![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
FNB Corporation | NYSE:FNB-E | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.99 | 0 | 01:00:00 |
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
Pennsylvania | 25-1255406 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
One North Shore Center, | 12 Federal Street, | Pittsburgh, | PA | 15212 | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||
Non-accelerated Filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging Growth Company | ☐ |
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||
Common Stock, par value $0.01 per share | FNB | New York Stock Exchange | ||||||||||||
Depositary Shares each representing 1/40th interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E | FNBPrE | New York Stock Exchange |
Class | Outstanding at | April 30, 2023 | ||||||
Common Stock, $0.01 Par Value | 361,066,313 | Shares |
PAGE | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | Financial Statements | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II – OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Acronym | Description | Acronym | Description | |||||||||||
ACL | Allowance for credit losses | FTE | Fully taxable equivalent | |||||||||||
AFS | Available for sale | GAAP | U.S. generally accepted accounting principles | |||||||||||
ALCO | Asset/Liability Committee | Howard | Howard Bancorp, Inc. | |||||||||||
AOCI | Accumulated other comprehensive income | HTM | Held to maturity | |||||||||||
ASC | Accounting Standards Codification | LGD | Loss given default | |||||||||||
ASU | Accounting Standards Update | LIBOR | London Inter-bank Offered Rate | |||||||||||
AULC | Allowance for unfunded loan commitments | LIHTC | Low income housing tax credit | |||||||||||
BTFP | Bank Term Funding Program | MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||
CECL | Current expected credit losses | MSRs | Mortgage servicing rights | |||||||||||
CET1 | Common equity tier 1 | OCC | Office of the Comptroller of the Currency | |||||||||||
CFPB | Consumer Financial Protection Bureau | OREO | Other real estate owned | |||||||||||
DIF | Deposit Insurance Fund | PCD | Purchased credit deteriorated | |||||||||||
DOJ | U.S. Department of Justice | R&S | Reasonable and Supportable | |||||||||||
EVE | Economic value of equity | SBA | Small Business Administration | |||||||||||
FASB | Financial Accounting Standards Board | SEC | Securities and Exchange Commission | |||||||||||
FDIC | Federal Deposit Insurance Corporation | SOFR | Secured Overnight Financing Rate | |||||||||||
FHLB | Federal Home Loan Bank | TDR | Troubled debt restructuring | |||||||||||
FICO | Fair Isaac Corporation | TPS | Trust preferred securities | |||||||||||
FNB | F.N.B. Corporation | Union | UB Bancorp | |||||||||||
FNBPA | First National Bank of Pennsylvania | U.S. | United States of America | |||||||||||
FOMC | Federal Open Market Committee | UST | U.S. Department of the Treasury | |||||||||||
FRB | Board of Governors of the Federal Reserve System | VIE | Variable interest entity | |||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 445 | $ | 443 | ||||||||||
Interest-bearing deposits with banks | 1,278 | 1,231 | ||||||||||||
Cash and Cash Equivalents | 1,723 | 1,674 | ||||||||||||
Debt securities available for sale (amortized cost of $3,503 and $3,622; allowance for credit losses of $0 and $0) | 3,201 | 3,275 | ||||||||||||
Debt securities held to maturity (fair value of $3,742 and $3,687; allowance for credit losses of $0 and $0) | 4,073 | 4,087 | ||||||||||||
Loans held for sale (includes $76 and $91 measured at fair value) (1) | 100 | 124 | ||||||||||||
Loans and leases, net of unearned income of $71 and $69 (includes $23 and $12 measured at fair value) (1) | 30,673 | 30,255 | ||||||||||||
Allowance for credit losses on loans and leases | (403) | (402) | ||||||||||||
Net Loans and Leases | 30,270 | 29,853 | ||||||||||||
Premises and equipment, net | 452 | 432 | ||||||||||||
Goodwill | 2,477 | 2,477 | ||||||||||||
Core deposit and other intangible assets, net | 84 | 89 | ||||||||||||
Bank owned life insurance | 655 | 653 | ||||||||||||
Other assets | 1,111 | 1,061 | ||||||||||||
Total Assets | $ | 44,146 | $ | 43,725 | ||||||||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest-bearing demand | $ | 11,297 | $ | 11,916 | ||||||||||
Interest-bearing demand | 14,091 | 15,100 | ||||||||||||
Savings | 4,053 | 4,142 | ||||||||||||
Certificates and other time deposits | 4,749 | 3,612 | ||||||||||||
Total Deposits | 34,190 | 34,770 | ||||||||||||
Short-term borrowings | 2,149 | 1,372 | ||||||||||||
Long-term borrowings | 1,298 | 1,093 | ||||||||||||
Other liabilities | 721 | 837 | ||||||||||||
Total Liabilities | 38,358 | 38,072 | ||||||||||||
Stockholders’ Equity | ||||||||||||||
Preferred stock - $0.01 par value; liquidation preference of $1,000 per share | ||||||||||||||
Authorized – 20,000,000 shares | ||||||||||||||
Issued – 110,877 shares | 107 | 107 | ||||||||||||
Common stock - $0.01 par value | ||||||||||||||
Authorized – 500,000,000 shares | ||||||||||||||
Issued – 374,935,404 and 374,907,245 shares | 4 | 4 | ||||||||||||
Additional paid-in capital | 4,693 | 4,696 | ||||||||||||
Retained earnings | 1,471 | 1,370 | ||||||||||||
Accumulated other comprehensive loss | (315) | (357) | ||||||||||||
Treasury stock – 14,575,547 and 14,437,135 shares at cost | (172) | (167) | ||||||||||||
Total Stockholders’ Equity | 5,788 | 5,653 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 44,146 | $ | 43,725 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Interest Income | |||||||||||
Loans and leases, including fees | $ | 394 | $ | 221 | |||||||
Securities: | |||||||||||
Taxable | 36 | 24 | |||||||||
Tax-exempt | 7 | 7 | |||||||||
Other | 7 | 2 | |||||||||
Total Interest Income | 444 | 254 | |||||||||
Interest Expense | |||||||||||
Deposits | 84 | 8 | |||||||||
Short-term borrowings | 10 | 6 | |||||||||
Long-term borrowings | 13 | 6 | |||||||||
Total Interest Expense | 107 | 20 | |||||||||
Net Interest Income | 337 | 234 | |||||||||
Provision for credit losses | 14 | 18 | |||||||||
Net Interest Income After Provision for Credit Losses | 323 | 216 | |||||||||
Non-Interest Income | |||||||||||
Service charges | 32 | 31 | |||||||||
Trust services | 11 | 10 | |||||||||
Insurance commissions and fees | 8 | 8 | |||||||||
Securities commissions and fees | 7 | 6 | |||||||||
Capital markets income | 7 | 7 | |||||||||
Mortgage banking operations | 5 | 7 | |||||||||
Dividends on non-marketable equity securities | 4 | 2 | |||||||||
Bank owned life insurance | 3 | 3 | |||||||||
Other | 2 | 4 | |||||||||
Total Non-Interest Income | 79 | 78 | |||||||||
Non-Interest Expense | |||||||||||
Salaries and employee benefits | 120 | 112 | |||||||||
Net occupancy | 17 | 18 | |||||||||
Equipment | 22 | 18 | |||||||||
Amortization of intangibles | 5 | 3 | |||||||||
Outside services | 20 | 17 | |||||||||
Marketing | 4 | 3 | |||||||||
FDIC insurance | 7 | 5 | |||||||||
Bank shares and franchise taxes | 4 | 4 | |||||||||
Merger-related | 2 | 29 | |||||||||
Other | 19 | 18 | |||||||||
Total Non-Interest Expense | 220 | 227 | |||||||||
Income Before Income Taxes | 182 | 67 | |||||||||
Income taxes | 35 | 14 | |||||||||
Net Income | 147 | 53 | |||||||||
Preferred stock dividends | 2 | 2 | |||||||||
Net Income Available to Common Stockholders | $ | 145 | $ | 51 | |||||||
Earnings per Common Share | |||||||||||
Basic | $ | 0.40 | $ | 0.15 | |||||||
Diluted | 0.40 | 0.15 |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net income | $ | 147 | $ | 53 | ||||||||||
Other comprehensive income (loss): | ||||||||||||||
Securities available for sale: | ||||||||||||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $10 and $(36) | 35 | (128) | ||||||||||||
Derivative instruments: | ||||||||||||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $1 and $(4) | 4 | (15) | ||||||||||||
Reclassification adjustment for gains included in net income, net of tax expense of $1 and $0 | 3 | 2 | ||||||||||||
Pension and postretirement benefit obligations: | ||||||||||||||
Unrealized gains arising during the period, net of tax expense of $0 and $0 | — | 1 | ||||||||||||
Other Comprehensive Income (Loss) | 42 | (140) | ||||||||||||
Comprehensive Income (Loss) | $ | 189 | $ | (87) |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 107 | $ | 3 | $ | 4,109 | $ | 1,110 | $ | (62) | $ | (117) | $ | 5,150 | |||||||||||||||||||||||||||
Comprehensive income (loss) | 53 | (140) | (87) | ||||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Preferred stock: $18.13/share | (2) | (2) | |||||||||||||||||||||||||||||||||||||||
Common stock: $0.12/share | (43) | (43) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | 1 | (1) | — | |||||||||||||||||||||||||||||||||||||
Issuance of common stock - acquisitions | 1 | 442 | 443 | ||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (30) | (30) | |||||||||||||||||||||||||||||||||||||||
Restricted stock compensation | 8 | 8 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 107 | $ | 4 | $ | 4,560 | $ | 1,118 | $ | (202) | $ | (148) | $ | 5,439 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 107 | $ | 4 | $ | 4,696 | $ | 1,370 | $ | (357) | $ | (167) | $ | 5,653 | |||||||||||||||||||||||||||
Comprehensive income | 147 | 42 | 189 | ||||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Preferred stock: $18.13/share | (2) | (2) | |||||||||||||||||||||||||||||||||||||||
Common stock: $0.12/share | (44) | (44) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | (13) | 7 | (6) | |||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (12) | (12) | |||||||||||||||||||||||||||||||||||||||
Restricted stock compensation | 10 | 10 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 107 | $ | 4 | $ | 4,693 | $ | 1,471 | $ | (315) | $ | (172) | $ | 5,788 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | 147 | $ | 53 | |||||||
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | |||||||||||
Depreciation, amortization and accretion | 21 | 15 | |||||||||
Provision for credit losses | 14 | 18 | |||||||||
Deferred tax expense (benefit) | 2 | 5 | |||||||||
Loans originated for sale | (215) | (354) | |||||||||
Loans sold | 221 | 410 | |||||||||
Net gain on sale of loans | 3 | (15) | |||||||||
Net change in: | |||||||||||
Interest receivable | (4) | 2 | |||||||||
Interest payable | 5 | (2) | |||||||||
Bank owned life insurance, excluding purchases | (2) | (1) | |||||||||
Other, net | (173) | 227 | |||||||||
Net cash flows provided by operating activities | 19 | 358 | |||||||||
Investing Activities | |||||||||||
Net change in loans and leases, excluding sales and transfers | (415) | (74) | |||||||||
Debt securities available for sale: | |||||||||||
Purchases | — | (398) | |||||||||
Sales | — | 287 | |||||||||
Maturities/payments | 116 | 244 | |||||||||
Debt securities held to maturity: | |||||||||||
Purchases | (75) | (243) | |||||||||
Maturities/payments | 90 | 190 | |||||||||
Increase in premises and equipment | (33) | (27) | |||||||||
Net cash received in business acquisition | — | 75 | |||||||||
Net cash flows (used in) provided by investing activities | (317) | 54 | |||||||||
Financing Activities | |||||||||||
Net change in: | |||||||||||
Demand (non-interest bearing and interest bearing) and savings accounts | (1,717) | 478 | |||||||||
Time deposits | 1,136 | (131) | |||||||||
