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

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

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

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

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

Third Quarter 2025 Highlights

(All comparisons refer to the third quarter of 2024, except as noted)

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

Quarterly Results Summary

3Q25

2Q25

3Q24

Reported results

Net income available to common shareholders (millions)

$ 149.5

$ 130.7

$ 110.1

Earnings per diluted common share

0.41

0.36

0.30

Book value per common share

18.52

18.17

17.38

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

213.9

192.0

163.6

Operating results (non-GAAP)

Operating net income available to common shareholders (millions)

$ 147.7

$ 130.7

$ 122.2

Operating earnings per diluted common share

0.41

0.36

0.34

Operating pre-provision net revenue (millions)

211.6

192.0

178.8

Average diluted common shares outstanding (thousands)

361,670

362,259

362,426

Significant items impacting earnings (a) (millions)

Pre-tax FDIC special assessment reduction

$ 2.3

$ —

After-tax impact of FDIC special assessment reduction

1.8

—

Pre-tax software impairment

—

(3.7)

After-tax impact of software impairment

—

(2.9)

Pre-tax loss related to indirect auto loan sale

—

(11.6)

After-tax impact of loss related to indirect auto loan sale

—

(9.1)

Total significant items pre-tax

$ 2.3

$ —

$ (15.3)

Total significant items after-tax

$ 1.8

$ —

$ (12.0)

Capital measures

Common equity tier 1 (b)

11.0 %

10.8 %

10.4 %

Tangible common equity to tangible assets (non-GAAP)

8.69

8.47

8.17

Tangible book value per common share (non-GAAP)

$ 11.48

$ 11.14

$ 10.33

(a) Favorable (unfavorable) impact on earnings.

(b) Estimated for 3Q25.

Third Quarter 2025 Results – Comparison to Prior-Year Quarter

(All comparisons refer to the third quarter of 2024, except as noted)

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

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

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

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

Non-interest expense totaled $243.5 million, decreasing $5.9 million, or 2.4%. When adjusting for ($2.3) million 1 of significant items in the third quarter of 2025 and $15.3 million 2 of significant items in the third quarter of 2024, operating non-interest expense (non-GAAP) increased $11.6 million, or 5.0%. Salaries and employee benefits increased $5.5 million, or 4.4%, primarily reflecting strategic hiring, continued investments in our risk management infrastructure, and higher production-related compensation. Outside services increased $1.7 million, or 6.8%, due to higher volume-related technology and third-party costs. Other non-interest expense increased $3.7 million, or 17.4%, on an operating basis (non-GAAP) reflecting the impact of Community Uplift, a mortgage down payment assistance program that also includes commitments from our previously announced settlement agreement with the Department of Justice.

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

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

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

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

_________________________________

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

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

Third Quarter 2025 Results – Comparison to Prior Quarter

(All comparisons refer to the second quarter of 2025, except as noted)

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

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

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

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

Non-interest expense totaled $243.5 million, a decrease of $2.7 million, or 1.1%, compared to the prior quarter. When adjusting for ($2.3) million 3 of significant items in the third quarter of 2025, operating non-interest expense (non-GAAP) decreased $0.4 million, or 0.2%. Salaries and employee benefits increased $1.7 million, or 1.3%, reflecting increased performance-related compensation while net occupancy and equipment decreased $2.5 million, or 5.2%, primarily due to lower fixed asset depreciation. The efficiency ratio (non-GAAP) totaled 52.4%, down from 54.8% in the prior quarter.

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

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

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

_________________________________

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

Use of Non-GAAP Financial Measures and Key Performance Indicators

To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common shareholders, operating earnings per diluted common share, return on average tangible equity, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, pre-provision net revenue (reported), operating pre-provision net revenue, efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.

These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included later in this release under the heading "Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP."

Management believes certain items (e.g., FDIC special assessment) are not organic to running our operations and facilities. These items are considered significant items impacting earnings as they are deemed to be outside of ordinary banking activities. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction.

To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2025 and 2024 were calculated using a federal statutory income tax rate of 21%.

