Slide 1: F.N.B. Corporation Earnings Presentation Fourth Quarter 2024
F.N.B. Corporation Earnings Presentation Fourth Quarter 2024 January 22, 2025
Slide 2: Cautionary Statement Regarding Forward-Looking Information
Cautionary Statement Regarding Forward-Looking Information This document may contain statements regarding F.N.B. Corporation’s outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset quality levels, financial position and other matters regarding or affecti
Slide 3: Use of Non-GAAP Financial Measures and Key Performance Indicators
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 stockholders, operating earnings per diluted common sh
Slide 4: Financial Highlights
Financial Highlights Fourth Quarter 2024 Highlights ❖ Earnings per diluted common share of $0.30 and operating earnings per diluted common share(1) (non-GAAP) of $0.38. o Full year 2024 earnings per diluted common share of $1.27 and operating earnings per diluted common share(1) (non- GAAP) of $1.39
Slide 5: Strong Financial Performance
Strong Financial Performance Solid Profitability Metrics 14.9% 1.23% 56.9% 3.04% Quarter Ended December 31, 2024 Operating Operating Efficiency Ratio(1)(2) Net Interest ROATCE(1) ROATA(1) Margin(1)(2) Significant Capital, 8.2% 10.6% 1.25% 91.5% Reserves & Liquidity Loan-to-Deposit as of December 31,
Slide 6: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights 4Q24 3Q24 4Q23 2024 2023 Net income available to common stockholders (millions) $109.9 $110.1 $48.7 $459.3 $476.8 Reported Earnings per diluted common share $0.30 $0.30 $0.13 $1.27 $1.31 Results Book value per common share $17.52 $17.38 $16.56 Operating net income
Slide 7: Asset Quality
Asset Quality $ in millions, unless otherwise stated 4Q24 3Q24 4Q23 4Q24 Highlights Delinquency 0.83% 0.79% 0.70% o Credit quality remains at solid levels across all portfolios. NPLs+OREO/Total loans and leases + OREO 0.48% 0.39% 0.34% o Provision for credit losses decreased $1.2 million from the pr
Slide 8: Asset Quality Ratios
Asset Quality Ratios Asset quality metrics remain at solid levels and FNB will continue to manage risk proactively as part of our core credit philosophy. NCO’s (Annualized) to Average Loans NPL’s and OREO to Loans and OREO 0.25% 0.24% 0.48% 0.34% 0.33% 0.33% 0.39% 0.16% 0.10% 0.09% 4Q23 1Q24 2Q24 3Q
Slide 9: Loan Portfolio Mix
Loan Portfolio Mix Highly diversified, commercial-focused loan portfolio. Loan Portfolio (as of December 31, 2024) Owner-Occupied C&I 11% 20% Other 2% Equip Finance/Commercial Leasing Group 4% Non-Owner CRE Indirect 27% 2% HELOC 4% Home Equity 7% Residential Mortgage 23% Total Loan Portfolio: $33.9
Slide 10: Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE Portfolio Non-Owner Occupied CRE Portfolio(1) CRE - Office Loan Statistics Retail as of December 31, 2024 20.5% ❖ Long history of working with well-established sponsors with a Office focus on strong global cash flows. Other 18.7% ❖ The top 25 loans average $22 million in expos
Slide 11: Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE Portfolio(1) NOO-CRE Loans1 to Capital NOO-CRE Loan Statistics 275% as of December 31, 2024 ❖ Strong diversification across property types and geographies. 250% ❖ No outsized risk to any one property. 225% o Average loan size is $1 million. 200% o No single funded loan over $5
Slide 12: Balance Sheet Highlights
Balance Sheet Highlights Average, $ in millions 4Q24 3Q24 4Q23 QoQ ∆ (1) YoY ∆ 4Q24 Highlights Securities $7,315 $7,201 $7,096 1.6% 3.1% o Total securities duration decreased to 3.9 years with AFS comprising ~47% of the portfolio. Total Loans 33,830 33,803 32,268 0.1% 4.8% o Total average loan growt
Slide 13: Deposit Composition
Deposit Composition FNB Maintains a Favorable Deposit Mix. Total Period-End Deposits(1) (2009 – 2024) $37.1 ($ amount in billions) 2009 2024 Δ $34.8 $34.7 NIB Deposits 16% 26% +10% $31.7 26% $29.1 Time Deposits 35% 20% -15% 29% 34% $24.8 34% $23.5 $22.4 31% 26% 26% 26% $16.1 54% 53% $12.6 26% $11.4
Slide 14: Revenue Highlights
Revenue Highlights $ in thousands, unless otherwise stated 4Q24 3Q24 4Q23 QoQ Δ(2) YoY Δ 4Q24 Highlights Total interest income $568,693 $582,772 $531,587 (2.4%) 7.0% o Net interest income declined slightly from the prior quarter Total interest expense 246,477 259,443 207,562 (5.0%) 18.7% primarily d
Slide 15: Balance Sheet Repricing
Balance Sheet Repricing Cumulative Total Betas(1) Commentary 8/31/24 12/31/24 ❖ ~47% of loans reprice within 3 months. Fed Funds Rate 5.50% 4.50% ❖ ~$1.1 billion annual cash flow from the investment Other Total Interest-Bearing Deposit Beta 23% portfolio with a roll-off rate of ~3.04%. o Duration of
Slide 16: Non-Interest Income
Non-Interest Income $ in thousands, unless otherwise stated 4Q24 3Q24 4Q23 QoQ Δ(2) YoY Δ 4Q24 Highlights Service charges $23,071 $24,024 $19,849 (4.0%) 16.2% o Reported non-interest income reflected the $34.0 million Interchange and card transaction fees 12,912 12,922 13,333 (0.1%) (3.2%) realized
Slide 17: Non-Interest Expense
Non-Interest Expense $ in thousands, unless otherwise stated 4Q24 3Q24 4Q23 QoQ Δ(2) YoY Δ 4Q24 Highlights o Salaries and employee benefits Salaries and employee benefits $127,992 $126,066 $114,133 1.5% 12.1% increased linked-quarter primarily due to elevated employer-paid Occupancy and equipment(1)
Slide 18: Strong Capital Position
Strong Capital Position FNB’s capital levels reached all-time highs, providing ample flexibility to grow the balance sheet and optimize shareholder returns while appropriately managing risk. TCE Ratio(1) CET1 Ratio (5) 8.2% 10.6% 7.8% 7.6% 10.0% 7.4% 9.8% 9.9% 9.8% 7.2% 7.2% 9.4% 2019 2020 2021 2022
Slide 19: 2025 Financial Objectives
2025 Financial Objectives 1Q25 Guidance FY 2025 Guidance Commentary Loan growth driven by increasing market share and our diverse Spot Loans Mid-single digit growth geographic footprint. Balance Sheet(1) Deposit growth driven by deepening customer relationships and Spot Deposits Mid-single digit gro
Slide 20: 2024 Peer Group Listing
2024 Peer Group Listing(1) Ticker Institution Ticker Institution ASB Associated Banc-Corp. RF Regions Financial Corp. BKU BankUnited, Inc. SFNC Simmons First National Corp. BOKF BOK Financial Corp. SNV Synovus Financial Corp. CBSH Commerce Bancshares, Inc. SSB SouthState Corp. CFR Cullen/Frost Banke
Slide 21: Non-GAAP to GAAP Reconciliation
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Slide 22: Non-GAAP to GAAP Reconciliation
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Slide 24: Non-GAAP to GAAP Reconciliation
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