Short-term borrowings | 776 | (125) | |||||||||
Proceeds from issuance of long-term borrowings | 512 | 3 | |||||||||
Repayment of long-term borrowings | (306) | (206) | |||||||||
Repurchases of common stock | (12) | (30) | |||||||||
Cash dividends paid: | |||||||||||
Preferred stock | (2) | (2) | |||||||||
Common stock | (44) | (43) | |||||||||
Other, net | 4 | 8 | |||||||||
Net cash flows provided by (used in) financing activities | 347 | (48) | |||||||||
Net Increase in Cash and Cash Equivalents | 49 | 364 | |||||||||
Cash and cash equivalents at beginning of period | 1,674 | 3,493 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 1,723 | $ | 3,857 |
Standard | Description | Financial Statements Impact | ||||||||||||
Tax Equity Investments | ||||||||||||||
ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method | This Update expands the use of the proportional amortization method of accounting, previously only allowable for LITHC investments, to equity investments in other tax credit structures that meet certain criteria. The Update also removed the specialized guidance for LIHTC investments that are not accounted for using the proportional amortization method or equity method and require that those investments are accounted for using Topic 321 regarding equity investments. | This Update is to be applied using either a modified retrospective or a retrospective method and will be effective as of January 1, 2024. Early adoption of this Update is permitted. We are in the process of reviewing our existing tax equity investment portfolios and assessing the potential impact to our consolidated financial statements. | ||||||||||||
Troubled Debt Restructuring and Charge-offs | ||||||||||||||
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures | This Update eliminates the recognition and measurement guidance on TDRs for creditors that have adopted ASC 326 and requires entities to apply loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The Update requires enhanced disclosures for certain loan modifications by creditors when a borrower is experiencing financial difficulty if the modification includes principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension, or a combination of those modification types. This Update also requires public business entities to present current-period gross write-offs by year of origination in their vintage disclosures. | This Update is to be applied using a prospective method. For the transition method related to TDRs, an entity has the option to apply a modified retrospective transition method. We adopted this Update on January 1, 2023. Adoption of this Update did not have a material impact on our consolidated financial statements. |
(in millions) | Howard | Union | |||||||||
Fair value of consideration paid | $ | 443 | $ | 126 | |||||||
Fair value of identifiable assets acquired: | |||||||||||
Cash and cash equivalents | 75 | 113 | |||||||||
Securities | 321 | 212 | |||||||||
Loans | 1,780 | 652 | |||||||||
Core deposit and other intangible assets | 19 | 41 | |||||||||
Fixed and other assets | 156 | 59 | |||||||||
Total identifiable assets acquired | 2,351 | 1,077 | |||||||||
Fair value of liabilities assumed: | |||||||||||
Deposits | 1,831 | 956 | |||||||||
Borrowings | 247 | 30 | |||||||||
Other liabilities | 7 | 3 | |||||||||
Total liabilities assumed | 2,085 | 989 | |||||||||
Fair value of net identifiable assets acquired | 266 | 88 | |||||||||
Goodwill recognized | $ | 177 | $ | 38 |
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Debt Securities AFS: | |||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
U.S. Treasury | $ | 278 | $ | — | $ | (17) | $ | 261 | |||||||||||||||
U.S. government agencies | 100 | 1 | — | 101 | |||||||||||||||||||
U.S. government-sponsored entities | 279 | — | (18) | 261 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency mortgage-backed securities | 1,299 | — | (112) | 1,187 | |||||||||||||||||||
Agency collateralized mortgage obligations | 1,070 | — | (120) | 950 | |||||||||||||||||||
Commercial mortgage-backed securities | 424 | — | (32) | 392 | |||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | 32 | — | (3) | 29 | |||||||||||||||||||
Other debt securities | 21 | — | (1) | 20 | |||||||||||||||||||
Total debt securities AFS | $ | 3,503 | $ | 1 | $ | (303) | $ | 3,201 | |||||||||||||||
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Debt Securities AFS: | |||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
U.S. Treasury | $ | 278 | $ | — | $ | (21) | $ | 257 | |||||||||||||||
U.S. government agencies | 107 | 1 | — | 108 | |||||||||||||||||||
U.S. government-sponsored entities | 283 | — | (21) | 262 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency mortgage-backed securities | 1,360 | — | (128) | 1,232 | |||||||||||||||||||
Agency collateralized mortgage obligations | 1,110 | — | (138) | 972 | |||||||||||||||||||
Commercial mortgage-backed securities | 430 | — | (35) | 395 | |||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | 33 | — | (4) | 29 | |||||||||||||||||||
Other debt securities | 21 | — | (1) | 20 | |||||||||||||||||||
Total debt securities AFS | $ | 3,622 | $ | 1 | $ | (348) | $ | 3,275 |
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Debt Securities HTM: | |||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
U.S. government agencies | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||||||
U.S. government-sponsored entities | 92 | 1 | — | 93 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency mortgage-backed securities | 1,139 | — | (110) | 1,029 | |||||||||||||||||||
Agency collateralized mortgage obligations | 920 | — | (107) | 813 | |||||||||||||||||||
Commercial mortgage-backed securities | 873 | 3 | (44) | 832 | |||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | 1,032 | 3 | (76) | 959 | |||||||||||||||||||
Other debt securities | 16 | — | (1) | 15 | |||||||||||||||||||
Total debt securities HTM | $ | 4,073 | $ | 7 | $ | (338) | $ | 3,742 |
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Debt Securities HTM: | |||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
U.S. government agencies | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||||||
U.S. government-sponsored entities | 52 | — | — | 52 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency mortgage-backed securities | 1,178 | — | (125) | 1,053 | |||||||||||||||||||
Agency collateralized mortgage obligations | 953 | — | (120) | 833 | |||||||||||||||||||
Commercial mortgage-backed securities | 866 | 2 | (50) | 818 | |||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | 1,025 | 1 | (107) | 919 | |||||||||||||||||||
Other debt securities | 12 | — | (1) | 11 | |||||||||||||||||||
Total debt securities HTM | $ | 4,087 | $ | 3 | $ | (403) | $ | 3,687 |
Available for Sale | Held to Maturity | ||||||||||||||||||||||
(in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due in one year or less | $ | 8 | $ | 8 | $ | 3 | $ | 3 | |||||||||||||||
Due after one year but within five years | 578 | 542 | 131 | 131 | |||||||||||||||||||
Due after five years but within ten years | 85 | 83 | 225 | 216 | |||||||||||||||||||
Due after ten years | 39 | 39 | 782 | 718 | |||||||||||||||||||
710 | 672 | 1,141 | 1,068 | ||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency mortgage-backed securities | 1,299 | 1,187 | 1,139 | 1,029 | |||||||||||||||||||
Agency collateralized mortgage obligations | 1,070 | 950 | 920 | 813 | |||||||||||||||||||
Commercial mortgage-backed securities | 424 | 392 | 873 | 832 | |||||||||||||||||||
Total debt securities | $ | 3,503 | $ | 3,201 | $ | 4,073 | $ | 3,742 |
(dollars in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Securities pledged (carrying value): | |||||||||||
To secure public deposits, trust deposits and for other purposes as required by law | $ | 5,904 | $ | 6,403 | |||||||
As collateral for short-term borrowings | 282 | 348 | |||||||||
Securities pledged as a percent of total securities | 85.0 | % | 91.7 | % |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||
Debt Securities AFS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | 2 | $ | 73 | $ | (2) | 4 | $ | 188 | $ | (15) | 6 | $ | 261 | $ | (17) | ||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 6 | 37 | — | 9 | 10 | — | 15 | 47 | — | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities | 3 | 72 | (2) | 9 | 189 | (16) | 12 | 261 | (18) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | 15 | 152 | (5) | 100 | 1,032 | (107) | 115 | 1,184 | (112) | ||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 5 | 60 | (3) | 66 | 890 | (117) | 71 | 950 | (120) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 8 | 164 | (7) | 13 | 228 | (25) | 21 | 392 | (32) | ||||||||||||||||||||||||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | 1 | 1 | — | 13 | 28 | (3) | 14 | 29 | (3) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 2 | 9 | — | 6 | 8 | (1) | 8 | 17 | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 42 | $ | 568 | $ | (19) | 220 | $ | 2,573 | $ | (284) | 262 | $ | 3,141 | $ | (303) | ||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||
Debt Securities AFS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | 3 | $ | 120 | $ | (7) | 3 | $ | 137 | $ | (14) | 6 | $ | 257 | $ | (21) | ||||||||||||||||||||||||||||||||||||||
U.S. government agencies | 6 | 46 | — | 8 | 4 | — | 14 | 50 | — | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities | 9 | 150 | (8) | 4 | 112 | (13) | 13 | 262 | (21) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | 104 | 773 | (58) | 13 | 455 | (70) | 117 | 1,228 | (128) | ||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | 49 | 455 | (42) | 23 | 517 | (96) | 72 | 972 | (138) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 16 | 302 | (21) | 5 | 94 | (14) | 21 | 396 | (35) | ||||||||||||||||||||||||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | 4 | 7 | (1) | 10 | 22 | (3) | 14 | 29 | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 7 | 15 | (1) | 1 | 2 | — | 8 | 17 | (1) | ||||||||||||||||||||||||||||||||||||||||||||
Total | 198 | $ | 1,868 | $ | (138) | 67 | $ | 1,343 | $ | (210) | 265 | $ | 3,211 | $ | (348) |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Commercial real estate | $ | 11,528 | $ | 11,526 | |||||||
Commercial and industrial | 7,246 | 7,131 | |||||||||
Commercial leases | 562 | 519 | |||||||||
Other | 176 | 114 | |||||||||
Total commercial loans and leases | 19,512 | 19,290 | |||||||||
Direct installment | 2,752 | 2,784 | |||||||||
Residential mortgages | 5,589 | 5,297 | |||||||||
Indirect installment | 1,525 | 1,553 | |||||||||
Consumer lines of credit | 1,295 | 1,331 | |||||||||
Total consumer loans | 11,161 | 10,965 | |||||||||
Total loans and leases, net of unearned income | $ | 30,673 | $ | 30,255 |
(dollars in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Commercial real estate: | |||||||||||
Percent owner-occupied | 29.9 | % | 30.2 | % | |||||||
Percent non-owner-occupied | 70.1 | 69.8 |
Rating Category | Definition | ||||
Pass | in general, the condition of the borrower and the performance of the loan is satisfactory or better | ||||
Special Mention | in general, the condition of the borrower has deteriorated, requiring an increased level of monitoring | ||||
Substandard | in general, the condition of the borrower has significantly deteriorated and the performance of the loan could further deteriorate if deficiencies are not corrected | ||||