Cautionary Statement Regarding Forward-Looking Information

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as "anticipates," "assumes," "believes," "can," "continues," "could," "estimates," "expects," "forecasts," "goal," "intends," "likely," "may," "might," "objective," "plans," "positioned," "potential," "projects," "remains," "should," "target," "trend," "will," "would," or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.

There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to:

FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2024 Annual Report on Form 10-K (including the MD&A section), our subsequent 2025 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other 2025 filings with the Securities and Exchange Commission (SEC), which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC's website at www.sec.gov. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings.

You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to FNB. FNB does not undertake, and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

Conference Call

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

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

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

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

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

About F.N.B. Corporation

F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of $50 billion and approximately 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance.

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

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

% Variance

3Q25

For the Nine Months Ended

September 30,

3Q25

2Q25

3Q24

2Q25

3Q24

2025

2024

Var.

Interest Income

Loans and leases, including fees

$ 511,045

$ 500,767

$ 515,948

2.1

(1.0)

$ 1,492,386

$ 1,491,226

0.1

Securities:

Taxable

59,718

57,168

48,541

4.5

23.0

171,736

142,391

20.6

Tax-exempt

6,923

6,918

7,007

0.1

(1.2)

20,781

21,179

(1.9)

Other

18,286

17,788

11,276

2.8

62.2

53,147

28,661

85.4

Total Interest Income

595,972

582,641

582,772

2.3

1,738,050

1,683,457

3.2

Interest Expense

Deposits

187,567

181,190

199,036

3.5

(5.8)

554,585

549,394

0.9

Short-term borrowings

17,764

20,132

29,934

(11.8)

(40.7)

51,999

90,472

(42.5)

Long-term borrowings

31,369

34,123

30,473

(8.1)

2.9

101,153

85,364

18.5

Total Interest Expense

236,700

235,445

259,443

0.5

(8.8)

707,737

725,230

(2.4)

Net Interest Income

359,272

347,196

323,329

3.5

11.1

1,030,313

958,227

7.5

Provision for credit losses

23,991

25,601

23,438

(6.3)

2.4

67,081

57,517

16.6

Net Interest Income After

Provision for Credit Losses

335,281

321,595

299,891

4.3

11.8

963,232

900,710

6.9

Non-Interest Income

Service charges

23,191

22,930

24,024

1.1

(3.5)

68,476

67,925

0.8

Interchange and card transaction fees

13,424

13,254

12,922

1.3

3.9

39,048

38,627

1.1

Trust services

11,647

11,591

11,120

0.5

4.7

35,638

34,019

4.8

Insurance commissions and fees

4,495

5,108

5,118

(12.0)

(12.2)

15,396

17,843

(13.7)

Securities commissions and fees

8,868

8,882

7,876

(0.2)

12.6

26,570

24,011

10.7

Capital markets income

7,875

6,897

6,194

14.2

27.1

20,095

17,668

13.7

Mortgage banking operations

9,183

6,306

5,540

45.6

65.8

22,482

20,410

10.2

Dividends on non-marketable equity securities

6,110

6,168

6,560

(0.9)

(6.9)

17,838

19,648

(9.2)

Bank owned life insurance

4,208

3,838

6,470

9.6

(35.0)

13,396

13,232

1.2

Net securities gains (losses)

—

(28)

n/m

(31)

n/m

Other

9,169

5,983

3,892

53.3

135.6

17,954

12,120

48.1

Total Non-Interest Income

98,170

91,015

89,688

7.9

9.5

276,951

265,472

4.3

Non-Interest Expense

Salaries and employee benefits

131,575

129,842

126,066

1.3

4.4

396,552

376,109

5.4

Net occupancy

19,161

19,299

22,384

(0.7)

(14.4)

58,218

60,611

(3.9)

Equipment

25,662

27,988

23,469

(8.3)

9.3

79,535

71,576

11.1

Outside services

26,033

25,317

24,383

2.8

6.8

77,691

70,513

10.2

Marketing

5,517

5,017

6,023

10.0

(8.4)

15,107

15,460

(2.3)

FDIC insurance

6,351

8,922

10,064

(28.8)

(36.9)

23,756

32,680

(27.3)

Bank shares and franchise taxes

3,959

3,960

3,931

—

0.7

12,055

11,987

0.6

Other

25,277

25,880

33,111

(2.3)

