273,169

$  246,811

Less: Amortization of intangibles

(3,350)

(3,932)

(3,939)

Less: OREO expense

(236)

(125)

(315)

Less: FNB Foundation contribution

—

(20,000)

—

Add (Less): FDIC special assessment

—

3,375

—

Less: Tax credit-related project impairment

—

(4,442)

—

Adjusted non-interest expense

$  254,279

$  248,045

$  242,557

Net interest income

$  359,278

$  365,442

$  323,845

Taxable equivalent adjustment

3,145

3,148

2,983

Non-interest income

90,985

92,341

87,766

Less:  Net securities losses (gains)

(2)

—

—

Adjusted net interest income (FTE) + non-interest income

$  453,406

$  460,931

$  414,594

Efficiency ratio (FTE) (non-GAAP)

56.08 %

53.81 %

58.50 %

SOURCE F.N.B. Corporation

F.N.B. (FNB - Free Report) reported $450.26 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 9.4%. EPS of $0.38 for the same period compares to $0.32 a year ago.

The reported revenue represents a surprise of -0.97% over the Zacks Consensus Estimate of $454.67 million. With the consensus EPS estimate being $0.38, the EPS surprise was -0.52%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how F.N.B. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency Ratio: 56.1% versus 55.7% estimated by four analysts on average.Net Interest Margin: 3.3% versus the four-analyst average estimate of 3.3%.Average Balance - Total interest earning assets: $44.95 billion versus the three-analyst average estimate of $44.94 billion.Net charge-offs to average loans: 0.2% versus 0.2% estimated by three analysts on average.Total Non-Performing Loans: $118 million versus the three-analyst average estimate of $105.94 million.Total Non-Performing Assets: $121 million versus the two-analyst average estimate of $106.92 million.Total Non-Interest Income: $90.99 million versus the four-analyst average estimate of $92.24 million.Net interest income (FTE): $362.42 million compared to the $363.96 million average estimate based on three analysts.Bank owned life insurance: $4.11 million versus $4.22 million estimated by three analysts on average.Mortgage banking operations: $6.35 million versus the three-analyst average estimate of $6.48 million.Trust services: $12.83 million versus the three-analyst average estimate of $12.38 million.Insurance commissions and fees: $6.22 million versus the three-analyst average estimate of $5.67 million.View all Key Company Metrics for F.N.B. here>>>

Shares of F.N.B. have returned +13% over the past month versus the Zacks S&P 500 composite's +6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

F.N.B. Corporation (FNB) Q1 2026 Earnings Call Transcript