Doubtful | in general, the condition of the borrower has significantly deteriorated and the collection in full of both principal and interest is highly questionable or improbable |
March 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
COMMERCIAL | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 225 | $ | 1,967 | $ | 2,368 | $ | 1,647 | $ | 1,270 | $ | 2,984 | $ | 245 | $ | 10,706 | |||||||||||||||||||||||||||||||
Special Mention | 2 | 44 | 33 | 84 | 48 | 268 | 8 | 487 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | 6 | 7 | 20 | 60 | 221 | 21 | 335 | |||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 227 | 2,017 | 2,408 | 1,751 | 1,378 | 3,473 | 274 | 11,528 | |||||||||||||||||||||||||||||||||||||||
Commercial real estate current period gross charge-offs | — | — | 0.1 | — | — | 6.4 | — | 6.5 | |||||||||||||||||||||||||||||||||||||||
Commercial and Industrial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 359 | 1,576 | 1,159 | 747 | 489 | 654 | 1,742 | 6,726 | |||||||||||||||||||||||||||||||||||||||
Special Mention | 4 | 26 | 47 | 10 | 25 | 109 | 34 | 255 | |||||||||||||||||||||||||||||||||||||||
Substandard | 7 | 12 | 41 | 8 | 20 | 79 | 98 | 265 | |||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 370 | 1,614 | 1,247 | 765 | 534 | 842 | 1,874 | 7,246 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial current period gross charge-offs | — | 0.2 | 0.1 | 0.3 | 0.6 | 4.6 | — | 5.8 | |||||||||||||||||||||||||||||||||||||||
Commercial Leases: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 105 | 142 | 114 | 66 | 51 | 57 | — | 535 | |||||||||||||||||||||||||||||||||||||||
Special Mention | 7 | 2 | 1 | — | — | — | — | 10 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | 2 | 4 | 8 | 2 | 1 | — | 17 | |||||||||||||||||||||||||||||||||||||||
Total commercial leases | 112 | 146 | 119 | 74 | 53 | 58 | — | 562 | |||||||||||||||||||||||||||||||||||||||
Commercial leases current period gross charge-offs | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 57 | — | — | — | — | 11 | 108 | 176 | |||||||||||||||||||||||||||||||||||||||
Total other commercial | 57 | — | — | — | — | 11 | 108 | 176 | |||||||||||||||||||||||||||||||||||||||
Other commercial current period gross charge-offs | — | — | — | — | — | 0.8 | — | 0.8 | |||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | 766 | 3,777 | 3,774 | 2,590 | 1,965 | 4,384 | 2,256 | 19,512 | |||||||||||||||||||||||||||||||||||||||
March 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
CONSUMER | |||||||||||||||||||||||||||||||||||||||||||||||
Direct Installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | 63 | 781 | 863 | 437 | 157 | 439 | — | 2,740 | |||||||||||||||||||||||||||||||||||||||
Past due | — | 1 | 1 | — | — | 10 | — | 12 | |||||||||||||||||||||||||||||||||||||||
Total direct installment | 63 | 782 | 864 | 437 | 157 | 449 | — | 2,752 | |||||||||||||||||||||||||||||||||||||||
Direct installment current period gross charge-offs | — | — | 0.1 | — | — | 0.2 | — | 0.3 | |||||||||||||||||||||||||||||||||||||||
Residential Mortgages: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | 269 | 1,555 | 1,582 | 853 | 371 | 919 | 1 | 5,550 | |||||||||||||||||||||||||||||||||||||||
Past due | — | 2 | 2 | 3 | 1 | 31 | — | 39 | |||||||||||||||||||||||||||||||||||||||
Total residential mortgages | 269 | 1,557 | 1,584 | 856 | 372 | 950 | 1 | 5,589 | |||||||||||||||||||||||||||||||||||||||
Residential mortgages current period gross charge-offs | — | — | — | — | — | 0.4 | — | 0.4 | |||||||||||||||||||||||||||||||||||||||
Indirect Installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | 117 | 746 | 329 | 149 | 75 | 95 | — | 1,511 | |||||||||||||||||||||||||||||||||||||||
Past due | — | 4 | 6 | 2 | 1 | 1 | — | 14 | |||||||||||||||||||||||||||||||||||||||
Total indirect installment | 117 | 750 | 335 | 151 | 76 | 96 | — | 1,525 | |||||||||||||||||||||||||||||||||||||||
Indirect installment current period gross charge-offs | — | 1.0 | 1.2 | 0.2 | — | 0.2 | — | 2.6 | |||||||||||||||||||||||||||||||||||||||
Consumer Lines of Credit: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | 12 | 72 | 17 | 2 | 3 | 128 | 1,046 | 1,280 | |||||||||||||||||||||||||||||||||||||||
Past due | — | — | — | — | — | 13 | 2 | 15 | |||||||||||||||||||||||||||||||||||||||
Total consumer lines of credit | 12 | 72 | 17 | 2 | 3 | 141 | 1,048 | 1,295 | |||||||||||||||||||||||||||||||||||||||
Consumer lines of credit current period gross charge-offs | — | — | — | — | — | 0.3 | — | 0.3 | |||||||||||||||||||||||||||||||||||||||
Total consumer loans | 461 | 3,161 | 2,800 | 1,446 | 608 | 1,636 | 1,049 | 11,161 | |||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 1,227 | $ | 6,938 | $ | 6,574 | $ | 4,036 | $ | 2,573 | $ | 6,020 | $ | 3,305 | $ | 30,673 | |||||||||||||||||||||||||||||||
Total charge-offs | $ | — | $ | 1.2 | $ | 1.5 | $ | 0.5 | $ | 0.6 | $ | 12.9 | $ | — | $ | 16.7 |
December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
COMMERCIAL | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,967 | $ | 2,348 | $ | 1,678 | $ | 1,283 | $ | 700 | $ | 2,447 | $ | 258 | $ | 10,681 | |||||||||||||||||||||||||||||||
Special Mention | 43 | 35 | 67 | 74 | 104 | 208 | 5 | 536 | |||||||||||||||||||||||||||||||||||||||
Substandard | 3 | 7 | 20 | 47 | 45 | 167 | 20 | 309 | |||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 2,013 | 2,390 | 1,765 | 1,404 | 849 | 2,822 | 283 | 11,526 | |||||||||||||||||||||||||||||||||||||||
Commercial and Industrial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,635 | 1,194 | 760 | 533 | 289 | 453 | 1,856 | 6,720 | |||||||||||||||||||||||||||||||||||||||
Special Mention | 15 | 43 | 16 | 27 | 48 | 48 | 54 | 251 | |||||||||||||||||||||||||||||||||||||||
Substandard | 5 | 12 | 11 | 8 | 38 | 34 | 52 | 160 | |||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 1,655 | 1,249 | 787 | 568 | 375 | 535 | 1,962 | 7,131 | |||||||||||||||||||||||||||||||||||||||
Commercial Leases: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 187 | 121 | 69 | 59 | 36 | 27 | — | 499 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | 1 | — | 1 | — | — | — | 2 | |||||||||||||||||||||||||||||||||||||||
Substandard | 2 | 5 | 8 | 1 | 1 | 1 | — | 18 | |||||||||||||||||||||||||||||||||||||||
Total commercial leases | 189 | 127 | 77 | 61 | 37 | 28 | — | 519 | |||||||||||||||||||||||||||||||||||||||
Other Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 58 | — | — | — | — | 12 | 44 | 114 | |||||||||||||||||||||||||||||||||||||||
Total other commercial | 58 | — | — | — | — | 12 | 44 | 114 | |||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | 3,915 | 3,766 | 2,629 | 2,033 | 1,261 | 3,397 | 2,289 | 19,290 | |||||||||||||||||||||||||||||||||||||||
CONSUMER | |||||||||||||||||||||||||||||||||||||||||||||||
Direct Installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | 801 | 887 | 453 | 163 | 91 | 374 | — | 2,769 | |||||||||||||||||||||||||||||||||||||||
Past due | — | 1 | 1 | 1 | 1 | 11 | — | 15 | |||||||||||||||||||||||||||||||||||||||
Total direct installment | 801 | 888 | 454 | 164 | 92 | 385 | — | 2,784 | |||||||||||||||||||||||||||||||||||||||
Residential Mortgages: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | 1,464 | 1,587 | 871 | 378 | 128 | 819 | 2 | 5,249 | |||||||||||||||||||||||||||||||||||||||
Past due | 2 | 3 | 3 | 2 | 5 | 33 | — | 48 | |||||||||||||||||||||||||||||||||||||||
Total residential mortgages | 1,466 | 1,590 | 874 | 380 | 133 | 852 | 2 | 5,297 | |||||||||||||||||||||||||||||||||||||||
Indirect Installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | 800 | 357 | 166 | 88 | 80 | 40 | — | 1,531 | |||||||||||||||||||||||||||||||||||||||
Past due | 5 | 11 | 3 | 1 | 1 | 1 | — | 22 | |||||||||||||||||||||||||||||||||||||||
Total indirect installment | 805 | 368 | 169 | 89 | 81 | 41 | — | 1,553 | |||||||||||||||||||||||||||||||||||||||
Consumer Lines of Credit: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | 74 | 17 | 1 | 3 | 4 | 126 | 1,086 | 1,311 | |||||||||||||||||||||||||||||||||||||||
Past due | — | 1 | 1 | — | — | 15 | 3 | 20 | |||||||||||||||||||||||||||||||||||||||
Total consumer lines of credit | 74 | 18 | 2 | 3 | 4 | 141 | 1,089 | 1,331 | |||||||||||||||||||||||||||||||||||||||
Total consumer loans | 3,146 | 2,864 | 1,499 | 636 | 310 | 1,419 | 1,091 | 10,965 | |||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 7,061 | $ | 6,630 | $ | 4,128 | $ | 2,669 | $ | 1,571 | $ | 4,816 | $ | 3,380 | $ | 30,255 | |||||||||||||||||||||||||||||||
(in millions) | 30-89 Days Past Due | > 90 Days Past Due and Still Accruing | Non- Accrual | Total Past Due | Current | Total Loans and Leases | Non-accrual with No ACL | ||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9 | $ | — | $ | 44 | $ | 53 | $ | 11,475 | $ | 11,528 | $ | 11 | |||||||||||||||||||||||||||
Commercial and industrial | 7 | — | 41 | 48 | 7,198 | 7,246 | 12 | ||||||||||||||||||||||||||||||||||
Commercial leases | 1 | — | 1 | 2 | 560 | 562 | — | ||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 176 | 176 | — | ||||||||||||||||||||||||||||||||||
Total commercial loans and leases | 17 | — | 86 | 103 | 19,409 | 19,512 | 23 | ||||||||||||||||||||||||||||||||||
Direct installment | 6 | — | 6 | 12 | 2,740 | 2,752 | — | ||||||||||||||||||||||||||||||||||
Residential mortgages | 22 | 4 | 13 | 39 | 5,550 | 5,589 | — | ||||||||||||||||||||||||||||||||||
Indirect installment | 11 | 1 | 2 | 14 | 1,511 | 1,525 | — | ||||||||||||||||||||||||||||||||||
Consumer lines of credit | 7 | 2 | 6 | 15 | 1,280 | 1,295 | — | ||||||||||||||||||||||||||||||||||
Total consumer loans | 46 | 7 | 27 | 80 | 11,081 | 11,161 | — | ||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 63 | $ | 7 | $ | 113 | $ | 183 | $ | 30,490 | $ | 30,673 | $ | 23 | |||||||||||||||||||||||||||
(in millions) | 30-89 Days Past Due | > 90 Days Past Due and Still Accruing | Non- Accrual | Total Past Due | Current | Total Loans and Leases | Non-accrual with No ACL | ||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 13 | $ | — | $ | 39 | $ | 52 | $ | 11,474 | $ | 11,526 | $ | 15 | |||||||||||||||||||||||||||
Commercial and industrial | 9 | 1 | 44 | 54 | 7,077 | 7,131 | 11 | ||||||||||||||||||||||||||||||||||
Commercial leases | 3 | — | 1 | 4 | 515 | 519 | — | ||||||||||||||||||||||||||||||||||
Other | 1 | — | — | 1 | 113 | 114 | — | ||||||||||||||||||||||||||||||||||
Total commercial loans and leases | 26 | 1 | 84 | 111 | 19,179 | 19,290 | 26 | ||||||||||||||||||||||||||||||||||
Direct installment | 7 | 1 | 7 | 15 | 2,769 | 2,784 | — | ||||||||||||||||||||||||||||||||||
Residential mortgages | 28 | 6 | 14 | 48 | 5,249 | 5,297 | — | ||||||||||||||||||||||||||||||||||
Indirect installment | 20 | 1 | 1 | 22 | 1,531 | 1,553 | — | ||||||||||||||||||||||||||||||||||
Consumer lines of credit | 10 | 3 | 7 | 20 | 1,311 | 1,331 | — | ||||||||||||||||||||||||||||||||||
Total consumer loans | 65 | 11 | 29 | 105 | 10,860 | 10,965 | — | ||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 91 | $ | 12 | $ | 113 | $ | 216 | $ | 30,039 | $ | 30,255 | $ | 26 |
(dollars in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Non-accrual loans | $ | 113 | $ | 113 | |||||||
Total non-performing loans and leases | 113 | 113 | |||||||||
Other real estate owned | 6 | 6 | |||||||||
Total non-performing assets | $ | 119 | $ | 119 | |||||||