(23.7)

73,657

74,203

(0.7)

Total Non-Interest Expense

243,535

246,225

249,431

(1.1)

(2.4)

736,571

713,139

3.3

Income Before Income Taxes

189,916

166,385

140,148

14.1

35.5

503,612

453,043

11.2

Income tax expense

40,407

35,715

30,045

13.1

34.5

106,918

97,572

9.6

Net Income

149,509

130,670

110,103

14.4

35.8

396,694

355,471

11.6

Preferred stock dividends

—

6,005

(100.0)

Net Income Available to Common Shareholders

$ 149,509

$ 130,670

$ 110,103

14.4

35.8

$ 396,694

$ 349,466

13.5

Earnings per Common Share

Basic

$ 0.41

$ 0.36

$ 0.30

13.9

36.7

$ 1.10

$ 0.97

13.4

Diluted

0.41

0.36

0.30

13.9

36.7

1.09

0.96

13.5

Cash Dividends per Common Share

0.12

—

0.36

—

n/m - not meaningful

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

% Variance

3Q25

2Q25

3Q24

2Q25

3Q24

Assets

Cash and due from banks

$ 474

$ 535

$ 596

(11.4)

(20.5)

Interest-bearing deposits with banks

1,939

1,892

1,482

2.5

30.8

Cash and Cash Equivalents

2,413

2,427

2,078

(0.6)

16.1

Securities available for sale

3,620

3,580

3,494

1.1

3.6

Securities held to maturity

4,049

4,115

3,820

(1.6)

6.0

Loans held for sale

278

296

193

(6.1)

44.0

Loans and leases, net of unearned income

34,957

34,679

33,717

0.8

3.7

Allowance for credit losses on loans and leases

(437)

(432)

(420)

1.2

4.0

Net Loans and Leases

34,520

34,247

33,297

0.8

3.7

Premises and equipment, net

557

505

—

10.3

Goodwill

2,480

2,478

—

0.1

Core deposit and other intangible assets, net

(9.1)

(28.6)

Bank owned life insurance

668

665

657

0.5

1.7

Other assets

1,264

1,314

1,398

(3.8)

(9.6)

Total Assets

$ 49,889

$ 49,725

$ 47,976

0.3

4.0

Liabilities

Deposits:

Non-interest-bearing demand

$ 9,969

$ 9,872

$ 9,870

1.0

Interest-bearing demand

17,803

17,292

15,999

3.0

11.3

Savings

3,114

3,071

3,231

1.4

(3.6)

Certificates and other time deposits

7,555

7,513

7,671

0.6

(1.5)

Total Deposits

38,441

37,748

36,771

1.8

4.5

Short-term borrowings

1,905

1,876

1,562

1.5

22.0

Long-term borrowings

2,099

2,692

2,515

(22.0)

(16.5)

Other liabilities

808

885

879

(8.7)

(8.1)

Total Liabilities

43,253

43,201

41,727

0.1

3.7

Shareholders' Equity

Common stock

—

Additional paid-in capital

4,693

4,691

4,693

—

Retained earnings

2,218

2,112

1,886

5.0

17.6

Accumulated other comprehensive loss

(77)

(92)

(154)

(16.3)

(50.0)

Treasury stock

(202)

(191)

(180)

5.8

12.2

Total Shareholders' Equity

6,636

6,524

6,249

1.7

6.2

Total Liabilities and Shareholders' Equity

$ 49,889

$ 49,725

$ 47,976

0.3

4.0

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in thousands)

(Unaudited)

3Q25

2Q25

3Q24

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-bearing deposits with banks

$ 1,738,570

$ 18,286

4.17 %

$ 1,723,351

$ 17,788

4.14 %

$ 1,003,513

$ 11,276

4.47 %

Taxable investment securities (1)

6,611,222

59,506

3.60

6,587,352

56,955

3.46

6,177,736

48,317

3.13

Tax-exempt investment securities (1) (2)

1,003,661

8,742

3.48

1,004,672

8,737

3.48

1,023,050

8,816

3.45

Loans held for sale

312,034

5,480

7.02

225,509

4,156

7.37

300,326

5,729

7.61

Loans and leases (2) (3)

34,814,280

507,107

5.79

34,502,493

498,078

5.79

33,802,701

511,564

6.03

Total Interest Earning Assets (2)

44,479,767

599,121

5.36

44,043,377

585,714

5.33

42,307,326

585,702

5.51

Cash and due from banks

415,030

395,418

414,536

Allowance for credit losses

(440,868)

(437,130)

(427,826)

Premises and equipment

560,685

555,889

501,588

Other assets

4,504,231

4,548,082

4,620,414

Total Assets

$ 49,518,845

$ 49,105,636

$ 47,416,038

Liabilities

Deposits:

Interest-bearing demand

$ 17,364,490

111,572

2.55

$ 16,989,336

108,618

2.56

$ 15,215,815

108,762

2.84

Savings

3,125,868

7,586

0.96

3,081,518

6,862

0.89

3,281,732

10,406

1.26

Certificates and other time

7,495,691

68,409

3.62

7,241,453

65,710

3.64

7,234,412

79,868

4.39

Total interest-bearing deposits

27,986,049

187,567

2.66

27,312,307

181,190

2.66

25,731,959

199,036

3.08

Short-term borrowings

1,682,747

17,764

4.16

1,876,526

20,132

4.29

2,345,960

29,934

5.06

Long-term borrowings

2,511,652

31,369

4.96

2,741,561

34,123

4.99

2,314,914

30,473

5.24

Total Interest-Bearing Liabilities

32,180,448

236,700

2.92

31,930,394

235,445

2.96

30,392,833

259,443

3.39

Non-interest-bearing demand deposits

9,905,230

9,812,486

9,867,006

Total Deposits and Borrowings

42,085,678

2.23

41,742,880

2.26

40,259,839

2.56

Other liabilities

856,542

883,637

985,545

Total Liabilities

42,942,220

42,626,517

41,245,384

Shareholders' Equity

6,576,625

6,479,119

6,170,654

Total Liabilities and Shareholders' Equity

$ 49,518,845

$ 49,105,636

$ 47,416,038

Net Interest Earning Assets

$ 12,299,319

$ 12,112,983

$ 11,914,493

Net Interest Income (FTE) (2)

362,421

350,269

326,259

Tax Equivalent Adjustment

(3,149)

(3,073)

(2,930)

Net Interest Income

$ 359,272

$ 347,196

$ 323,329

Net Interest Spread

2.44 %

2.37 %

2.12 %

Net Interest Margin (2)

3.25 %

3.19 %

3.08 %

(1)

The average balances and yields earned on securities are based on historical cost.

(2)

The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).

(3)

Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in thousands)

(Unaudited)

Nine Months Ended September 30,

2025

2024

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-bearing deposits with banks

$ 1,734,300

$ 53,147

4.10 %

$ 915,076

$ 28,661

4.18 %

Taxable investment securities (1)

6,546,054

171,096

3.48

6,151,500

141,706

3.07

Tax-exempt investment securities (1) (2)

1,006,126

26,243

3.48

1,032,573

26,698

3.45

Loans held for sale

247,438

13,519

7.29

216,403

12,534

7.73

Loans and leases (2) (3)

34,458,648

1,483,204

5.75

33,148,858

1,482,613

5.97

Total Interest Earning Assets (2)

43,992,566

1,747,209

5.31

41,464,410

1,692,212

5.45

Cash and due from banks

401,509

404,234

Allowance for credit losses

(435,677)

(417,393)

Premises and equipment

551,738

485,378

Other assets

4,529,221

4,588,437

Total Assets

$ 49,039,357

$ 46,525,066

Liabilities

Deposits:

Interest-bearing demand

$ 17,086,648

329,018

2.57

$ 14,812,493

301,716

2.72

Savings

3,134,324

22,580

0.96

3,351,144

30,541

1.22

Certificates and other time

7,321,336

202,987

3.71

6,728,312

217,137

4.31

Total interest-bearing deposits

27,542,308

554,585

2.69

24,891,949

549,394

2.95

Short-term borrowings

1,645,644

51,999

4.21

2,461,925

90,472

4.90

Long-term borrowings

2,692,580

101,153

5.02

2,179,733

85,364

5.23

Total Interest-Bearing Liabilities

31,880,532

707,737

2.97

29,533,607

725,230

3.28

Non-interest-bearing demand deposits

9,789,501

9,908,989

Total Deposits and Borrowings

41,670,033

2.27

39,442,596

2.46

Other liabilities

892,612

999,327

Total Liabilities

42,562,645

40,441,923

Shareholders' Equity

6,476,712

6,083,143

Total Liabilities and Shareholders' Equity

$ 49,039,357

$ 46,525,066

Net Interest Earning Assets

$ 12,112,034

$ 11,930,803

Net Interest Income (FTE) (2)

1,039,472

966,982

Tax Equivalent Adjustment

(9,159)

(8,755)

Net Interest Income

$ 1,030,313

$ 958,227

Net Interest Spread

2.34 %

2.17 %

Net Interest Margin (2)

3.16 %

3.11 %

(1)

The average balances and yields earned on securities are based on historical cost.

(2)

(3)

Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

For the Nine Months Ended

September 30,

3Q25

2Q25

3Q24

2025

2024

Performance Ratios

Return on average equity

9.02 %

8.09 %

7.10 %

8.19 %

7.81 %

Return on average tangible equity (1)

14.94

13.57

12.43

13.74

13.79

Return on average tangible

common equity (1)

14.94

13.57

12.43

13.74

13.63

Return on average assets

1.20

1.07

0.92

1.08

1.02

Return on average tangible assets (1)

1.29

1.15

1.01

1.17

1.11

Net interest margin (FTE) (2)

3.25

3.19

3.08

3.16

3.11

Yield on earning assets (FTE) (2)

5.36

5.33

5.51

5.31

5.45

Cost of interest-bearing deposits

2.66

3.08

2.69

2.95

Cost of interest-bearing liabilities

2.92

2.96

3.39

2.97

3.28

Cost of funds

2.23

2.26

2.56

2.27

2.46

Efficiency ratio (1)

52.38

54.83

55.16

55.13

55.18

Effective tax rate

21.28

21.47

21.44

21.23

21.54

Capital Ratios

Equity / assets

13.30

13.12

13.02

Common equity tier 1 (3)

11.0

10.8

10.4

Leverage

8.92

8.78

8.64

Tangible common equity / tangible assets (1)

8.69

8.47

8.17

Common Stock Data

Average diluted common shares outstanding

361,669,618

362,258,964

362,425,528

362,329,469

362,583,005

Period end common shares outstanding

358,381,940

359,123,010

359,585,544

Book value per common share

$ 18.52

$ 18.17

$ 17.38

Tangible book value per common share (1)

11.48

11.14

10.33

Dividend payout ratio (common)

29.05 %

33.34 %

39.58 %

33.02 %

37.51 %

(1)

See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.

(2)

The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%.

(3)

September 30, 2025 Common Equity Tier 1 Capital ratio is an estimate.

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

3Q25

2Q25

3Q24

2Q25

3Q24

Balances at period end

Loans and Leases:

Commercial real estate (1)

$ 12,568

$ 12,686

$ 12,812

(0.9)

(1.9)

Commercial and industrial

7,590

7,556

7,541

0.4

0.6

Commercial leases

829

774

709

7.1

16.9

Other

153

182

120

(15.9)

27.5

Commercial loans and leases

21,140

21,198

21,182

(0.3)

(0.2)

Direct installment

2,678

2,671

2,693

0.3

(0.6)

Residential mortgages

8,888

8,595

7,789

3.4

14.1

Indirect installment

767

780

706

(1.7)

8.6

Consumer LOC

1,484

1,435

1,347

3.4

10.2

Consumer loans

13,817

13,481

12,535

2.5

10.2

Total loans and leases

$ 34,957

$ 34,679

$ 33,717

0.8

3.7

Note: Loans held for sale were $278, $296 and $193 at 3Q25, 2Q25, and 3Q24, respectively.

(1) Commercial real estate is made up of 70% non-owner occupied and 30% owner-occupied at September 30, 2025.