Asset quality ratios: | |||||||||||
Non-performing loans and leases / total loans and leases | 0.37 | % | 0.37 | % | |||||||
Non-performing assets + 90 days past due / total loans and leases + OREO | 0.41 | 0.44 |
(dollars in millions) | Amortized Cost Basis | % of Total Class of Financing Receivable | Financial Effect | ||||||||||||||
March 31, 2023 | |||||||||||||||||
Term Extension | |||||||||||||||||
Commercial and industrial | $ | 2.4 | 0.03 | % | The modified loans had an average increase in term of 9 months, extending the maturity date. | ||||||||||||
Direct installment | 0.1 | — | The repayment on the loans modified were extended, lowering the monthly repayment. | ||||||||||||||
Residential mortgages | 0.1 | — | The repayment on the loans modified was extended, lowering the monthly repayment. | ||||||||||||||
Consumer lines of credit | 0.2 | 0.02 | The repayment on the loans modified was extended, lowering the monthly repayment. | ||||||||||||||
Total | $ | 2.8 | |||||||||||||||
Term Extension and Rate Reduction | |||||||||||||||||
Direct installment | $ | 0.1 | — | % | The term was extended, with a weighted average yield reduction of 134 bps. | ||||||||||||
Residential mortgages | 0.3 | 0.01 | The term was extended, with a weighted average yield reduction of 113 bps. | ||||||||||||||
Total | $ | 0.4 | |||||||||||||||
Other | |||||||||||||||||
Commercial real estate | $ | 0.6 | 0.01 | % | Multiple modifications were made with no material financial effect. | ||||||||||||
Residential mortgages | 0.1 | — | Multiple modifications were made with no material financial effect. | ||||||||||||||
Total | $ | 0.7 | |||||||||||||||
Total Outstanding Modified | $ | 3.9 |
Amortized cost basis of modified financing receivables that subsequently defaulted: | |||||||||||||||||||||||
(in millions) | Term Extension | Term Extension and Rate Reduction | Other | Total Outstanding Modified | |||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 0.6 | $ | 0.6 | |||||||||||||||
Commercial and industrial | 1.6 | — | — | 1.6 | |||||||||||||||||||
Total commercial loans and leases | 1.6 | — | 0.6 | 2.2 | |||||||||||||||||||
Residential mortgages | — | 0.3 | — | 0.3 | |||||||||||||||||||
Consumer lines of credit | 0.1 | — | — | 0.1 | |||||||||||||||||||
Total consumer loans | 0.1 | 0.3 | — | 0.4 | |||||||||||||||||||
Total | $ | 1.7 | $ | 0.3 | $ | 0.6 | $ | 2.6 |
Payment status - amortization cost basis: | |||||||||||||||||
(in millions) | Current | 30-89 Days Past Due | 90+ Days Past Due | ||||||||||||||
March 31, 2023 | |||||||||||||||||
Commercial real estate | $ | 0.6 | $ | — | $ | — | |||||||||||
Commercial and industrial | 2.4 | — | — | ||||||||||||||
Total commercial loans and leases | 3.0 | — | — | ||||||||||||||
Direct installment | 0.2 | — | |||||||||||||||
Residential mortgages | 0.2 | — | 0.3 | ||||||||||||||
Consumer lines of credit | 0.2 | — | — | ||||||||||||||
Total consumer loans | 0.6 | — | 0.3 | ||||||||||||||
Total | $ | 3.6 | $ | — | $ | 0.3 |
Three Months Ended March 31, 2022 | |||||||||||||||||
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||||||||
Commercial real estate | 2 | $ | — | $ | — | ||||||||||||
Total commercial loans | 2 | — | — | ||||||||||||||
Direct installment | 13 | — | — | ||||||||||||||
Residential mortgages | 5 | 1 | 1 | ||||||||||||||
Consumer lines of credit | 3 | — | — | ||||||||||||||
Total consumer loans | 21 | 1 | 1 | ||||||||||||||
Total | 23 | $ | 1 | $ | 1 | ||||||||||||
Three Months Ended March 31, 2022 | |||||||||||
(dollars in millions) | Number of Contracts | Recorded Investment | |||||||||
Commercial real estate | 3 | $ | — | ||||||||
Total commercial loans | 3 | — | |||||||||
Direct installment | 1 | — | |||||||||
Residential mortgages | 1 | — | |||||||||
Total consumer loans | 2 | — | |||||||||
Total | 5 | $ | — |
(in millions) | Balance at Beginning of Period | Charge- Offs | Recoveries | Net (Charge- Offs) Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 162.1 | $ | (6.5) | $ | 1.0 | $ | (5.5) | $ | 2.6 | $ | 159.2 | |||||||||||||||||||||||
Commercial and industrial | 102.1 | (5.8) | 0.9 | (4.9) | 4.5 | 101.7 | |||||||||||||||||||||||||||||
Commercial leases | 13.5 | — | — | — | 1.3 | 14.8 | |||||||||||||||||||||||||||||
Other | 4.0 | (0.8) | 0.3 | (0.5) | 0.5 | 4.0 | |||||||||||||||||||||||||||||
Total commercial loans and leases | 281.7 | (13.1) | 2.2 | (10.9) | 8.9 | 279.7 | |||||||||||||||||||||||||||||
Direct installment | 35.9 | (0.3) | 0.2 | (0.1) | 0.4 | 36.2 | |||||||||||||||||||||||||||||
Residential mortgages | 55.5 | (0.4) | 0.2 | (0.2) | 5.1 | 60.4 | |||||||||||||||||||||||||||||
Indirect installment | 17.3 | (2.6) | 0.6 | (2.0) | 1.3 | 16.6 | |||||||||||||||||||||||||||||
Consumer lines of credit | 11.3 | (0.3) | 0.3 | — | (0.8) | 10.5 | |||||||||||||||||||||||||||||
Total consumer loans | 120.0 | (3.6) | 1.3 | (2.3) | 6.0 | 123.7 | |||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases | 401.7 | (16.7) | 3.5 | (13.2) | 14.9 | 403.4 | |||||||||||||||||||||||||||||
Allowance for unfunded loan commitments | 21.4 | — | — | — | (0.9) | 20.5 | |||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments | $ | 423.1 | $ | (16.7) | $ | 3.5 | $ | (13.2) | $ | 14.0 | $ | 423.9 |
(in millions) | Balance at Beginning of Period | Charge- Offs | Recoveries | Net (Charge- Offs) Recoveries | Provision for Credit Losses | Allowance for PCD Loans and Leases at Acquisition | Balance at End of Period | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 156.5 | $ | (1.0) | $ | 1.4 | $ | 0.4 | $ | 4.4 | $ | 4.4 | $ | 165.7 | |||||||||||||||||||||||||||
Commercial and industrial | 87.4 | (3.2) | 1.3 | (1.9) | 2.8 | 3.4 | 91.7 | ||||||||||||||||||||||||||||||||||
Commercial leases | 14.7 | (0.1) | — | (0.1) | (0.8) | — | 13.8 | ||||||||||||||||||||||||||||||||||
Other | 2.6 | (0.7) | 0.2 | (0.5) | 1.7 | — | 3.8 | ||||||||||||||||||||||||||||||||||
Total commercial loans and leases | 261.2 | (5.0) | 2.9 | (2.1) | 8.1 | 7.8 | 275.0 | ||||||||||||||||||||||||||||||||||
Direct installment | 26.4 | — | 0.2 | 0.2 | 4.1 | 0.5 | 31.2 | ||||||||||||||||||||||||||||||||||
Residential mortgages | 33.1 | (0.1) | 0.2 | 0.1 | 5.2 | 1.3 | 39.7 | ||||||||||||||||||||||||||||||||||
Indirect installment | 13.5 | (1.0) | 0.7 | (0.3) | 1.0 | — | 14.2 | ||||||||||||||||||||||||||||||||||
Consumer lines of credit | 10.1 | (0.2) | 0.4 | 0.2 | (0.2) | 0.4 | 10.5 | ||||||||||||||||||||||||||||||||||
Total consumer loans | 83.1 | (1.3) | 1.5 | 0.2 | 10.1 | 2.2 | 95.6 | ||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases | 344.3 | (6.3) | 4.4 | (1.9) | 18.2 | 10.0 | 370.6 | ||||||||||||||||||||||||||||||||||
Allowance for unfunded loan commitments | 19.1 | — | — | — | (0.3) | — | 18.8 | ||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments | $ | 363.4 | $ | (6.3) | $ | 4.4 | $ | (1.9) | $ | 17.9 | $ | 10.0 | $ | 389.4 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Balance at beginning of period | $ | 21.4 | $ | 19.1 | |||||||
Provision for unfunded loan commitments and letters of credit: | |||||||||||
Commercial portfolio | (0.9) | (0.3) | |||||||||
Consumer portfolio | — | — | |||||||||
Balance at end of period | $ | 20.5 | $ | 18.8 |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Mortgage loans sold with servicing retained | $ | 5,343 | $ | 5,242 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Mortgage loans sold with servicing retained | $ | 198 | $ | 351 | |||||||
Pre-tax net gains (losses) resulting from above loan sales (1) | — | 1 | |||||||||
Mortgage servicing fees (1) | 3 | 3 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Balance at beginning of period | $ | 52.8 | $ | 44.4 | |||||||
Additions | 2.5 | 4.1 | |||||||||
Payoffs and curtailments | (0.3) | (1.6) | |||||||||
Impairment (charge) / recovery | — | 2.3 | |||||||||
Amortization | (0.7) | (0.7) | |||||||||
Balance at end of period | $ | 54.3 | $ | 48.5 | |||||||
Fair value, beginning of period | $ | 68.6 | $ | 46.0 | |||||||
Fair value, end of period | 67.8 | 58.2 |
(dollars in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Weighted average life (months) | 95 | 96 | |||||||||
Constant prepayment rate (annualized) | 7.5 | % | 7.3 | % | |||||||
Discount rate | 10.0 | % | 10.0 | % | |||||||
Effect on fair value due to change in interest rates: | |||||||||||
+2.00% | $ | 10 | $ | 9 | |||||||
+1.00% | 5 | 4 | |||||||||
+0.50% | 3 | 2 | |||||||||
+0.25% | 1 | 1 | |||||||||
-0.25% | (2) | (1) | |||||||||
-0.50% | (3) | (3) | |||||||||
-1.00% | (7) | (6) | |||||||||
-2.00% | (18) | (15) |
Three Months Ended March 31, | |||||||||||
(dollars in millions) | 2023 | 2022 | |||||||||
Operating lease cost | $ | 8 | $ | 8 | |||||||
Variable lease cost | 1 | 1 | |||||||||
Finance lease cost | 1 | — | |||||||||
Total lease cost | $ | 10 | $ | 9 |
Three Months Ended March 31, | |||||||||||
(dollars in millions) | 2023 | 2022 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 7 | $ | 7 | |||||||
Operating cash flows from finance leases | $ | — | $ | — | |||||||
Right-of-use assets obtained in exchange for lease obligations: | |||||||||||
Operating leases | $ | — | $ | 2 | |||||||
Finance leases | $ | — | $ | 4 | |||||||
Weighted average remaining lease term (years): | |||||||||||
Operating leases | 9.13 | 9.69 | |||||||||
Finance leases | 20.61 | 23.08 | |||||||||
Weighted average discount rate: | |||||||||||
Operating leases | 2.6 | % | 2.4 | % | |||||||
Finance leases | 2.8 | % | 2.0 | % |
(in millions) | Operating Leases | Finance Leases | Total Leases | ||||||||||||||
March 31, 2023 | |||||||||||||||||
2023 | $ | 21 | $ | 1 | $ | 22 | |||||||||||
2024 | 26 | 1 | 27 | ||||||||||||||
2025 | 19 | 2 | 21 | ||||||||||||||
2026 | 16 | 2 | 18 | ||||||||||||||
2027 | 13 | 2 | 15 | ||||||||||||||
Later years | 70 | 28 | 98 | ||||||||||||||
Total lease payments | 165 | 36 | 201 | ||||||||||||||
Less: imputed interest | (20) | (10) | (30) | ||||||||||||||
Present value of lease liabilities | $ | 145 | $ | 26 | $ | 171 |
(in millions) | Total Assets | Total Liabilities | Maximum Exposure to Loss | ||||||||||||||
March 31, 2023 | |||||||||||||||||
Trust preferred securities (1) | $ | 1 | $ | 72 | $ | — | |||||||||||
Affordable housing tax credit partnerships | 119 | 34 | 119 | ||||||||||||||
Other investments | 36 | 8 | 36 | ||||||||||||||
Total | $ | 156 | $ | 114 | $ | 155 | |||||||||||
December 31, 2022 | |||||||||||||||||
Trust preferred securities (1) | $ | 1 | $ | 72 | $ | — | |||||||||||
Affordable housing tax credit partnerships | 123 | 37 | 123 | ||||||||||||||
Other investments | 33 | 9 | 33 | ||||||||||||||
Total | $ | 157 | $ | 118 | $ | 156 | |||||||||||
(1) Represents our investment in unconsolidated subsidiaries. |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
LIHTC investments included in other assets | $ | 85 | $ | 86 | |||||||
Unfunded LIHTC commitments | 34 | 37 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Provision for income taxes: | |||||||||||
Amortization of LIHTC investments under proportional method | $ | 4 | $ | 4 | |||||||
Low-income housing tax credits | (4) | (4) | |||||||||
Other tax benefits related to tax credit investments | (1) | (1) | |||||||||
Total impact on provision for income taxes | $ | (1) | $ | (1) |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Securities sold under repurchase agreements | $ | 255 | $ | 317 | |||||||