% Variance

Average balances

3Q25

For the Nine Months Ended

September 30,

Loans and Leases:

3Q25

2Q25

3Q24

2Q25

3Q24

2025

2024

Var.

Commercial real estate

$ 12,659

$ 12,767

$ 12,760

(0.8)

$ 12,714

$ 12,560

1.2

Commercial and industrial

7,573

7,592

7,569

(0.2)

0.1

7,581

7,491

1.2

Commercial leases

789

776

688

1.7

14.7

777

668

16.2

Other

153

159

141

(3.7)

8.8

153

139

10.1

Commercial loans and leases

21,174

21,294

21,158

(0.6)

0.1

21,225

20,859

1.8

Direct installment

2,671

2,667

2,693

0.2

(0.8)

2,667

2,708

(1.5)

Residential mortgages

8,736

8,352

7,624

4.6

14.6

8,381

7,170

16.9

Indirect installment

777

780

999

(0.5)

(22.2)

772

1,102

(29.9)

Consumer LOC

1,456

1,410

1,329

3.2

9.6

1,413

1,310

7.9

Consumer loans

13,640

13,209

12,645

3.3

7.9

13,234

12,289

7.7

Total loans and leases

$ 34,814

$ 34,502

$ 33,803

0.9

3.0

$ 34,459

$ 33,149

4.0

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

3Q25

Asset Quality Data

3Q25

2Q25

3Q24

2Q25

3Q24

Non-Performing Assets

Non-performing loans

$ 125

$ 117

$ 129

6.8

(3.1)

Other real estate owned (OREO)

50.0

Non-performing assets

$ 128

$ 119

$ 131

7.6

(2.3)

Non-performing loans / total loans and leases

0.36 %

0.34 %

0.38 %

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

0.40

0.38

0.43

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

0.37

0.34

0.39

Delinquency

Loans 30-89 days past due

$ 89

$ 86

$ 124

3.5

(28.2)

Loans 90+ days past due

—

8.3

Non-accrual loans

125

117

129

6.8

(3.1)

Past due and non-accrual loans

$ 227

$ 216

$ 265

5.1

(14.3)

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

0.65 %

0.62 %

0.79 %

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

% Variance

(Unaudited)

3Q25

For the Nine Months Ended

September 30,

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

3Q25

2Q25

3Q24

2Q25

3Q24

2025

2024

Var.

Allowance for Credit Losses on Loans and Leases

Balance at beginning of period

$ 432.1

$ 428.9

$ 418.8

0.7

3.2

$ 422.8

$ 405.6

4.3

Provision for credit losses

24.9

25.0

22.9

(0.3)

8.9

68.5

56.7

20.8

Net loan (charge-offs) / recoveries

(19.7)

(21.8)

(21.5)

(9.6)

(8.2)

(54.0)

(42.1)

28.4

Allowance for credit losses on loans and leases

$ 437.3

$ 432.1

$ 420.2

1.2

4.1

$ 437.3

$ 420.2

4.1

Allowance for Unfunded Loan Commitments

Allowance for unfunded loan commitments balance at beginning of period

$ 21.0

$ 20.3

$ 21.8

3.4

(3.7)

$ 21.4

$ 21.5

(0.5)

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

(0.9)

0.7

0.6

(223.8)

(242.9)

(1.3)

0.9

(248.6)

Allowance for unfunded loan commitments

$ 20.1

$ 21.0

$ 22.4

(4.1)

(10.1)

$ 20.1

$ 22.4

(10.1)

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

$ 457.4

$ 453.0

$ 442.5

1.0

3.4

$ 457.4

$ 442.5

3.4

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

1.25 %

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

349.9

370.7

326.7

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

0.22

0.25

0.21 %

0.17 %

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP

We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate

comparisons with the performance of our peers. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions

use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in

accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in our

financial statements.

% Variance

3Q25

For the Nine Months Ended

September 30,

3Q25

2Q25

3Q24

2Q25

3Q24

2025

2024

Var.