Federal Home Loan Bank advances | 1,600 | 930 | |||||||||
Federal funds purchased | 175 | — | |||||||||
Subordinated notes | 119 | 125 | |||||||||
Total short-term borrowings | $ | 2,149 | $ | 1,372 |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Federal Home Loan Bank advances | $ | 500 | $ | — | |||||||
Senior notes | 348 | 648 | |||||||||
Subordinated notes | 75 | 70 | |||||||||
Junior subordinated debt | 72 | 72 | |||||||||
Other subordinated debt | 303 | 303 | |||||||||
Total long-term borrowings | $ | 1,298 | $ | 1,093 |
(dollars in millions) | Aggregate Principal Amount Issued | Net Proceeds (6) | Carrying Value | Stated Maturity Date | Interest Rate | ||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||||
5.150% Senior Notes due August 25, 2025 | $ | 350 | $ | 347 | $ | 348 | 8/25/2025 | 5.150 | % | ||||||||||||||||||||
Total senior notes | 350 | 347 | 348 | ||||||||||||||||||||||||||
Other Subordinated Debt: | |||||||||||||||||||||||||||||
4.950% Fixed-To-Floating Rate Subordinated Notes due 2029 (1) | 120 | 118 | 119 | 2/14/2029 | 4.950 | % | |||||||||||||||||||||||
4.875% Subordinated Notes due 2025 | 100 | 98 | 100 | 10/2/2025 | 4.875 | % | |||||||||||||||||||||||
7.625% Subordinated Notes due August 12, 2023 (5) | 38 | 46 | 29 | 8/12/2023 | 7.625 | % | |||||||||||||||||||||||
6.000% Fixed-To-Floating Rate Subordinated Notes due December 6, 2028 (2) (5) | 25 | 26 | 25 | 12/6/2028 | 6.000 | % | |||||||||||||||||||||||
5.000% Fixed-To-Floating Rate Subordinated Note due May 29, 2030 (3) (5) | 25 | 24 | 24 | 5/29/2030 | 5.000 | % | |||||||||||||||||||||||
6.000% Fixed-To-Floating Rate Subordinated Note due May 15, 2028 (4) (5) | 6 | 6 | 6 | 5/15/2028 | 6.000 | % | |||||||||||||||||||||||
Total other subordinated debt | 314 | 318 | 303 | ||||||||||||||||||||||||||
Total | $ | 664 | $ | 665 | $ | 651 |
(dollars in millions) | Trust Preferred Securities | Common Securities | Junior Subordinated Debt | Stated Maturity Date | Interest Rate | Rate Reset Factor | |||||||||||||||||||||||||||||
F.N.B. Statutory Trust II | $ | 22 | $ | 1 | $ | 22 | 6/15/2036 | 6.52 | % | LIBOR + 165 bps | |||||||||||||||||||||||||
Yadkin Valley Statutory Trust I | 25 | 1 | 22 | 12/15/2037 | 6.19 | % | LIBOR + 132 bps | ||||||||||||||||||||||||||||
FNB Financial Services Capital Trust I | 25 | 1 | 23 | 9/30/2035 | 6.62 | % | LIBOR + 146 bps | ||||||||||||||||||||||||||||
Patapsco Statutory Trust I | 5 | — | 5 | 12/15/2035 | 6.35 | % | LIBOR + 148 bps | ||||||||||||||||||||||||||||
Total | $ | 77 | $ | 3 | $ | 72 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||||||||||||||
(in millions) | Amount | Asset | Liability | Amount | Asset | Liability | |||||||||||||||||||||||||||||
Gross Derivatives | |||||||||||||||||||||||||||||||||||
Subject to master netting arrangements: | |||||||||||||||||||||||||||||||||||
Interest rate contracts – designated | $ | 2,050 | $ | 2 | $ | — | $ | 2,180 | $ | — | $ | 1 | |||||||||||||||||||||||
Interest rate swaps – not designated | 5,401 | 65 | 15 | 5,333 | 89 | 6 | |||||||||||||||||||||||||||||
Total subject to master netting arrangements | 7,451 | 67 | 15 | 7,513 | 89 | 7 | |||||||||||||||||||||||||||||
Not subject to master netting arrangements: | |||||||||||||||||||||||||||||||||||
Interest rate swaps – not designated | 5,401 | 15 | 303 | 5,333 | 6 | 390 | |||||||||||||||||||||||||||||
Interest rate lock commitments – not designated | 141 | 1 | 4 | 163 | — | 12 | |||||||||||||||||||||||||||||
Forward delivery commitments – not designated | 157 | — | 2 | 203 | 1 | 2 | |||||||||||||||||||||||||||||
Credit risk contracts – not designated | 609 | — | — | 506 | — | — | |||||||||||||||||||||||||||||
Total not subject to master netting arrangements | 6,308 | 16 | 309 | 6,205 | 7 | 404 | |||||||||||||||||||||||||||||
Total | $ | 13,759 | $ | 83 | $ | 324 | $ | 13,718 | $ | 96 | $ | 411 |
Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||
Interest rate contracts | $ | 5 | $ | (19) | Interest income (expense) | $ | (4) | $ | (2) | ||||||||||||||||||||
Other income | — | — |
Three months ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | Interest Income - Loans and Leases | Interest Expense - Short-Term Borrowings | Interest Income - Loans and Leases | Interest Expense - Short-Term Borrowings | |||||||||||||||||||
Total amounts of income and expense line items presented in the Consolidated Statements of Income (the effects of cash flow hedges are included in these line items) | $ | 394 | $ | 10 | $ | 221 | $ | 6 | |||||||||||||||
The effects of cash flow hedging: | |||||||||||||||||||||||
Gain (loss) on cash flow hedging relationships: | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Amount of gain (loss) reclassified from AOCI into net income | (10) | 6 | 2 | (4) | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(in millions) | Consolidated Statements of Income Location | 2023 | 2022 | ||||||||||||||
Interest rate swaps | Non-interest income - other | $ | — | $ | — | ||||||||||||
Interest rate lock commitments | Mortgage banking operations | — | — | ||||||||||||||
Forward delivery contracts | Mortgage banking operations | (1) | 9 | ||||||||||||||
Credit risk contracts | Non-interest income - other | — | — |
Amount Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||
(in millions) | Net Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral | Net Amount | |||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Designated | $ | 2 | $ | — | $ | 2 | $ | — | |||||||||||||||
Not designated | 65 | — | 65 | — | |||||||||||||||||||
Total | $ | 67 | $ | — | $ | 67 | $ | — |
Derivative Liabilities | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Not designated | $ | 15 | $ | — | $ | 15 | $ | — | |||||||||||||||
Total | $ | 15 | $ | — | $ | 15 | $ | — |
December 31, 2022 | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Not designated | $ | 89 | $ | — | $ | 88 | $ | 1 | |||||||||||||||
Total | $ | 89 | $ | — | $ | 88 | $ | 1 |
Derivative Liabilities | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Designated | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||
Not designated | 6 | — | 6 | — | |||||||||||||||||||
Total | $ | 7 | $ | — | $ | 7 | $ | — |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Commitments to extend credit | $ | 13,009 | $ | 13,250 | |||||||
Standby letters of credit | 229 | 207 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Units | Weighted Average Grant Price per Share | Units | Weighted Average Grant Price per Share | ||||||||||||||||||||
Unvested units outstanding at beginning of period | 4,821,182 | $ | 10.30 | 4,680,786 | $ | 9.71 | |||||||||||||||||
Granted | 470,173 | 15.06 | 495,844 | 14.22 | |||||||||||||||||||
Acquired | — | — | 60,300 | 9.41 | |||||||||||||||||||
Net adjustment due to performance | 288,800 | 8.04 | — | — | |||||||||||||||||||
Vested | (1,198,383) | 8.31 | (216,373) | 8.77 | |||||||||||||||||||
Forfeited/expired/canceled | (539,233) | 7.80 | (18,239) | 9.34 | |||||||||||||||||||
Dividend reinvestment | 37,587 | 12.48 | 46,696 | 12.85 | |||||||||||||||||||
Unvested units outstanding at end of period | 3,880,126 | 11.69 | 5,049,014 | 10.22 |
(in millions) | Three Months Ended March 31, | ||||||||||
2023 | 2022 | ||||||||||
Stock-based compensation expense | $ | 11 | $ | 9 | |||||||
Tax benefit related to stock-based compensation expense | 2 | 2 | |||||||||
Fair value of units vested | 17 | 3 |
(dollars in millions) | Service- Based Units | Performance- Based Units | Total | ||||||||||||||
Unvested restricted stock units | 2,735,134 | 1,144,992 | 3,880,126 | ||||||||||||||
Unrecognized compensation expense | $ | 7 | $ | 1 | $ | 8 | |||||||||||
Intrinsic value | $ | 32 | $ | 13 | $ | 45 | |||||||||||
Weighted average remaining life (in years) | 1.68 | 1.89 | 1.74 |
Three Months Ended March 31, | |||||||||||
(dollars in millions) | 2023 | 2022 | |||||||||
Current income taxes: | |||||||||||
Federal taxes | $ | 31 | $ | 7 | |||||||
State taxes | 2 | 2 | |||||||||
Total current income taxes | 33 | 9 | |||||||||
Deferred income taxes: | |||||||||||
Federal taxes | 2 | 5 | |||||||||
Total deferred income taxes | 2 | 5 | |||||||||
Total income taxes | $ | 35 | $ | 14 | |||||||
Statutory federal tax rate | 21.0 | % | 21.0 | % | |||||||
Effective tax rate | 19.5 | 20.9 |
(in millions) | Unrealized Net Gains (Losses) on Debt Securities Available for Sale | Unrealized Net Gains (Losses) on Derivative Instruments | Unrecognized Pension and Postretirement Obligations | Total | |||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Balance at beginning of period | $ | (269) | $ | (44) | $ | (44) | $ | (357) | |||||||||||||||
Other comprehensive (loss) income before reclassifications | 35 | 4 | — | 39 | |||||||||||||||||||
Amounts reclassified from AOCI | — | 3 | — | 3 | |||||||||||||||||||
Net current period other comprehensive (loss) income | 35 | 7 | — | 42 | |||||||||||||||||||
Balance at end of period | $ | (234) | $ | (37) | $ | (44) | $ | (315) | |||||||||||||||
Three Months Ended March 31, | |||||||||||
(dollars in millions, except per share data) | 2023 | 2022 | |||||||||
Net income | $ | 147 | $ | 53 | |||||||
Less: Preferred stock dividends | 2 | 2 | |||||||||
Net income available to common stockholders | $ | 145 | $ | 51 | |||||||
Basic weighted average common shares outstanding | 360,858,904 | 344,352,853 | |||||||||
Net effect of dilutive stock options and restricted stock | 4,071,384 | 4,573,193 | |||||||||
Diluted weighted average common shares outstanding | 364,930,288 | 348,926,046 | |||||||||
Earnings per common share: | |||||||||||
Basic | $ | 0.40 | $ | 0.15 | |||||||
Diluted | $ | 0.40 | $ | 0.15 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Interest paid on deposits and other borrowings | $ | 101 | $ | 21 | |||||||
Transfers of loans to other real estate owned | — | 1 | |||||||||
Loans transferred to portfolio from held for sale | 15 | — |
(in millions) | Community Banking | Wealth Management | Insurance | Parent and Other | Consolidated | ||||||||||||||||||||||||
At or for the Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Interest income | $ | 442 | $ | — | $ | — | $ | 2 | $ | 444 | |||||||||||||||||||
Interest expense | 98 | — | — | 9 | 107 | ||||||||||||||||||||||||
Net interest income | 344 | — | — | (7) | 337 | ||||||||||||||||||||||||
Provision for credit losses | 14 | — | — | — | 14 | ||||||||||||||||||||||||
Non-interest income | 55 | 18 | 7 | (1) | 79 | ||||||||||||||||||||||||
Non-interest expense (1) | 195 | 13 | 4 | 3 | 215 | ||||||||||||||||||||||||
Amortization of intangibles | 5 | — | — | — | 5 | ||||||||||||||||||||||||
Income tax expense (benefit) | 38 | 1 | — | (4) | 35 | ||||||||||||||||||||||||
Net income (loss) | 147 | 4 | 3 | (7) | 147 | ||||||||||||||||||||||||
Total assets | 43,998 | 38 | 31 | 79 | 44,146 | ||||||||||||||||||||||||
Total intangibles | 2,526 | 9 | 26 | — | 2,561 | ||||||||||||||||||||||||
At or for the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||
Interest income | $ | 253 | $ | — | $ | — | $ | 1 | $ | 254 | |||||||||||||||||||
Interest expense | 17 | — | — | 3 | 20 | ||||||||||||||||||||||||
Net interest income | 236 | — | — | (2) | 234 | ||||||||||||||||||||||||
Provision for credit losses | 17 | — | — | 1 | 18 | ||||||||||||||||||||||||
Non-interest income | 56 | 16 | 7 | (1) | 78 | ||||||||||||||||||||||||
Non-interest expense (1) | 207 | 11 | 5 | 1 | 224 | ||||||||||||||||||||||||