Operating net income available to common shareholders

(dollars in thousands)

Net income available to common shareholders

$ 149,509

$ 130,670

$ 110,103

$ 396,694

$ 349,466

Preferred dividend at redemption

—

3,995

Branch consolidation costs

—

1,194

Tax benefit of branch consolidation costs

—

(251)

FDIC special assessment

(2,272)

—

(2,272)

5,212

Tax expense (benefit) of FDIC special assessment

477

—

477

(1,095)

Software impairment

—

3,690

—

3,690

Tax benefit of software impairment

—

(775)

—

(775)

Loss related to indirect auto loan sales

—

11,572

—

8,969

Tax benefit of loss related to indirect auto loan sales

—

(2,430)

—

(1,883)

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

$ 147,714

$ 130,670

$ 122,160

13.0

20.9

$ 394,899

$ 368,522

7.2

Operating earnings per diluted common share

Earnings per diluted common share

$ 0.41

$ 0.36

$ 0.30

$ 1.09

$ 0.96

Preferred dividend at redemption

—

0.01

Branch consolidation costs

—

Tax benefit of branch consolidation costs

—

FDIC special assessment

(0.01)

—

(0.01)

0.01

Tax expense (benefit) of FDIC special assessment

—

Software impairment

—

0.01

—

0.01

Tax benefit of software impairment

—

Loss related to indirect auto loan sales

—

0.03

—

0.02

Tax benefit of loss related to indirect auto loan sales

—

(0.01)

—

(0.01)

Operating earnings per diluted common share (non-GAAP)

$ 0.41

$ 0.36

$ 0.34

13.9

20.6

$ 1.09

$ 1.02

6.9

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

For the Nine Months Ended

September 30,

3Q25

2Q25

3Q24

2025

2024

Return on average tangible equity

(dollars in thousands)

Net income (annualized)

$ 593,162

$ 524,116

$ 438,019

$ 530,379

$ 474,826

Amortization of intangibles, net of tax (annualized)

12,507

12,607

13,753

12,578

13,926

Tangible net income (annualized) (non-GAAP)

$ 605,669

$ 536,723

$ 451,772

$ 542,957

$ 488,752

Average total shareholders' equity

$ 6,576,625

$ 6,479,119

$ 6,170,654

$ 6,476,712

$ 6,083,143

Less: Average intangible assets (1)

(2,522,022)

(2,525,338)

(2,535,769)

(2,524,978)

(2,539,822)

Average tangible shareholders' equity (non-GAAP)

$ 4,054,603

$ 3,953,781

$ 3,634,885

$ 3,951,734

$ 3,543,321

Return on average tangible equity (non-GAAP)

14.94 %

13.57 %

12.43 %

13.74 %

13.79 %

Return on average tangible common equity

(dollars in thousands)

Net income available to common shareholders (annualized)

$ 593,162

$ 524,116

$ 438,019

$ 530,379

$ 466,806

Amortization of intangibles, net of tax (annualized)

12,507

12,607

13,753

12,578

13,926

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

$ 605,669

$ 536,723

$ 451,772

$ 542,957

$ 480,732

Average total shareholders' equity

$ 6,576,625

$ 6,479,119

$ 6,170,654

$ 6,476,712

$ 6,083,143

Less: Average preferred shareholders' equity

—

(17,554)

Less: Average intangible assets (1)

(2,522,022)

(2,525,338)

(2,535,769)

(2,524,978)

(2,539,822)

Average tangible common equity (non-GAAP)

$ 4,054,603

$ 3,953,781

$ 3,634,885

$ 3,951,734

$ 3,525,767

Return on average tangible common equity (non-GAAP)

14.94 %

13.57 %

12.43 %

13.74 %

13.63 %

Return on average tangible assets

(dollars in thousands)

Net income (annualized)

$ 593,162

$ 524,116

$ 438,019

$ 530,379

$ 474,826

Amortization of intangibles, net of tax (annualized)

12,507

12,607

13,753

12,578

13,926

Tangible net income (annualized) (non-GAAP)

$ 605,669

$ 536,723

$ 451,772

$ 542,957

$ 488,752

Average total assets

$ 49,518,845

$ 49,105,636

$ 47,416,038

$ 49,039,357

$ 46,525,066

Less: Average intangible assets (1)

(2,522,022)

(2,525,338)

(2,535,769)

(2,524,978)

(2,539,822)

Average tangible assets (non-GAAP)

$ 46,996,823

$ 46,580,298

$ 44,880,269

$ 46,514,379

$ 43,985,244

Return on average tangible assets (non-GAAP)

1.29 %

1.15 %

1.01 %

1.17 %

1.11 %

(1) Excludes loan servicing rights.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

3Q25

2Q25

3Q24

Tangible book value per common share

(dollars in thousands, except per share data)

Total shareholders' equity

$ 6,635,620

$ 6,523,791

$ 6,248,456

Less: Intangible assets (1)

(2,520,013)

(2,524,005)

(2,533,856)

Tangible common equity (non-GAAP)

$ 4,115,607

$ 3,999,786

$ 3,714,600

Common shares outstanding

358,381,940

359,123,010

359,585,544

Tangible book value per common share (non-GAAP)

$ 11.48

$ 11.14

$ 10.33

Tangible common equity to tangible assets

(dollars in thousands)

Total shareholders' equity

$ 6,635,620

$ 6,523,791

$ 6,248,456

Less: Intangible assets (1)

(2,520,013)

(2,524,005)

(2,533,856)

Tangible common equity (non-GAAP)

$ 4,115,607

$ 3,999,786

$ 3,714,600

Total assets

$ 49,888,522

$ 49,724,837

$ 47,975,574

Less: Intangible assets (1)

(2,520,013)

(2,524,005)

(2,533,856)

Tangible assets (non-GAAP)

$ 47,368,509

$ 47,200,832

$ 45,441,718

Tangible common equity to tangible assets (non-GAAP)

8.69 %

8.47 %

8.17 %

(1) Excludes loan servicing rights.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

For the Nine Months Ended

September 30,

3Q25

2Q25

3Q24

2025

2024

Pre-provision net revenue

(in thousands)

Net interest income

$ 359,272

$ 347,196

$ 323,329

$ 1,030,313

$ 958,227

Non-interest income

98,170

91,015

89,688

276,951

265,472

Less: Non-interest expense

(243,535)

(246,225)

(249,431)

(736,571)

(713,139)

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

$ 213,907

$ 191,986

$ 163,586

$ 570,693

$ 510,560

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

$ 848,651

$ 770,055

$ 650,789

$ 763,015

$ 681,989

Adjustments:

Add: Branch consolidation costs (non-interest expense)

—

1,194

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

(2,272)

—

(2,272)

5,212

Add: Software impairment (non-interest expense)

—

3,690

—

3,690

Add: Loss related to indirect auto loan sales (non-interest expense)

—

11,572

—

8,969

Operating pre-provision net revenue (non-GAAP)

$ 211,635

$ 191,986

$ 178,848

$ 568,421

$ 529,625

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

$ 839,637

$ 770,055

$ 711,505

$ 759,977

$ 707,455

Efficiency ratio (FTE)

(dollars in thousands)

Total non-interest expense

$ 243,535

$ 246,225

$ 249,431

$ 736,571

$ 713,139

Less: Amortization of intangibles

(3,991)

(3,979)

(4,376)

(11,909)

(13,197)

Less: OREO expense

(578)

(316)

(354)

(1,209)

(744)

Less: Branch consolidation costs

—

(1,194)

Add (Less): FDIC special assessment

2,272

—

2,272

(5,212)

Less: Software impairment

—

(3,690)

—

(3,690)

Less: Loss related to indirect auto loan sales

—

(11,572)

—

(8,969)

Adjusted non-interest expense

$ 241,238

$ 241,930

$ 229,439

$ 725,725

$ 680,133

Net interest income

$ 359,272

$ 347,196

$ 323,329

$ 1,030,313

$ 958,227

Taxable equivalent adjustment

3,149

3,073

2,930

9,159

8,755

Non-interest income

98,170

91,015

89,688

276,951

265,472

Less: Net securities losses (gains)

—

(58)

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

$ 460,591

$ 441,226

$ 415,975

$ 1,316,365

$ 1,232,485

Efficiency ratio (FTE) (non-GAAP)

52.38 %

54.83 %

55.16 %

55.13 %

55.18 %

SOURCE F.N.B. Corporation