Amortization of intangibles | 3 | — | — | — | 3 | ||||||||||||||||||||||||
Income tax expense (benefit) | 14 | 1 | — | (1) | 14 | ||||||||||||||||||||||||
Net income (loss) | 51 | 4 | 2 | (4) | 53 | ||||||||||||||||||||||||
Total assets | 41,896 | 38 | 33 | 55 | 42,022 | ||||||||||||||||||||||||
Total intangibles | 2,457 | 9 | 27 | — | 2,493 |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Assets Measured at Fair Value | |||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. Treasury | $ | 261 | $ | — | $ | — | $ | 261 | |||||||||||||||
U.S. government agencies | — | 101 | — | 101 | |||||||||||||||||||
U.S. government-sponsored entities | — | 261 | — | 261 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency mortgage-backed securities | — | 1,187 | — | 1,187 | |||||||||||||||||||
Agency collateralized mortgage obligations | — | 950 | — | 950 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 392 | — | 392 | |||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | — | 29 | — | 29 | |||||||||||||||||||
Other debt securities | — | 20 | — | 20 | |||||||||||||||||||
Total debt securities available for sale | 261 | 2,940 | — | 3,201 | |||||||||||||||||||
Loans held for sale | — | 76 | — | 76 | |||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||
Trading | — | 80 | — | 80 | |||||||||||||||||||
Not for trading | — | 2 | 1 | 3 | |||||||||||||||||||
Total derivative financial instruments | — | 82 | 1 | 83 | |||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 261 | $ | 3,098 | $ | 1 | $ | 3,360 | |||||||||||||||
Liabilities Measured at Fair Value | |||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||
Trading | $ | — | $ | 317 | $ | — | $ | 317 | |||||||||||||||
Not for trading | — | 3 | 4 | 7 | |||||||||||||||||||
Total derivative financial instruments | — | 320 | 4 | 324 | |||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | — | $ | 320 | $ | 4 | $ | 324 |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Assets Measured at Fair Value | |||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. Treasury | $ | 257 | $ | — | $ | — | $ | 257 | |||||||||||||||
U.S. government agencies | — | 108 | — | 108 | |||||||||||||||||||
U.S. government-sponsored entities | — | 262 | — | 262 | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency mortgage-backed securities | — | 1,232 | — | 1,232 | |||||||||||||||||||
Agency collateralized mortgage obligations | — | 972 | — | 972 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 395 | — | 395 | |||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | — | 29 | — | 29 | |||||||||||||||||||
Other debt securities | — | 20 | — | 20 | |||||||||||||||||||
Total debt securities available for sale | 257 | 3,018 | — | 3,275 | |||||||||||||||||||
Loans held for sale | — | 91 | — | 91 | |||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||
Trading | — | 95 | — | 95 | |||||||||||||||||||
Not for trading | — | 1 | — | 1 | |||||||||||||||||||
Total derivative financial instruments | — | 96 | — | 96 | |||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 257 | $ | 3,205 | $ | — | $ | 3,462 | |||||||||||||||
Liabilities Measured at Fair Value | |||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||
Trading | $ | — | $ | 396 | $ | — | $ | 396 | |||||||||||||||
Not for trading | — | 3 | 12 | 15 | |||||||||||||||||||
Total derivative financial instruments | — | 399 | 12 | 411 | |||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | — | $ | 399 | $ | 12 | $ | 411 |
(in millions) | Other Debt Securities | Interest Rate Lock Commitments | Total | ||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||
Balance at beginning of period | $ | — | $ | — | $ | — | |||||||||||
Purchases, issuances, sales and settlements: | |||||||||||||||||
Issuances | — | 1 | 1 | ||||||||||||||
Balance at end of period | $ | — | $ | 1 | $ | 1 | |||||||||||
Year Ended December 31, 2022 | |||||||||||||||||
Balance at beginning of period | $ | — | $ | 9 | $ | 9 | |||||||||||
Purchases, issuances, sales and settlements: | |||||||||||||||||
Purchases | 2 | — | 2 | ||||||||||||||
Settlements | (1) | (9) | (10) | ||||||||||||||
Transfers from Level 3 | (1) | — | (1) | ||||||||||||||
Balance at end of period | $ | — | $ | — | $ | — |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Collateral dependent loans | $ | — | $ | — | $ | 30 | $ | 30 | |||||||||||||||
Other assets - SBA servicing asset | — | — | 2 | 2 | |||||||||||||||||||
Other real estate owned | — | — | 1 | 1 | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Collateral dependent loans | $ | — | $ | — | $ | 34 | $ | 34 | |||||||||||||||
Other assets - SBA servicing asset | — | — | 2 | 2 | |||||||||||||||||||
Other real estate owned | — | — | 3 | 3 |
Fair Value Measurements | |||||||||||||||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,723 | $ | 1,723 | $ | 1,723 | $ | — | $ | — | |||||||||||||||||||
Debt securities available for sale | 3,201 | 3,201 | 261 | 2,940 | — | ||||||||||||||||||||||||
Debt securities held to maturity | 4,073 | 3,742 | — | 3,742 | — | ||||||||||||||||||||||||
Net loans and leases, including loans held for sale | 30,370 | 29,620 | — | 76 | 29,544 | ||||||||||||||||||||||||
Loan servicing rights | 56 | 70 | — | — | 70 | ||||||||||||||||||||||||
Derivative assets | 83 | 83 | — | 82 | 1 | ||||||||||||||||||||||||
Accrued interest receivable | 130 | 130 | 130 | — | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Deposits | 34,190 | 34,105 | 29,441 | 4,664 | — | ||||||||||||||||||||||||
Short-term borrowings | 2,149 | 2,148 | 2,148 | — | — | ||||||||||||||||||||||||
Long-term borrowings | 1,298 | 1,260 | — | — | 1,260 | ||||||||||||||||||||||||
Derivative liabilities | 324 | 324 | — | 320 | 4 | ||||||||||||||||||||||||
Accrued interest payable | 37 | 37 | 37 | — | — | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,674 | $ | 1,674 | $ | 1,674 | $ | — | $ | — | |||||||||||||||||||
Debt securities available for sale | 3,275 | 3,275 | 257 | 3,018 | — | ||||||||||||||||||||||||
Debt securities held to maturity | 4,087 | 3,687 | — | 3,687 | — | ||||||||||||||||||||||||
Net loans and leases, including loans held for sale | 29,977 | 29,008 | — | 91 | 28,917 | ||||||||||||||||||||||||
Loan servicing rights | 55 | 71 | — | — | 71 | ||||||||||||||||||||||||
Derivative assets | 96 | 96 | — | 96 | — | ||||||||||||||||||||||||
Accrued interest receivable | 126 | 126 | 126 | — | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Deposits | 34,770 | 34,673 | 31,158 | 3,515 | — | ||||||||||||||||||||||||
Short-term borrowings | 1,372 | 1,369 | 1,369 | — | — | ||||||||||||||||||||||||
Long-term borrowings | 1,093 | 1,061 | — | — | 1,061 | ||||||||||||||||||||||||
Derivative liabilities | 411 | 411 | — | 399 | 12 | ||||||||||||||||||||||||
Accrued interest payable | 31 | 31 | 31 | — | — |
Three Months Ended March 31, | |||||||||||
Quarterly Results Summary | 2023 | 2022 | |||||||||
Reported results | |||||||||||
Net income available to common stockholders (millions) | $ | 144.5 | $ | 51.0 | |||||||
Net income per diluted common share | 0.40 | 0.15 | |||||||||
Book value per common share (period-end) | 15.76 | 15.19 | |||||||||
Operating results (non-GAAP) | |||||||||||
Operating net income available to common stockholders (millions) | $ | 146.1 | $ | 92.0 | |||||||
Operating net income per diluted common share | 0.40 | 0.26 | |||||||||
Average diluted common shares outstanding (thousands) | 364,930 | 348,926 | |||||||||
Significant items impacting earnings(1) (millions) | |||||||||||
Pre-tax merger-related expenses | $ | (2.1) | $ | (28.6) | |||||||
After-tax impact of merger-related expenses | (1.6) | (22.6) | |||||||||
Pre-tax provision expense related to acquisition | — | (19.1) | |||||||||
After-tax impact of provision expense related to acquisition | — | (15.1) | |||||||||
Pre-tax branch consolidation costs | — | (4.2) | |||||||||
After-tax impact of branch consolidation costs | — | (3.3) | |||||||||
Total significant items pre-tax | $ | (2.1) | $ | (51.9) | |||||||
Total significant items after-tax | $ | (1.6) | $ | (41.0) | |||||||
Capital measures | |||||||||||
Common equity tier 1 | 10.0 | % | 10.0 | % | |||||||
Tangible common equity to tangible assets (period-end) (non-GAAP) | 7.50 | 7.18 | |||||||||
Tangible book value per common share (period-end) (non-GAAP) | $ | 8.66 | $ | 8.09 | |||||||
(1) Favorable (unfavorable) impact on earnings |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | Change | Change | |||||||||||||||||||
Net interest income | $ | 336,654 | $ | 234,076 | $ | 102,578 | 43.8 | % | |||||||||||||||
Provision for credit losses | 14,061 | 17,959 | (3,898) | (21.7) | |||||||||||||||||||
Non-interest income | 79,389 | 78,322 | 1,067 | 1.4 | |||||||||||||||||||
Non-interest expense | 219,917 | 227,426 | (7,509) | (3.3) | |||||||||||||||||||
Income taxes | 35,560 | 14,015 | 21,545 | 153.7 | |||||||||||||||||||
Net income | 146,505 | 52,998 | 93,507 | 176.4 | |||||||||||||||||||
Less: Preferred stock dividends | 2,010 | 2,010 | — | — | |||||||||||||||||||
Net income available to common stockholders | $ | 144,495 | $ | 50,988 | $ | 93,507 | 183.4 | % | |||||||||||||||
Earnings per common share – Basic | $ | 0.40 | $ | 0.15 | $ | 0.25 | 166.7 | % | |||||||||||||||
Earnings per common share – Diluted | 0.40 | 0.15 | 0.25 | 166.7 | |||||||||||||||||||
Cash dividends per common share | 0.12 | 0.12 | — | — |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Return on average equity | 10.37 | % | 3.94 | % | |||||||
Return on average tangible common equity (2) | 19.68 | 7.49 | |||||||||
Return on average assets | 1.37 | 0.52 | |||||||||
Return on average tangible assets (2) | 1.49 | 0.58 | |||||||||
Book value per common share (1) | $ | 15.76 | $ | 15.19 | |||||||
Tangible book value per common share (1) (2) | 8.66 | 8.09 | |||||||||
Equity to assets (1) | 13.11 | % | 12.94 | % | |||||||
Average equity to average assets | 13.20 | 13.25 | |||||||||
Common equity to assets (1) | 12.87 | 12.69 | |||||||||
Tangible equity to tangible assets (1) (2) | 7.76 | 7.45 | |||||||||
Tangible common equity to tangible assets (1) (2) | 7.50 | 7.18 | |||||||||
Common equity tier 1 capital ratio (1) | 10.0 | 10.0 | |||||||||
Dividend payout ratio | 30.30 | 83.74 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 817,910 | $ | 6,653 | 3.30 | % | $ | 3,105,599 | $ | 1,507 | 0.20 | % | |||||||||||||||||||||||
Taxable investment securities (1) | 6,214,311 | 35,476 | 2.28 | 5,930,948 | 23,785 | 1.60 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (1)(2) | 1,055,189 | 9,159 | 3.47 | 1,025,284 | 8,732 | 3.41 | |||||||||||||||||||||||||||||
Loans held for sale | 116,164 | 1,594 | 5.51 | 259,362 | 2,392 | 3.70 | |||||||||||||||||||||||||||||
Loans and leases (2) (3) | 30,410,376 | 393,895 | 5.24 | 26,238,804 | 219,762 | 3.39 | |||||||||||||||||||||||||||||
Total interest-earning assets (2) | 38,613,950 | 446,777 | 4.68 | 36,559,997 | 256,178 | 2.83 | |||||||||||||||||||||||||||||
Cash and due from banks | 442,712 | 410,716 | |||||||||||||||||||||||||||||||||
Allowance for credit losses | (405,705) | (360,392) | |||||||||||||||||||||||||||||||||
Premises and equipment | 442,441 | 378,090 | |||||||||||||||||||||||||||||||||
Other assets | 4,328,511 | 4,132,660 | |||||||||||||||||||||||||||||||||
Total assets | $ | 43,421,909 | $ | 41,121,071 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 14,596,006 | 52,278 | 1.45 | $ | 14,919,488 | 3,416 | 0.09 | |||||||||||||||||||||||||||
Savings | 4,023,568 | 7,853 | 0.79 | 3,875,020 | 143 | 0.01 | |||||||||||||||||||||||||||||
Certificates and other time | 4,182,700 | 23,961 | 2.32 | 2,944,377 | 4,126 | 0.57 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 22,802,274 | 84,092 | 1.50 | 21,738,885 | 7,685 | 0.14 | |||||||||||||||||||||||||||||
Short-term borrowings | 1,561,343 | 9,744 | 2.53 | 1,509,971 | 5,802 | 1.56 | |||||||||||||||||||||||||||||
Long-term borrowings | 1,082,040 | 13,013 | 4.88 | 709,817 | 6,017 | 3.44 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 25,445,657 | 106,849 | 1.70 | 23,958,673 | 19,504 | 0.33 | |||||||||||||||||||||||||||||
Non-interest-bearing demand | 11,410,506 | 11,255,917 | |||||||||||||||||||||||||||||||||
Total deposits and borrowings | 36,856,163 | 1.18 | 35,214,590 | 0.22 | |||||||||||||||||||||||||||||||
Other liabilities | 834,106 | 457,587 | |||||||||||||||||||||||||||||||||
Total liabilities | 37,690,269 | 35,672,177 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 5,731,640 | 5,448,894 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 43,421,909 | $ | 41,121,071 | |||||||||||||||||||||||||||||||
Net interest-earning assets | $ | 13,168,293 | $ | 12,601,324 | |||||||||||||||||||||||||||||||
Net interest income (FTE) (2) | 339,928 | 236,674 | |||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | (3,274) | (2,598) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 336,654 | $ | 234,076 | |||||||||||||||||||||||||||||||
Net interest spread | 2.98 | % | 2.50 | % | |||||||||||||||||||||||||||||||
Net interest margin (2) | 3.56 | % | 2.61 | % |
(in thousands) | Volume | Rate | Net | ||||||||||||||
Interest Income (1) | |||||||||||||||||
Interest-bearing deposits with banks | $ | (1,099) | $ | 6,245 | $ | 5,146 | |||||||||||
Securities (2) | 1,637 | 10,481 | 12,118 | ||||||||||||||
Loans held for sale | (1,262) | 464 | (798) | ||||||||||||||
Loans and leases (2) | 36,996 | 137,137 | 174,133 | ||||||||||||||
Total interest income (2) | 36,272 | 154,327 | 190,599 | ||||||||||||||
Interest Expense (1) | |||||||||||||||||
Deposits: | |||||||||||||||||
Interest-bearing demand | (32) | 48,894 | 48,862 | ||||||||||||||
Savings | 17 | 7,693 | 7,710 | ||||||||||||||
Certificates and other time | 2,491 | 17,344 | 19,835 | ||||||||||||||
Short-term borrowings | 1,028 | 2,914 | 3,942 | ||||||||||||||
Long-term borrowings | 3,918 | 3,078 | 6,996 | ||||||||||||||
Total interest expense | 7,422 | 79,923 | 87,345 | ||||||||||||||
Net change (2) | $ | 28,850 | $ | 74,404 | $ | 103,254 |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | Change | |||||||||||||||||||
Provision for credit losses on loans and leases | $ | 14,891 | $ | 18,236 | $ | (3,345) | (18.3) | % | |||||||||||||||
Provision for unfunded loan commitments | (925) | (340) | (585) | 172.1 | |||||||||||||||||||
Total provision for credit losses on loans and leases | 13,966 | 17,896 | (3,930) | (22.0) | |||||||||||||||||||
Provision for securities | 95 | 63 | 32 | 50.8 | |||||||||||||||||||
Total provision for credit losses | $ | 14,061 | $ | 17,959 | $ | (3,898) | (21.7) | % | |||||||||||||||
Net loan charge-offs | 13,197 | 1,888 | 11,309 | 599.0 | |||||||||||||||||||
Net loan charge-offs (annualized) / total average loans and leases | 0.18 | % | 0.03 | % |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | Change | |||||||||||||||||||
Service charges | $ | 32,640 | $ | 31,515 | $ | 1,125 | 3.6 | % | |||||||||||||||
Trust services | 10,611 | 10,349 | 262 | 2.5 | |||||||||||||||||||
Insurance commissions and fees | 7,787 | 7,605 | 182 | 2.4 | |||||||||||||||||||
Securities commissions and fees | 7,382 | 5,691 | 1,691 | 29.7 | |||||||||||||||||||
Capital markets income | 6,793 | 7,127 | (334) | (4.7) | |||||||||||||||||||
Mortgage banking operations | 4,855 | 6,667 | (1,812) | (27.2) | |||||||||||||||||||
Dividends on non-marketable equity securities | 4,108 | 2,150 | 1,958 | 91.1 | |||||||||||||||||||
Bank owned life insurance | 2,825 | 2,642 | 183 | 6.9 | |||||||||||||||||||
Net securities gains (losses) | (17) | — | (17) | — | |||||||||||||||||||
Other | 2,405 | 4,576 | (2,171) | (47.4) | |||||||||||||||||||
Total non-interest income | $ | 79,389 | $ | 78,322 | $ | 1,067 | 1.4 | % |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | Change | |||||||||||||||||||
Salaries and employee benefits | $ | 120,247 | $ | 112,189 | $ | 8,058 | 7.2 | % | |||||||||||||||
Net occupancy | 17,370 | 18,189 | (819) | (4.5) | |||||||||||||||||||
Equipment | 22,072 | 18,005 | 4,067 | 22.6 | |||||||||||||||||||
Amortization of intangibles | 5,119 | 3,227 | 1,892 | 58.6 | |||||||||||||||||||
Outside services | 19,398 | 17,033 | 2,365 | 13.9 | |||||||||||||||||||
Marketing | 3,701 | 3,256 | 445 | 13.7 | |||||||||||||||||||
FDIC insurance | 7,119 | 4,574 | 2,545 | 55.6 | |||||||||||||||||||
Bank shares and franchise taxes | 4,172 | 4,027 | 145 | 3.6 | |||||||||||||||||||
Merger-related | 2,052 | 28,629 | (26,577) | (92.8) | |||||||||||||||||||
Other | 18,667 | 18,297 | 370 | 2.0 | |||||||||||||||||||
Total non-interest expense | $ | 219,917 | $ | 227,426 | $ | (7,509) | (3.3) | % |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | Change | |||||||||||||||||||
Total non-interest expense, as reported | $ | 219,917 | $ | 227,426 | $ | (7,509) | (3.3) | % | |||||||||||||||
Significant items: | |||||||||||||||||||||||
Branch consolidations | — | (4,178) | 4,178 | ||||||||||||||||||||
Merger-related | (2,052) | (28,629) | 26,577 | ||||||||||||||||||||
Total non-interest expense, excluding significant items (1) | $ | 217,865 | $ | 194,619 | $ | 23,246 | 11.9 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||
Income tax expense | $ | 35,560 | $ | 14,015 | |||||||
Effective tax rate | 19.5 | % | 20.9 | % | |||||||
Statutory federal tax rate | 21.0 | 21.0 |
(dollars in millions) | March 31, 2023 | December 31, 2022 | $ Change | % Change | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,723 | $ | 1,674 | $ | 49 | 2.9 | % | |||||||||||||||
Securities | 7,274 | 7,362 | (88) | (1.2) | |||||||||||||||||||
Loans held for sale | 100 | 124 | (24) | (19.4) | |||||||||||||||||||
Loans and leases, net | 30,270 | 29,853 | 417 | 1.4 | |||||||||||||||||||
Goodwill and other intangibles | 2,561 | 2,566 | (5) | (0.2) | |||||||||||||||||||
Other assets | 2,218 | 2,146 | 72 | 3.4 | |||||||||||||||||||
Total Assets | $ | 44,146 | $ | 43,725 | $ | 421 | 1.0 | % | |||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||
Deposits | $ | 34,190 | $ | 34,770 | $ | (580) | (1.7) | % | |||||||||||||||
Borrowings | 3,447 | 2,465 | 982 | 39.8 | |||||||||||||||||||
Other liabilities | 721 | 837 | (116) | (13.9) | |||||||||||||||||||
Total Liabilities | 38,358 | 38,072 | 286 | 0.8 | |||||||||||||||||||
Stockholders’ Equity | 5,788 | 5,653 | 135 | 2.4 | |||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 44,146 | $ | 43,725 | $ | 421 | 1.0 | % |
March 31, 2023 | December 31, 2022 | $ Change | % Change | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Commercial real estate | $ | 11,528 | $ | 11,526 | $ | 2 | — | % | |||||||||||||||
Commercial and industrial | 7,246 | 7,131 | 115 | 1.6 | |||||||||||||||||||
Commercial leases | 562 | 519 | 43 | 8.3 | |||||||||||||||||||
Other | 176 | 114 | 62 | 54.4 | |||||||||||||||||||
Total commercial loans and leases | 19,512 | 19,290 | 222 | 1.2 | |||||||||||||||||||
Direct installment | 2,752 | 2,784 | (32) | (1.1) | |||||||||||||||||||
Residential mortgages | 5,589 | 5,297 | 292 | 5.5 | |||||||||||||||||||
Indirect installment | 1,525 | 1,553 | (28) | (1.8) | |||||||||||||||||||
Consumer lines of credit | 1,295 | 1,331 | (36) | (2.7) | |||||||||||||||||||
Total consumer loans | 11,161 | 10,965 | 196 | 1.8 | |||||||||||||||||||
Total loans and leases | $ | 30,673 | $ | 30,255 | $ | 418 | 1.4 | % |
(in millions) | March 31, 2023 | December 31, 2022 | $ Change | % Change | |||||||||||||||||||
Commercial real estate | $ | 44 | $ | 39 | $ | 5 | 12.8 | % | |||||||||||||||
Commercial and industrial | 41 | 44 | (3) | (6.8) | |||||||||||||||||||
Commercial leases | 1 | 1 | — | — | |||||||||||||||||||
Total commercial loans and leases | 86 | 84 | 2 | 2.4 | |||||||||||||||||||
Direct installment | 6 | 7 | (1) | (14.3) | |||||||||||||||||||
Residential mortgages | 13 | 14 | (1) | (7.1) | |||||||||||||||||||
Indirect installment | 2 | 1 | 1 | 100.0 | |||||||||||||||||||
Consumer lines of credit | 6 | 7 | (1) | (14.3) | |||||||||||||||||||
Total consumer loans | 27 | 29 | (2) | (6.9) | |||||||||||||||||||
Total non-performing loans and leases | 113 | 113 | — | — | |||||||||||||||||||
Other real estate owned | 6 | 6 | — | — | |||||||||||||||||||
Non-performing assets | $ | 119 | $ | 119 | $ | — | — | % |
Net Loan Charge-Offs | Net Loan Charge-Offs to Average Loans | ||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Commercial real estate | $ | 5.5 | $ | (0.4) | 0.07 | % | — | % | |||||||||||||||
Commercial and industrial | 4.9 | 1.9 | 0.07 | 0.03 | |||||||||||||||||||
Commercial leases | — | 0.1 | — | — | |||||||||||||||||||
Other commercial | 0.5 | 0.5 | 0.01 | — | |||||||||||||||||||
Direct installment | 0.1 | (0.2) | — | — | |||||||||||||||||||
Residential mortgages | 0.2 | (0.1) | — | — | |||||||||||||||||||
Indirect installment | 2.0 | 0.3 | 0.03 | — | |||||||||||||||||||
Consumer lines of credit | — | (0.2) | — | — | |||||||||||||||||||
Total net loan charge-offs on loans and leases, net loan charge-offs (annualized)/average loans | $ | 13.2 | $ | 1.9 | 0.18 | % | 0.03 | % | |||||||||||||||
Allowance for credit losses/total loans and leases | 1.32 | % | 1.38 | % | |||||||||||||||||||
Allowance for credit losses/non-performing loans | 356.09 | % | 364.99 | % |
(in millions) | March 31, 2023 | December 31, 2022 | $ Change | % Change | |||||||||||||||||||
Non-interest-bearing demand | $ | 11,297 | $ | 11,916 | $ | (619) | (5.2) | % | |||||||||||||||
Interest-bearing demand | 14,091 | 15,100 | (1,009) | (6.7) | |||||||||||||||||||
Savings | 4,053 | 4,142 | (89) | (2.1) | |||||||||||||||||||
Certificates and other time deposits | 4,749 | 3,612 | 1,137 | 31.5 | |||||||||||||||||||
Total deposits | $ | 34,190 | $ | 34,770 | $ | (580) | (1.7) | % |
Actual | Well-Capitalized Requirements (1) | Minimum Capital Requirements plus Capital Conservation Buffer | |||||||||||||||||||||||||||||||||
(dollars in millions) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
As of March 31, 2023 | |||||||||||||||||||||||||||||||||||
F.N.B. Corporation | |||||||||||||||||||||||||||||||||||
Total capital | $ | 4,286 | 12.35 | % | $ | 3,470 | 10.00 | % | $ | 3,644 | 10.50 | % | |||||||||||||||||||||||
Tier 1 capital | 3,591 | 10.35 | 2,082 | 6.00 | 2,950 | 8.50 | |||||||||||||||||||||||||||||
Common equity tier 1 | 3,484 | 10.04 | n/a | n/a | 2,429 | 7.00 | |||||||||||||||||||||||||||||
Leverage | 3,591 | 8.70 | n/a | n/a | 1,650 | 4.00 | |||||||||||||||||||||||||||||
Risk-weighted assets | 34,703 | ||||||||||||||||||||||||||||||||||
FNBPA | |||||||||||||||||||||||||||||||||||
Total capital | 4,411 | 12.74 | % | 3,462 | 10.00 | % | 3,635 | 10.50 | % | ||||||||||||||||||||||||||
Tier 1 capital | 3,701 | 10.69 | 2,769 | 8.00 | 2,943 | 8.50 | |||||||||||||||||||||||||||||
Common equity tier 1 | 3,621 | 10.46 | 2,250 | 6.50 | 2,423 | 7.00 | |||||||||||||||||||||||||||||
Leverage | 3,701 | 8.99 | 2,059 | 5.00 | 1,647 | 4.00 | |||||||||||||||||||||||||||||
Risk-weighted assets | 34,619 | ||||||||||||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
F.N.B. Corporation | |||||||||||||||||||||||||||||||||||
Total capital | $ | 4,183 | 12.06 | % | $ | 3,467 | 10.00 | % | $ | 3,640 | 10.50 | % | |||||||||||||||||||||||
Tier 1 capital | 3,511 | 10.13 | 2,080 | 6.00 | 2,947 | 8.50 | |||||||||||||||||||||||||||||
Common equity tier 1 | 3,405 | 9.82 | n/a | n/a | 2,427 | 7.00 | |||||||||||||||||||||||||||||
Leverage | 3,511 | 8.64 | n/a | n/a | 1,626 | 4.00 | |||||||||||||||||||||||||||||
Risk-weighted assets | 34,671 | ||||||||||||||||||||||||||||||||||
FNBPA | |||||||||||||||||||||||||||||||||||
Total capital | 4,327 | 12.51 | % | 3,459 | 10.00 | % | 3,632 | 10.50 | % | ||||||||||||||||||||||||||
Tier 1 capital | 3,640 | 10.52 | 2,767 | 8.00 | 2,940 | 8.50 | |||||||||||||||||||||||||||||
Common equity tier 1 | 3,560 | 10.29 | 2,248 | 6.50 | 2,421 | 7.00 | |||||||||||||||||||||||||||||
Leverage | 3,640 | 8.97 | 2,029 | 5.00 | 1,623 | 4.00 | |||||||||||||||||||||||||||||
Risk-weighted assets | 34,589 |
March 31, 2023 | December 31, 2022 | Internal Limit | |||||||||||||||
Liquidity coverage ratio | 2.5 times | 1.7 times | > 1 time | ||||||||||||||
Months of cash on hand | 15.4 months | 13.6 months | > 12 months |
(dollars in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Unused wholesale credit availability | $ | 16,070 | $ | 15,669 | |||||||
Unused wholesale credit availability as a % of FNBPA assets | 36.5 | % | 35.9 | % | |||||||
Salable unpledged government and agency securities | $ | 1,010 | $ | 592 | |||||||
Salable unpledged government and agency securities as a % of FNBPA assets | 2.3 | % | 1.4 | % | |||||||
Cash and salable unpledged government and agency securities as a % of FNBPA assets | 5.2 | % | 3.9 | % |
(dollars in millions) | Within 1 Month | 2-3 Months | 4-6 Months | 7-12 Months | Total 1 Year | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Loans | $ | 727 | $ | 1,515 | $ | 1,785 | $ | 3,376 | $ | 7,403 | |||||||||||||||||||
Investments | 1,387 | 165 | 248 | 475 | 2,275 | ||||||||||||||||||||||||
2,114 | 1,680 | 2,033 | 3,851 | 9,678 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Non-maturity deposits | 297 | 595 | 893 | 1,787 | 3,572 | ||||||||||||||||||||||||
Time deposits | 477 | 963 | 764 | 1,626 | 3,830 | ||||||||||||||||||||||||
Borrowings | 983 | 114 | 148 | 338 | 1,583 | ||||||||||||||||||||||||
1,757 | 1,672 | 1,805 | 3,751 | 8,985 | |||||||||||||||||||||||||
Period Gap (Assets - Liabilities) | $ | 357 | $ | 8 | $ | 228 | $ | 100 | $ | 693 | |||||||||||||||||||
Cumulative Gap | $ | 357 | $ | 365 | $ | 593 | $ | 693 | |||||||||||||||||||||
Cumulative Gap to Total Assets | 0.8 | % | 0.8 | % | 1.3 | % | 1.6 | % |
(dollars in millions) | Within 1 Month | 2-3 Months | 4-6 Months | 7-12 Months | Total 1 Year | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Loans | $ | 12,146 | $ | 923 | $ | 1,008 | $ | 1,985 | $ | 16,062 | |||||||||||||||||||
Investments | 1,395 | 175 | 329 | 465 | 2,364 | ||||||||||||||||||||||||
13,541 | 1,098 | 1,337 | 2,450 | 18,426 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Non-maturity deposits | 10,164 | — | — | — | 10,164 | ||||||||||||||||||||||||
Time deposits | 599 | 962 | 762 | 1,621 | 3,944 | ||||||||||||||||||||||||
Borrowings | 1,617 | 180 | 32 | 8 | 1,837 | ||||||||||||||||||||||||
12,380 | 1,142 | 794 | 1,629 | 15,945 | |||||||||||||||||||||||||
Off-balance sheet | (850) | 300 | (50) | (300) | (900) | ||||||||||||||||||||||||
Period Gap (assets – liabilities + off-balance sheet) | $ | 311 | $ | 256 | $ | 493 | $ | 521 | $ | 1,581 | |||||||||||||||||||
Cumulative Gap | $ | 311 | $ | 567 | $ | 1,060 | $ | 1,581 | |||||||||||||||||||||
Cumulative Gap to Assets | 0.8 | % | 1.4 | % | 2.7 | % | 4.0 | % |
March 31, 2023 | December 31, 2022 | ALCO Limits | |||||||||||||||
Net interest income change (12 months): | |||||||||||||||||
+ 300 basis points | 4.1 | % | 5.5 | % | n/a | ||||||||||||
+ 200 basis points | 2.8 | 3.3 | (5.0) | % | |||||||||||||
+ 100 basis points | 1.4 | 1.1 | (5.0) | ||||||||||||||
- 100 basis points | 2.9 | 1.2 | (5.0) | ||||||||||||||
- 200 basis points | 3.6 | 0.9 | (5.0) | ||||||||||||||
Economic value of equity: | |||||||||||||||||
+ 300 basis points | 1.7 | (6.8) | (25.0) | ||||||||||||||
+ 200 basis points | 2.6 | (4.0) | (15.0) | ||||||||||||||
+ 100 basis points | 1.7 | (1.4) | (10.0) | ||||||||||||||
- 100 basis points | (3.5) | (2.0) | (10.0) | ||||||||||||||
- 200 basis points | (8.3) | (5.8) | (15.0) |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Net income available to common stockholders | $ | 144,495 | $ | 50,988 | |||||||
Merger-related expense | 2,052 | 28,629 | |||||||||
Tax benefit of merger-related expense | (431) | (6,012) | |||||||||
Provision expense related to acquisition | — | 19,127 | |||||||||
Tax benefit of provision expense related to acquisition | — | (4,017) | |||||||||
Branch consolidation costs | — | 4,178 | |||||||||
Tax benefit of branch consolidation costs | — | (877) | |||||||||
Operating net income available to common stockholders (non-GAAP) | $ | 146,116 | $ | 92,016 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income per diluted common share | $ | 0.40 | $ | 0.15 | |||||||
Merger-related expense | 0.01 | 0.08 | |||||||||
Tax benefit of merger-related expense | — | (0.02) | |||||||||
Provision expense related to acquisition | — | 0.05 | |||||||||
Tax benefit of provision expense related to acquisition | — | (0.01) | |||||||||
Branch consolidation costs | — | 0.01 | |||||||||
Tax benefit of branch consolidation costs | — | — | |||||||||
Operating earnings per diluted common share (non-GAAP) | $ | 0.40 | $ | 0.26 |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||
Net income available to common stockholders (annualized) | $ | 586,007 | $ | 206,787 | |||||||
Amortization of intangibles, net of tax (annualized) | 16,402 | 10,339 | |||||||||
Tangible net income available to common stockholders (annualized) (non-GAAP) | $ | 602,409 | $ | 217,126 | |||||||
Average total stockholders’ equity | $ | 5,731,640 | $ | 5,448,894 | |||||||
Less: Average preferred stockholders' equity | (106,882) | (106,882) | |||||||||
Less: Average intangible assets (1) | (2,563,569) | (2,444,395) | |||||||||
Average tangible common equity (non-GAAP) | $ | 3,061,189 | $ | 2,897,617 | |||||||
Return on average tangible common equity (non-GAAP) | 19.68 | % | 7.49 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||
Operating net income available to common stockholders (annualized) | $ | 592,582 | $ | 373,176 | |||||||
Amortization of intangibles, net of tax (annualized) | 16,402 | 10,339 | |||||||||
Tangible operating net income available to common stockholders (annualized) (non-GAAP) | $ | 608,984 | $ | 383,515 | |||||||
Average total stockholders' equity | $ | 5,731,640 | $ | 5,448,894 | |||||||
Less: Average preferred stockholders' equity | (106,882) | (106,882) | |||||||||
Less: Average intangible assets (1) | (2,563,569) | (2,444,395) | |||||||||
Average tangible common equity (non-GAAP) | $ | 3,061,189 | $ | 2,897,617 | |||||||
Operating return on average tangible common equity (non-GAAP) | 19.89 | % | 13.24 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||
Net income (annualized) | $ | 594,159 | $ | 214,935 | |||||||
Amortization of intangibles, net of tax (annualized) | 16,402 | 10,339 | |||||||||
Tangible net income (annualized) (non-GAAP) | $ | 610,561 | $ | 225,274 | |||||||
Average total assets | $ | 43,421,909 | $ | 41,121,071 | |||||||
Less: Average intangible assets (1) | (2,563,569) | (2,444,395) | |||||||||
Average tangible assets (non-GAAP) | $ | 40,858,340 | $ | 38,676,676 | |||||||
Return on average tangible assets (non-GAAP) | 1.49 | % | 0.58 | % |
March 31, 2023 | March 31, 2022 | ||||||||||
(dollars in thousands, except per share data) | |||||||||||
Total stockholders’ equity | $ | 5,787,383 | $ | 5,438,595 | |||||||
Less: Preferred stockholders’ equity | (106,882) | (106,882) | |||||||||
Less: Intangible assets (1) | (2,561,216) | (2,492,359) | |||||||||
Tangible common equity (non-GAAP) | $ | 3,119,285 | $ | 2,839,354 | |||||||
Ending common shares outstanding | 360,359,857 | 350,911,030 | |||||||||
Tangible book value per common share (non-GAAP) | $ | 8.66 | $ | 8.09 |
March 31, 2023 | March 31, 2022 | ||||||||||
(dollars in thousands) | |||||||||||
Total stockholders' equity | $ | 5,787,383 | $ | 5,438,595 | |||||||
Less: Intangible assets (1) | (2,561,216) | (2,492,359) | |||||||||
Tangible equity (non-GAAP) | $ | 3,226,167 | $ | 2,946,236 | |||||||
Total assets | $ | 44,145,664 | $ | 42,021,887 | |||||||
Less: Intangible assets (1) | (2,561,216) | (2,492,359) | |||||||||
Tangible assets (non-GAAP) | $ | 41,584,448 | $ | 39,529,528 | |||||||
Tangible equity / tangible assets (non-GAAP) | 7.76 | % | 7.45 | % |
March 31, 2023 | March 31, 2022 | ||||||||||
(dollars in thousands) | |||||||||||
Total stockholders' equity | $ | 5,787,383 | $ | 5,438,595 | |||||||
Less: Preferred stockholders' equity | (106,882) | (106,882) | |||||||||
Less: Intangible assets (1) | (2,561,216) | (2,492,359) | |||||||||
Tangible common equity (non-GAAP) | $ | 3,119,285 | $ | 2,839,354 | |||||||
Total assets | $ | 44,145,664 | $ | 42,021,887 | |||||||
Less: Intangible assets (1) | (2,561,216) | (2,492,359) | |||||||||
Tangible assets (non-GAAP) | $ | 41,584,448 | $ | 39,529,528 | |||||||
Tangible common equity / tangible assets (non-GAAP) | 7.50 | % | 7.18 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||
Non-interest expense | $ | 219,917 | $ | 227,426 | |||||||
Less: Amortization of intangibles | (5,119) | (3,227) | |||||||||
Less: OREO expense | (557) | (315) | |||||||||
Less: Merger-related expense | (2,052) | (28,629) | |||||||||
Less: Branch consolidation costs | — | (4,178) | |||||||||
Adjusted non-interest expense | $ | 212,189 | $ | 191,077 | |||||||
Net interest income | $ | 336,654 | $ | 234,076 | |||||||
Taxable equivalent adjustment | 3,274 | 2,598 | |||||||||
Non-interest income | 79,389 | 78,322 | |||||||||
Less: Net securities (gains) losses | 17 | — | |||||||||
Adjusted net interest income (FTE) + non-interest income | $ | 419,334 | $ | 314,996 | |||||||
Efficiency ratio (FTE) (non-GAAP) | 50.60 | % | 60.66 | % |
Exhibit Number | Description | |||||||
31.1. | ||||||||
31.2. | ||||||||
32.1. | ||||||||
32.2. | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith). | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith). | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). | |||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
F.N.B. Corporation | |||||||||||||||||
Dated: | May 5, 2023 | /s/ Vincent J. Delie, Jr. | |||||||||||||||
Vincent J. Delie, Jr. | |||||||||||||||||
Chairman, President and Chief Executive Officer | |||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||
Dated: | May 5, 2023 | /s/ Vincent J. Calabrese, Jr. | |||||||||||||||
Vincent J. Calabrese, Jr. | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
(Principal Financial Officer) | |||||||||||||||||
Dated: | May 5, 2023 | /s/ James L. Dutey | |||||||||||||||
James L. Dutey | |||||||||||||||||
Corporate Controller | |||||||||||||||||
(Principal Accounting Officer) |
1 Year FNB Chart |
1 Month FNB Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions