falsedesktopFNB2020-12-31000003780821000011{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large Accelerated Filer\t☒\tAccelerated Filer\t☐\nNon-accelerated Filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging Growth Company\t☐\n", "q10k_tbl_1": "\t\tPAGE\n\tGlossary of Acronyms and Terms\t\nPART I\t\t\nItem 1.\tBusiness.\t3\nItem 1A.\tRisk Factors.\t22\nItem 1B.\tUnresolved Staff Comments.\t36\nItem 2.\tProperties.\t36\nItem 3.\tLegal Proceedings.\t36\nItem 4.\tMine Safety Disclosures.\t37\nPART II\t\t\nItem 5.\tMarket for Registrant's Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities.\t38\nItem 6.\tSelected Financial Data.\t40\nItem 7.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations.\t41\nItem 7A.\tQuantitative and Qualitative Disclosures About Market Risk.\t84\nItem 8.\tFinancial Statements and Supplementary Data.\t85\nItem 9.\tChanges in and Disagreements with Accountants on Accounting and Financial Disclosure.\t172\nItem 9A.\tControls and Procedures.\t173\nItem 9B.\tOther Information.\t173\nPART III\t\t\nItem 10.\tDirectors Executive Officers and Corporate Governance.\t174\nItem 11.\tExecutive Compensation.\t174\nItem 12.\tSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.\t174\nItem 13.\tCertain Relationships and Related Transactions and Director Independence.\t174\nItem 14.\tPrincipal Accounting Fees and Services.\t174\nPART IV\t\t\nItem 15.\tExhibits Financial Statement Schedules.\t175\nItem 16.\tForm 10-K Summary.\t176\nSignatures\t\t177\n", "q10k_tbl_2": "Acronym\tDescription\tAcronym\tDescription\nACL\tAllowance for credit losses\tGLB Act\tGramm-Leach Bliley Act of 1999\nADC\tAcquisition development or construction\tGSE\tGovernment-sponsored entity\nAFS\tAvailable for sale\tHTM\tHeld to maturity\nALCO\tAsset/Liability Committee\tHUD\tDepartment of Housing and Urban Development\nAOCI\tAccumulated other comprehensive income\tHVCRE\tHigh volatility commercial real estate\nARRC\tAlternative Reference Rates Committee\tIRLC\tInterest rate lock commitment\nASC\tAccounting Standards Codification\tLCR\tLiquidity Coverage Ratio\nASU\tAccounting Standards Update\tLGD\tLoss given default\nAULC\tAllowance for unfunded loan commitments\tLIBOR\tLondon Inter-bank Offered Rate\nBOLI\tBank owned life insurance\tLIHTC\tLow income housing tax credit\nBasel III\tBasel III Capital Rules\tLTV\tLoan-to-value\nBHC Act\tBank Holding Company Act of 1956 as amended\tMCH\tMonths of Cash on Hand\nCARES Act\tCoronavirus Aid Relief and Economic Security Act\tMD&A\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\nCECL\tCurrent expected credit losses\tMSA\tMortgage servicing asset\nCET1\tCommon equity tier 1\tMSRs\tMortgage servicing rights\nCFPB\tConsumer Financial Protection Bureau\tNYSE\tNew York Stock Exchange\nCOVID-19\tNovel coronavirus disease of 2019\tOCI\tOther comprehensive income\nCRA\tCommunity Reinvestment Act of 1977\tOCC\tOffice of the Comptroller of the Currency\nDIF\tDeposit Insurance Fund\tOREO\tOther real estate owned\nDodd-Frank Act\tDodd-Frank Wall Street Reform and Consumer Protection Act of 2010\tOTTI\tOther-than-temporary impairment\nDOJ\tU.S. Department of Justice\tPCD\tPurchase credit deteriorated\nDTA\tDeferred tax asset\tPCI\tPurchase credit impaired\nDTL\tDeferred tax liability\tPD\tProbability of default\nEAD\tExposure at default\tPenn-Ohio\tPenn-Ohio Life Insurance Company\nEconomic Growth Act\tEconomic Growth Regulatory Relief and Consumer Protection Act\tPPP\tPaycheck Protection Program\nEVE\tEconomic value of equity\tPPPLF\tPaycheck Protection Program Liquidity Fund\nERISA\tEmployee Retirement Income Security Act of 1974\tQM\tQualified mortgage\nFASB\tFinancial Accounting Standards Board\tRegency\tRegency Finance Company\nFDIC\tFederal Deposit Insurance Corporation\tRESPA\tReal Estate Settlement Procedures Act\nFDICIA\tFederal Deposit Insurance Corporation Improvement Act of 1991\tRRR\tReference rate reform\nFHLB\tFederal Home Loan Bank\tR&S\tReasonable and Supportable\nFICO\tFair Isaac Corporation\tSBA\tSmall Business Administration\nFINRA\tFinancial Industry Regulatory Authority\tSEC\tSecurities and Exchange Commission\nFNB\tF.N.B. Corporation\tSOFR\tSecured Overnight Financing Rate\nFNBIA\tF.N.B. Investment Advisors Inc.\tSOX\tSarbanes-Oxley Act of 2002\nFNBPA\tFirst National Bank of Pennsylvania\tTCJA\tTax Cuts and Jobs Act of 2017\nFNIA\tFirst National Insurance Agency LLC\tTDR\tTroubled debt restructuring\nFNTC\tFirst National Trust Company\tTILA\tTruth in Lending Act\nFOMC\tFederal Open Market Committee\tTPS\tTrust preferred securities\nFSOC\tFinancial Stability Oversight Council\tU.S.\tUnited States of America\nFRB\tBoard of Governors of the Federal Reserve System\tUST\tU.S. Department of the Treasury\nFTE\tFully taxable equivalent\tVIE\tVariable interest entity\nFVO\tFair value option\tYDKN\tYadkin Financial Corporation\nGAAP\tU.S. generally accepted accounting principles\t\t\n", "q10k_tbl_3": "December 31 2020\tCommunity Banking\nPennsylvania\t209\nOhio\t29\nMaryland\t26\nWest Virginia\t2\nNorth Carolina\t86\nSouth Carolina\t4\nWashington D.C.\t1\nVirginia\t1\nTotal number of branches/retail offices\t358\nTotal branches/retail offices owned\t206\nTotal branches/retail offices leased\t152\n", "q10k_tbl_4": "Period\tTotal number of shares purchased\tAverage price paid per share\tTotal number of shares purchased as part of publicly announced plans or programs\tMaximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs (1)\nOctober 1 - October 31 2020\t584338\t7.55\t584338\t120569186\nNovember 1 - November 30 2020\t400721\t7.47\t400721\t117571535\nDecember 1 - December 31 2020\t645490\t9.28\t645490\t111571970\nTotal\t1630549\t8.22\t1630549\t\n", "q10k_tbl_5": "Year Ended December 31\t2020\t2019\t2018 (1)\t2017 (2)\t2016 (3)\n(Dollars in millions except per share data)\t\t\t\t\t\nTotal interest income\t1130\t1247\t1170\t980\t679\nTotal interest expense\t208\t330\t238\t134\t67\nNet interest income\t922\t917\t932\t846\t612\nProvision for credit losses\t123\t44\t61\t61\t56\nTotal non-interest income\t294\t294\t276\t252\t201\nTotal non-interest expense\t750\t696\t695\t681\t511\nNet income\t286\t387\t373\t199\t171\nNet income available to common stockholders\t278\t379\t365\t191\t163\nAt Year-End\t\t\t\t\t\nTotal assets\t37354\t34615\t33102\t31418\t21845\nNet loans\t25096\t23093\t21973\t20823\t14739\nDeposits\t29122\t24786\t23455\t22400\t16066\nShort-term borrowings\t1804\t3216\t4129\t3678\t2503\nLong-term borrowings\t1095\t1340\t627\t668\t539\nTotal stockholders' equity\t4959\t4883\t4608\t4409\t2572\nPer Common Share\t\t\t\t\t\nBasic earnings per share\t0.86\t1.17\t1.13\t0.63\t0.79\nDiluted earnings per share\t0.85\t1.16\t1.12\t0.63\t0.78\nCash dividends declared\t0.48\t0.48\t0.48\t0.48\t0.48\nBook value\t15.09\t14.70\t13.88\t13.30\t11.68\nTangible book value (non-GAAP) (4)\t7.88\t7.53\t6.68\t6.06\t6.53\nRatios\t\t\t\t\t\nReturn on average assets\t0.78%\t1.14%\t1.16%\t0.68%\t0.83%\nReturn on average tangible assets (non-GAAP) (4)\t0.87\t1.26\t1.29\t0.78\t0.91\nReturn on average equity\t5.83\t8.14\t8.30\t4.89\t6.84\nReturn on average tangible common equity (non-GAAP) (4)\t11.66\t16.84\t18.41\t10.90\t12.76\nEquity to assets (period-end)\t13.28\t14.11\t13.92\t14.03\t11.77\nTangible equity to tangible assets (period-end) (non-GAAP) (4)\t7.54\t7.91\t7.39\t7.11\t7.16\nCommon equity to assets (period-end)\t12.99\t13.80\t13.60\t13.69\t11.28\nTangible common equity to tangible assets (period-end) (non-GAAP) (4)\t7.24\t7.58\t7.05\t6.74\t6.64\nAverage equity to average assets\t13.40\t14.05\t13.97\t13.98\t12.09\nDividend payout ratio\t56.45\t41.45\t42.96\t74.61\t62.43\n", "q10k_tbl_6": "Year-to-Date Results Summary\t2020\t2019\nReported results\t\t\nNet income available to common stockholders (millions)\t278.0\t379.2\nNet income per diluted common share\t0.85\t1.16\nBook value per common share (period-end)\t15.09\t14.70\nPre-provision net revenue (reported) (millions)\t466.3\t515.4\nOperating results (non-GAAP)\t\t\nOperating net income available to common stockholders (millions)\t314.0\t386.1\nOperating net income per diluted common share\t0.96\t1.18\nTangible common equity to tangible assets (period-end)\t7.24%\t7.58%\nTangible book value per common share (period-end)\t7.88\t7.53\nPre-provision net revenue (operating) (millions)\t516.0\t527.4\nAverage diluted common shares outstanding (thousands)\t325488\t326061\nSignificant items impacting earnings (1) (millions)\t\t\nPre-tax COVID-19 expense\t(11.3)\t0\nAfter-tax impact of COVID-19 expense\t(8.9)\t0\nPre-tax gain on sale of Visa class B stock\t13.8\t0\nAfter-tax impact of gain on sale of Visa class B stock\t10.9\t0\nPre-tax loss on FHLB debt extinguishment and related hedge terminations\t(25.6)\t0\nAfter-tax impact of loss on FHLB debt extinguishment and related hedge terminations\t(20.2)\t0\nPre-tax branch consolidation costs\t(18.7)\t(4.5)\nAfter-tax impact of branch consolidation costs\t(14.8)\t(3.6)\nPre-tax service charge refunds\t(3.8)\t(4.3)\nAfter-tax impact of service charge refunds\t(3.0)\t(3.4)\nTotal significant items pre-tax\t(45.6)\t(8.8)\nTotal significant items after-tax\t(36.0)\t(7.0)\n(1) Favorable (unfavorable) impact on earnings\t\t\n", "q10k_tbl_7": "\tYear Ended December 31\t\t Change\t% Change\n(in thousands except per share data)\t2020\t2019\nNet interest income\t922082\t917239\t4843\t0.5%\nProvision for credit losses\t122798\t44561\t78237\t175.6\nNon-interest income\t294556\t294266\t290\t0.1\nNon-interest expense\t750349\t696128\t54221\t7.8\nIncome taxes\t57485\t83567\t(26082)\t(31.2)\nNet income\t286006\t387249\t(101243)\t(26.1)\nLess: Preferred stock dividends\t8041\t8041\t0\t0\nNet income available to common stockholders\t277965\t379208\t(101243)\t(26.7)%\nEarnings per common share - Basic\t0.86\t1.17\t(0.31)\t(26.5)%\nEarnings per common share - Diluted\t0.85\t1.16\t(0.31)\t(26.7)\nCash dividends per common share\t0.48\t0.48\t0\t0\n", "q10k_tbl_8": "Year Ended December 31\t2020\t2019\nReturn on average equity\t5.83%\t8.14%\nReturn on average tangible common equity (2)\t11.66\t16.84\nReturn on average assets\t0.78\t1.14\nReturn on average tangible assets (2)\t0.87\t1.26\nBook value per common share (1)\t15.09\t14.70\nTangible book value per common share (1) (2)\t7.88\t7.53\nEquity to assets (1)\t13.28%\t14.11%\nAverage equity to average assets\t13.40\t14.05\nCommon equity to assets (1)\t12.99\t13.80\nTangible equity to tangible assets (1) (2)\t7.54\t7.91\nTangible common equity to tangible assets (1) (2)\t7.24\t7.58\nDividend payout ratio\t56.45\t41.45\n", "q10k_tbl_9": "\tYear Ended December 31\t\t\t\t\t\t\t\t\n\t2020\t\t\t2019\t\t\t2018\t\t\n(dollars in thousands)\tAverage Balance\tInterest Income/ Expense\tYield/ Rate\tAverage Balance\tInterest Income/ Expense\tYield/ Rate\tAverage Balance\tInterest Income/ Expense\tYield/ Rate\nAssets\t\t\t\t\t\t\t\t\t\nInterest-earning assets:\t\t\t\t\t\t\t\t\t\nInterest-bearing deposits with banks\t470466\t1910\t0.41%\t73834\t4404\t5.96%\t62100\t1347\t2.17%\nTaxable investment securities (1)\t5038547\t106266\t2.11\t5296830\t126101\t2.38\t5247250\t118614\t2.26\nTax-exempt investment securities (1) (2)\t1132307\t40121\t3.54\t1121026\t40155\t3.58\t1008944\t35438\t3.51\nLoans held for sale\t212328\t9817\t4.62\t102344\t5386\t5.26\t47761\t2841\t5.95\nLoans and leases (2) (3)\t25211191\t984662\t3.91\t22776639\t1085094\t4.76\t21581629\t1025229\t4.75\nTotal interest-earning assets (2)\t32064839\t1142776\t3.56\t29370673\t1261140\t4.29\t27947684\t1183469\t4.23\nCash and due from banks\t359936\t\t\t382144\t\t\t366971\t\t\nAllowance for credit losses\t(350309)\t\t\t(191171)\t\t\t(181019)\t\t\nPremises and equipment\t336117\t\t\t330920\t\t\t329151\t\t\nOther assets\t4196847\t\t\t3958197\t\t\t3675710\t\t\nTotal assets\t36607430\t\t\t33850763\t\t\t32138497\t\t\nLiabilities\t\t\t\t\t\t\t\t\t\nInterest-bearing liabilities:\t\t\t\t\t\t\t\t\t\nDeposits:\t\t\t\t\t\t\t\t\t\nInterest-bearing demand\t12161766\t57224\t0.47\t10123701\t104236\t1.03\t9396339\t62876\t0.67\nSavings\t2890440\t2822\t0.10\t2532456\t8535\t0.34\t2558370\t6007\t0.23\nCertificates and other time\t4261738\t72825\t1.71\t5268208\t103852\t1.97\t5022607\t73341\t1.46\nTotal interest-bearing deposits\t19313944\t132871\t0.69\t17924365\t216623\t1.21\t16977316\t142224\t0.84\nShort-term borrowings\t2515558\t38504\t1.53\t3551135\t79990\t2.24\t3917858\t74439\t1.89\nLong-term borrowings\t1473708\t36849\t2.50\t1108135\t33167\t2.99\t641379\t21047\t3.28\nTotal interest-bearing liabilities\t23303210\t208224\t0.89\t22583635\t329780\t1.46\t21536553\t237710\t1.10\nNon-interest-bearing demand\t8004557\t\t\t6128196\t\t\t5843429\t\t\nTotal deposits and borrowings\t31307767\t\t0.66\t28711831\t\t1.15\t27379982\t\t0.87\nOther liabilities\t395363\t\t\t381467\t\t\t267682\t\t\nTotal liabilities\t31703130\t\t\t29093298\t\t\t27647664\t\t\nStockholders' equity\t4904300\t\t\t4757465\t\t\t4490833\t\t\nTotal liabilities and stockholders' equity\t36607430\t\t\t33850763\t\t\t32138497\t\t\nNet interest-earning assets\t8761629\t\t\t6787038\t\t\t6411131\t\t\nNet interest income (FTE) (2)\t\t934552\t\t\t931360\t\t\t945759\t\nTax-equivalent adjustment\t\t(12470)\t\t\t(14121)\t\t\t(13270)\t\nNet interest income\t\t922082\t\t\t917239\t\t\t932489\t\nNet interest spread\t\t\t2.67%\t\t\t2.83%\t\t\t3.13%\nNet interest margin (2)\t\t\t2.91%\t\t\t3.17%\t\t\t3.39%\n", "q10k_tbl_10": "\t2020 vs 2019\t\t\t2019 vs 2018\t\t\n(in thousands)\tVolume\tRate\tNet\tVolume\tRate\tNet\nInterest Income (1)\t\t\t\t\t\t\nInterest-bearing deposits with banks\t1608\t(4102)\t(2494)\t298\t2759\t3057\nSecurities (2)\t(7809)\t(12060)\t(19869)\t7542\t4662\t12204\nLoans held for sale\t3246\t1185\t4431\t2611\t(66)\t2545\nLoans and leases (2)\t103916\t(204348)\t(100432)\t49717\t10148\t59865\nTotal interest income (2)\t100961\t(219325)\t(118364)\t60168\t17503\t77671\nInterest Expense (1)\t\t\t\t\t\t\nDeposits:\t\t\t\t\t\t\nInterest-bearing demand\t12858\t(59870)\t(47012)\t10457\t30903\t41360\nSavings\t652\t(6365)\t(5713)\t1130\t1398\t2528\nCertificates and other time\t(18803)\t(12224)\t(31027)\t3739\t26772\t30511\nShort-term borrowings\t(22010)\t(19476)\t(41486)\t(7079)\t12630\t5551\nLong-term borrowings\t8872\t(5190)\t3682\t12559\t(439)\t12120\nTotal interest expense\t(18431)\t(103125)\t(121556)\t20806\t71264\t92070\nNet change (2)\t119392\t(116200)\t3192\t39362\t(53761)\t(14399)\n", "q10k_tbl_11": "\t\t\t2020 vs 2019\t\t\t2019 vs 2018\t\n(dollars in thousands)\t2020\t2019\t Change\t% Change\t2018\t Change\t% Change\nProvision for credit losses (on loans and leases)\t121756\t44561\t77195\t173.2%\t61227\t(16666)\t(27.2)%\nNet loan charge-offs\t59808\t28334\t31474\t111.1\t55960\t(27626)\t(49.4)\nNet loan charge-offs / total average loans and leases\t0.24%\t0.12%\t\t\t0.26%\t\t\n", "q10k_tbl_12": "\t\t\t2020 vs 2019\t\t\t2019 vs 2018\t\n(dollars in thousands)\t2020\t2019\t Change\t% Change\t2018\t Change\t% Change\nService charges\t108146\t124285\t(16139)\t(13.0)%\t125476\t(1191)\t(0.9)%\nTrust services\t31249\t27885\t3364\t12.1\t25818\t2067\t8.0\nInsurance commissions and fees\t24212\t20463\t3749\t18.3\t18312\t2151\t11.7\nSecurities commissions and fees\t17441\t17088\t353\t2.1\t17545\t(457)\t(2.6)\nCapital markets income\t39337\t33224\t6113\t18.4\t21366\t11858\t55.5\nMortgage banking operations\t49665\t31689\t17976\t56.7\t21940\t9749\t44.4\nDividends on non-marketable equity securities\t13736\t18641\t(4905)\t(26.3)\t15553\t3088\t19.9\nBank owned life insurance\t13835\t11794\t2041\t17.3\t13500\t(1706)\t(12.6)\nNet securities gains\t282\t70\t212\t302.9\t34\t36\t105.9\nLoss on debt extinguishment\t(16655)\t0\t(16655)\t0\t0\t0\t0\nOther\t13308\t9127\t4181\t45.8\t16107\t(6980)\t(43.3)\nTotal non-interest income\t294556\t294266\t290\t0.1%\t275651\t18615\t6.8%\n", "q10k_tbl_13": "\t\t\t$\t%\n(dollars in thousands)\t2020\t2019\tChange\tChange\nTotal non-interest income as reported\t294556\t294266\t290\t0.1%\nSignificant items:\t\t\t\t\nGain on sale of Visa class B stock\t(13818)\t0\t(13818)\t\nLoss on FHLB debt extinguishment and related hedge terminations\t25611\t0\t25611\t\nLoss on fixed assets related to branch consolidations\t0\t1722\t(1722)\t\nService charge refunds\t3780\t4279\t(499)\t\nTotal non-interest income excluding significant items (1)\t310129\t300267\t9862\t3.3%\n", "q10k_tbl_14": "\t\t\t2020 vs 2019\t\t\t2019 vs 2018\t\n(dollars in thousands)\t2020\t2019\t Change\t% Change\t2018\t Change\t% Change\nSalaries and employee benefits\t405529\t375084\t30445\t8.1%\t369630\t5454\t1.5%\nNet occupancy\t71166\t58416\t12750\t21.8\t59679\t(1263)\t(2.1)\nEquipment\t65312\t61903\t3409\t5.5\t55430\t6473\t11.7\nAmortization of intangibles\t13362\t14167\t(805)\t(5.7)\t15652\t(1485)\t(9.5)\nOutside services\t69258\t64006\t5252\t8.2\t65682\t(1676)\t(2.6)\nFDIC insurance\t20073\t23294\t(3221)\t(13.8)\t32959\t(9665)\t(29.3)\nBank shares and franchise taxes\t14376\t12493\t1883\t15.1\t11929\t564\t4.7\nOther\t91273\t86765\t4508\t5.2\t83571\t3194\t3.8\nTotal non-interest expense\t750349\t696128\t54221\t7.8%\t694532\t1596\t0.2%\n", "q10k_tbl_15": "\t\t\t$\t%\n(dollars in thousands)\t2020\t2019\tChange\tChange\nTotal non-interest expense as reported\t750349\t696128\t54221\t7.8%\nSignificant items:\t\t\t\t\nBranch consolidations\t(18745)\t(2783)\t(15962)\t\nCOVID-19 expense\t(11276)\t0\t(11276)\t\nTotal non-interest expense excluding significant items (1)\t720328\t693345\t26983\t3.9%\n", "q10k_tbl_16": "Year ended December 31\t2020\t2019\t2018\n(dollars in thousands)\t\t\t\nIncome tax expense\t57485\t83567\t79523\nEffective tax rate\t16.7%\t17.7%\t17.6%\nStatutory federal tax rate\t21.0%\t21.0%\t21.0%\n", "q10k_tbl_17": "\tDecember 31\t\t Change\t% Change\n(dollars in millions)\t2020\t2019\nAssets\t\t\t\t\nCash and cash equivalents\t1383\t599\t784\t130.9%\nSecurities\t6331\t6564\t(233)\t(3.5)\nLoans held for sale\t154\t51\t103\t202.0\nLoans and leases net\t25096\t23093\t2003\t8.7\nGoodwill and other intangibles\t2316\t2329\t(13)\t(0.6)\nOther assets\t2074\t1979\t95\t4.8\nTotal Assets\t37354\t34615\t2739\t7.9%\nLiabilities and Stockholders' Equity\t\t\t\t\nDeposits\t29122\t24786\t4336\t17.5%\nBorrowings\t2899\t4556\t(1657)\t(36.4)\nOther liabilities\t374\t390\t(16)\t(4.1)\nTotal Liabilities\t32395\t29732\t2663\t9.0\nStockholders' Equity\t4959\t4883\t76\t1.6\nTotal Liabilities and Stockholders' Equity\t37354\t34615\t2739\t7.9%\n", "q10k_tbl_18": "December 31\t2020\t2019\t2018\t2017\t2016\n(in millions)\t\t\t\t\t\nCommercial real estate\t9731\t8960\t8786\t8742\t5435\nCommercial and industrial\t7214\t5308\t4556\t4170\t3043\nCommercial leases\t485\t432\t373\t267\t197\nOther\t40\t21\t46\t17\t36\nTotal commercial loans and leases\t17470\t14721\t13761\t13196\t8711\nDirect installment\t2020\t1821\t1764\t1906\t1844\nResidential mortgages\t3433\t3374\t3113\t2703\t1845\nIndirect installment\t1218\t1922\t1933\t1448\t1196\nConsumer lines of credit\t1318\t1451\t1582\t1746\t1301\nTotal consumer loans\t7989\t8568\t8392\t7803\t6186\nTotal loans and leases\t25459\t23289\t22153\t20999\t14897\n", "q10k_tbl_19": "(in millions)\tWithin 1 Year\t1-5 Years\tOver 5 Years\tTotal\nCommercial loans and leases\t1682\t9077\t6711\t17470\nResidential mortgages\t9\t43\t3381\t3433\nTotal\t1691\t9120\t10092\t20903\nInterest rates for loans with maturities over one year:\t\t\t\t\nFixed\t\t4299\t3299\t7598\nFloating\t\t4821\t6793\t11614\n", "q10k_tbl_20": "December 31\t2020\t2019\t2018\t2017\t2016\n(in millions)\t\t\t\t\t\nCommercial real estate\t85\t32\t23\t31\t21\nCommercial and industrial\t44\t29\t37\t23\t26\nCommercial leases\t2\t1\t2\t2\t4\nOther\t1\t1\t1\t1\t1\nTotal commercial loans and leases\t132\t63\t63\t57\t52\nDirect installment\t11\t13\t14\t17\t15\nResidential mortgages\t18\t17\t14\t16\t13\nIndirect installment\t2\t3\t2\t2\t2\nConsumer lines of credit\t7\t7\t7\t6\t4\nTotal consumer loans\t38\t40\t37\t41\t34\nTotal non-performing loans and leases (1)\t170\t103\t100\t98\t86\n", "q10k_tbl_21": "December 31\t2020\t2019\t2018\t2017\t2016\n(dollars in millions)\t\t\t\t\t\nNon-accrual loans\t170\t81\t79\t75\t66\nTroubled debt restructurings\t0\t22\t21\t23\t20\nTotal non-performing loans and leases\t170\t103\t100\t98\t86\nOther real estate owned\t10\t26\t35\t41\t32\nTotal non-performing assets\t181\t129\t135\t139\t118\nNon-performing loans / total loans and leases\t0.67%\t0.44%\t0.45%\t0.47%\t0.58%\nNon-performing loans + OREO / total loans and leases + OREO\t0.71%\t0.55%\t0.61%\t0.66%\t0.79%\nNon-performing assets / total assets\t0.48%\t0.37%\t0.41%\t0.44%\t0.54%\n", "q10k_tbl_22": "(in millions)\tAccruing\tNon-Accrual\tTotal\nDecember 31 2020\t\t\t\nCommercial real estate\t4\t18\t22\nCommercial and industrial\t1\t3\t4\nTotal commercial loans\t5\t21\t26\nDirect installment\t23\t4\t27\nResidential mortgages\t24\t7\t31\nConsumer lines of credit\t6\t1\t7\nTotal consumer loans\t53\t12\t65\nTotal\t58\t33\t91\nDecember 31 2019\t\t\t\nCommercial real estate\t3\t5\t8\nCommercial and industrial\t1\t3\t4\nTotal commercial loans\t4\t8\t12\nDirect installment\t18\t3\t21\nResidential mortgages\t14\t3\t17\nConsumer lines of credit\t5\t1\t6\nTotal consumer loans\t37\t7\t44\nTotal\t41\t15\t56\nDecember 31 2018\t\t\t\nCommercial real estate\t3\t2\t5\nCommercial and industrial\t1\t0\t1\nTotal commercial loans\t4\t2\t6\nDirect installment\t17\t4\t21\nResidential mortgages\t13\t3\t16\nConsumer lines of credit\t5\t0\t5\nTotal consumer loans\t35\t7\t42\nTotal\t39\t9\t48\nDecember 31 2017\t\t\t\nCommercial real estate\t3\t4\t7\nCommercial and industrial\t3\t0\t3\nTotal commercial loans\t6\t4\t10\nDirect installment\t19\t3\t22\nResidential mortgages\t15\t2\t17\nConsumer lines of credit\t4\t1\t5\nTotal consumer loans\t38\t6\t44\nTotal\t44\t10\t54\nDecember 31 2016\t\t\t\nCommercial real estate\t0\t4\t4\nCommercial and industrial\t0\t2\t2\nTotal commercial loans\t0\t6\t6\nDirect installment\t19\t2\t21\nResidential mortgages\t15\t1\t16\nConsumer lines of credit\t4\t0\t4\nTotal consumer loans\t38\t3\t41\nTotal\t38\t9\t47\n", "q10k_tbl_23": "December 31\t2020\t2019\t2018\t2017\t2016\n(dollars in millions)\t\t\t\t\t\nTotal loans and leases 90 days or more past due\t16\t42\t58\t99\t50\nAs a percentage of total loans and leases\t0.06%\t0.18%\t0.26%\t0.47%\t0.33%\n", "q10k_tbl_24": "December 31\t2020\t2019\t2018\t2017\t2016\n(in millions)\t\t\t\t\t\nGross interest income:\t\t\t\t\t\nPer contractual terms\t13\t13\t15\t23\t12\nRecorded during the year\t0\t0\t1\t1\t1\n", "q10k_tbl_25": "Year Ended December 31\t2020\t2019\t2018\t2017\t2016\n(dollars in millions)\t\t\t\t\t\nBalance at beginning of period\t196\t180\t175\t158\t142\nCharge-offs:\t\t\t\t\t\nCommercial real estate\t(31)\t(4)\t(7)\t(2)\t(7)\nCommercial and industrial\t(32)\t(10)\t(20)\t(27)\t(19)\nCommercial leases\t(1)\t0\t(3)\t(1)\t(1)\nOther\t(4)\t(3)\t(4)\t(4)\t(3)\nCommercial loans and leases\t(68)\t(17)\t(34)\t(34)\t(30)\nDirect installment\t(1)\t(1)\t(17)\t(12)\t(10)\nResidential mortgages\t(2)\t(2)\t0\t0\t0\nIndirect installment\t(8)\t(11)\t(9)\t(10)\t(8)\nConsumer lines of credit\t(2)\t(2)\t(3)\t(2)\t(2)\nConsumer loans\t(13)\t(16)\t(29)\t(24)\t(20)\nLoans acquired in a business combination\t0\t(9)\t(7)\t(2)\t(1)\nTotal charge-offs\t(81)\t(42)\t(70)\t(60)\t(51)\nRecoveries:\t\t\t\t\t\nCommercial real estate\t7\t4\t3\t2\t4\nCommercial and industrial\t7\t4\t2\t2\t2\nOther\t1\t0\t0\t1\t0\nCommercial loans and leases\t15\t8\t5\t5\t6\nDirect installment\t1\t0\t2\t2\t2\nResidential mortgages\t1\t0\t0\t0\t0\nIndirect installment\t4\t4\t4\t4\t2\nConsumer loans\t6\t4\t6\t6\t4\nLoans acquired in a business combination\t0\t2\t3\t5\t1\nTotal recoveries\t21\t14\t14\t16\t11\nNet charge-offs\t(60)\t(28)\t(56)\t(44)\t(40)\nProvision for credit losses\t122\t44\t61\t61\t56\nASC 326 adoption impact\t55\t0\t0\t0\t0\nInitial ACL on PCD loans\t50\t0\t0\t0\t0\nBalance at end of period\t363\t196\t180\t175\t158\nNet loan charge-offs/average loans\t0.24%\t0.12%\t0.26%\t0.22%\t0.28%\nAllowance for credit losses/total loans and leases\t1.43%\t0.84%\t0.81%\t0.84%\t1.06%\nAllowance for credit losses/non-performing loans\t212.64%\t190.29%\t180.37%\t178.75%\t183.99%\n", "q10k_tbl_26": "December 31\t2020\t\t2019\t\t2018\t\t2017\t\t2016\t\n(dollars in millions)\tAllowance\t% of Loans\tAllowance\t% of Loans\tAllowance\t% of Loans\tAllowance\t% of Loans\tAllowance\t% of Loans\nCommercial real estate\t181\t38%\t60\t30%\t55\t28%\t50\t25%\t47\t28%\nCommercial and industrial\t81\t29\t53\t22\t49\t19\t52\t17\t48\t18\nCommercial leases\t17\t2\t11\t2\t8\t2\t5\t1\t3\t1\nOther\t1\t0\t2\t0\t2\t0\t2\t0\t1\t0\nCommercial loans and leases\t280\t69\t126\t54\t114\t49\t109\t43\t99\t47\nDirect installment\t26\t8\t13\t8\t14\t7\t21\t8\t21\t12\nResidential mortgages\t34\t13\t22\t13\t20\t12\t16\t10\t10\t10\nIndirect installment\t11\t5\t19\t8\t15\t9\t12\t7\t11\t8\nConsumer lines of credit\t12\t5\t9\t5\t10\t5\t10\t5\t10\t7\nConsumer loans\t83\t31\t63\t34\t59\t33\t59\t30\t52\t37\nTotal originated loans\t363\t100\t189\t88\t173\t82\t168\t73\t151\t84\nLoans acquired in a business combination\t0\t0\t7\t12\t7\t18\t7\t27\t7\t16\nTotal\t363\t100%\t196\t100%\t180\t100%\t175\t100%\t158\t100%\n", "q10k_tbl_27": "(dollars in millions)\tAmount\tWeighted Average Yield\nObligations of U.S. Treasury:\t\t\nMaturing within one year\t600\t0.08%\nMaturing after five years but within ten years\t1\t5.25\nObligations of U.S. government agencies:\t\t\nMaturing after one year but within five years\t6\t1.79\nMaturing after five years but within ten years\t83\t1.10\nMaturing after ten years\t84\t0.83\nObligations of U.S. government-sponsored entities:\t\t\nMaturing within one year\t160\t1.43\nMaturing after one year but within five years\t96\t1.31\nMaturing after five years but within ten years\t25\t0.58\nStates of the U.S. and political subdivisions:\t\t\nMaturing within one year\t4\t2.96\nMaturing after one year but within five years\t32\t2.12\nMaturing after five years but within ten years\t165\t3.01\nMaturing after ten years\t939\t3.64\nOther debt securities:\t\t\nMaturing after five years but within ten years\t2\t1.03\nResidential mortgage-backed securities:\t\t\nAgency mortgage-backed securities\t1763\t2.02\nAgency collateralized mortgage obligations\t1686\t1.92\nCommercial mortgage-backed securities\t685\t2.40\nTotal\t6331\t2.06%\n", "q10k_tbl_28": "December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nSecurities Available for Sale:\t\t\t\nU.S. Treasury\t600\t0\t0\nU.S. government agencies\t172\t152\t188\nU.S. government-sponsored entities\t160\t225\t317\nResidential mortgage-backed securities:\t\t\t\nAgency mortgage-backed securities\t959\t1310\t1465\nAgency collateralized mortgage obligations\t1094\t1234\t1179\nCommercial mortgage-backed securities\t361\t341\t229\nStates of the U.S. and political subdivisions\t32\t11\t21\nOther debt securities\t2\t2\t2\nTotal debt securities available for sale\t3380\t3275\t3401\nDebt Securities Held to Maturity:\t\t\t\nU.S. Treasury\t1\t1\t1\nU.S. government agencies\t1\t1\t2\nU.S. government-sponsored entities\t120\t175\t215\nResidential mortgage-backed securities:\t\t\t\nAgency mortgage-backed securities\t769\t949\t1036\nAgency collateralized mortgage obligations\t562\t721\t794\nCommercial mortgage-backed securities\t307\t308\t126\nStates of the U.S. and political subdivisions\t1108\t1120\t1080\nTotal debt securities held to maturity\t2868\t3275\t3254\n", "q10k_tbl_29": "December 31\t2020\t2019\t Change\t% Change\n(in millions)\t\t\t\t\nNon-interest-bearing demand\t9042\t6384\t2658\t41.6%\nInterest-bearing demand\t13157\t11049\t2108\t19.1\nSavings\t3261\t2625\t636\t24.2\nCertificates and other time deposits\t3662\t4728\t(1066)\t(22.5)\nTotal deposits\t29122\t24786\t4336\t17.5%\n", "q10k_tbl_30": "(in millions)\tCertificates of Deposit\tOther Time Deposits\tTotal\nThree months or less\t392\t26\t418\nThree to six months\t316\t25\t341\nSix to twelve months\t414\t34\t448\nOver twelve months\t450\t110\t560\nTotal\t1572\t195\t1767\n", "q10k_tbl_31": "At or for the Year Ended December 31\t2020\t2019\t2018\n(dollars in millions)\t\t\t\nFHLB Advances (Short-term)\t\t\t\nBalance at year-end\t1280\t2255\t2230\nMaximum month-end balance\t2055\t2620\t2800\nAverage balance during year\t1699\t1797\t1932\nWeighted average interest rates:\t\t\t\nAt year-end\t1.97%\t1.90%\t2.64%\nDuring the year\t0.88\t2.52\t2.14\nFederal Funds Purchased\t\t\t\nBalance at year-end\t0\t575\t1535\nMaximum month-end balance\t1420\t1957\t1830\nAverage balance during year\t348\t1383\t1585\nWeighted average interest rates:\t\t\t\nAt year-end\t-%\t1.57%\t2.51%\nDuring the year\t1.08\t2.35\t1.93\n", "q10k_tbl_32": "(in millions)\tWithin 1 Year\t1-3 Years\t3-5 Years\tAfter 5 Years\tTotal\nDeposits without a stated maturity\t25460\t0\t0\t0\t25460\nCertificates and other time deposits\t2464\t919\t223\t56\t3662\nOperating leases\t25\t38\t27\t64\t154\nLong-term debt\t427\t350\t105\t213\t1095\nTotal\t28376\t1307\t355\t333\t30371\n", "q10k_tbl_33": "(in millions)\tWithin 1 Year\t1-3 Years\t3-5 Years\tAfter 5 Years\tTotal\nCommitments to extend credit\t6153\t1676\t846\t610\t9285\nStandby letters of credit\t152\t5\t1\t0\t158\nTotal\t6305\t1681\t847\t610\t9443\n", "q10k_tbl_34": "December 31\t2020\t2019\tInternal Limit\nLiquidity coverage ratio\t2.7 times\t2.2 times\t> 1 time\nMonths of cash on hand\t22.2 months\t15.2 months\t> 12 months\n", "q10k_tbl_35": "December 31\t2020\t2019\n(dollars in millions)\t\t\nUnused wholesale credit availability\t16434\t11154\nUnused wholesale credit availability as a % of FNBPA assets\t44.1%\t32.3%\nSalable unpledged government and agency securities\t546\t1788\nSalable unpledged government and agency securities as a % of FNBPA assets\t1.5%\t5.2%\n", "q10k_tbl_36": "(dollars in millions)\tWithin 1 Month\t2-3 Months\t4-6 Months\t7-12 Months\tTotal 1 Year\nAssets\t\t\t\t\t\nLoans\t771\t1483\t1852\t3302\t7408\nInvestments\t1491\t506\t361\t692\t3050\n\t2262\t1989\t2213\t3994\t10458\nLiabilities\t\t\t\t\t\nNon-maturity deposits\t514\t1029\t977\t1641\t4161\nTime deposits\t298\t558\t681\t932\t2469\nBorrowings\t13\t172\t235\t363\t783\n\t825\t1759\t1893\t2936\t7413\nPeriod Gap (Assets - Liabilities)\t1437\t230\t320\t1058\t3045\nCumulative Gap\t1437\t1667\t1987\t3045\t\nCumulative Gap to Total Assets\t3.8%\t4.5%\t5.3%\t8.2%\t\n", "q10k_tbl_37": "(dollars in millions)\tWithin 1 Month\t2-3 Months\t4-6 Months\t7-12 Months\tTotal 1 Year\nAssets\t\t\t\t\t\nLoans\t10133\t2620\t1264\t2169\t16186\nInvestments\t1496\t510\t518\t679\t3203\n\t11629\t3130\t1782\t2848\t19389\nLiabilities\t\t\t\t\t\nNon-maturity deposits\t9130\t0\t0\t0\t9130\nTime deposits\t407\t558\t678\t929\t2572\nBorrowings\t1412\t757\t12\t18\t2199\n\t10949\t1315\t690\t947\t13901\nOff-balance sheet\t550\t530\t0\t(100)\t980\nPeriod Gap (assets - liabilities + off-balance sheet)\t1230\t2345\t1092\t1801\t6468\nCumulative Gap\t1230\t3575\t4667\t6468\t\nCumulative Gap to Assets\t3.7%\t10.9%\t14.2%\t19.6%\t\n", "q10k_tbl_38": "December 31\t2020\t2019\tALCO Limits\nNet interest income change (12 months):\t\t\t\n+ 300 basis points\t17.9%\t6.5%\tn/a\n+ 200 basis points\t12.0\t4.6\t(5.0)%\n+ 100 basis points\t5.9\t2.5\t(5.0)\n- 100 basis points\t(0.4)\t(4.1)\t(5.0)\nEconomic value of equity:\t\t\t\n+ 300 basis points\t8.8\t(2.0)\t(25.0)\n+ 200 basis points\t7.1\t(0.5)\t(15.0)\n+ 100 basis points\t4.5\t0.2\t(10.0)\n- 100 basis points\t(9.4)\t(3.8)\t(10.0)\n", "q10k_tbl_39": "Year Ended December 31\t2020\t2019\t2018\t2017\t2016\n(in thousands)\t\t\t\t\t\nNet income available to common stockholders\t277965\t379208\t364817\t191163\t162850\nMerger-related expense\t0\t0\t0\t56513\t37439\nTax benefit of merger-related expense\t0\t0\t0\t(18846)\t(12550)\nMerger-related net securities gains\t0\t0\t0\t(2609)\t0\nTax expense of merger-related net securities gains\t0\t0\t0\t913\t0\nReduction in valuation of deferred tax assets\t0\t0\t0\t54042\t0\nCOVID-19 expense\t11276\t0\t0\t0\t0\nTax benefit of COVID-19 expense\t(2368)\t0\t0\t0\t0\nDiscretionary 401(k) contribution\t0\t0\t874\t0\t0\nTax benefit of discretionary 401(k) contribution\t0\t0\t(184)\t0\t0\nGain on sale of Visa class B stock\t(13818)\t0\t0\t0\t0\nTax expense of gain on sale of Visa class B stock\t2902\t0\t0\t0\t0\nLoss on FHLB debt extinguishment and related hedge terminations\t25611\t0\t0\t0\t0\nTax benefit of loss on FHLB debt extinguishment and related hedge terminations\t(5378)\t0\t0\t0\t0\nGain on sale of subsidiary\t0\t0\t(5135)\t0\t0\nTax expense of gain on sale of subsidiary\t0\t0\t1078\t0\t0\nBranch consolidation costs\t18745\t4505\t6616\t0\t0\nTax benefit of branch consolidation costs\t(3936)\t(946)\t(1389)\t0\t0\nService charge refunds\t3780\t4279\t0\t0\t0\nTax benefit of service charge refunds\t(794)\t(899)\t0\t0\t0\nOperating net income available to common stockholders (non-GAAP)\t313985\t386147\t366677\t281176\t187739\n", "q10k_tbl_40": "Year Ended December 31\t2020\t2019\t2018\t2017\t2016\nNet income per diluted common share\t0.85\t1.16\t1.12\t0.63\t0.78\nMerger-related expense\t0\t0\t0\t0.19\t0.18\nTax benefit of merger-related expense\t0\t0\t0\t(0.06)\t(0.06)\nMerger-related net securities gains\t0\t0\t0\t(0.01)\t0\nTax expense of merger-related net securities gains\t0\t0\t0\t0\t0\nReduction in valuation of deferred tax assets\t0\t0\t0\t0.18\t0\nCOVID-19 expense\t0.03\t0\t0\t0\t0\nTax benefit of COVID-19 expense\t(0.01)\t0\t0\t0\t0\nDiscretionary 401(k) contribution\t0\t0\t0\t0\t0\nTax benefit of discretionary 401(k) contribution\t0\t0\t0\t0\t0\nGain on sale of Visa class B stock\t(0.04)\t0\t0\t0\t0\nTax expense of gain on sale of Visa class B stock\t0.01\t0\t0\t0\t0\nLoss on FHLB debt extinguishment and related hedge terminations\t0.08\t0\t0\t0\t0\nTax benefit of loss on FHLB debt extinguishment and related hedge terminations\t(0.02)\t0\t0\t0\t0\nGain on sale of subsidiary\t0\t0\t(0.01)\t0\t0\nTax expense of gain on sale of subsidiary\t0\t0\t0.01\t0\t0\nBranch consolidation costs\t0.06\t0.01\t0.02\t0\t0\nTax benefit of branch consolidation costs\t(0.01)\t0\t(0.01)\t0\t0\nService charge refunds\t0.01\t0.01\t0\t0\t0\nTax benefit of service charge refunds\t0\t0\t0\t0\t0\nOperating earnings per diluted common share (non-GAAP)\t0.96\t1.18\t1.13\t0.93\t0.90\n", "q10k_tbl_41": "Year Ended December 31\t2020\t2019\t2018\n(dollars in thousands)\t\t\t\nNet income available to common stockholders\t277965\t379208\t364817\nAmortization of intangibles net of tax\t10556\t11192\t12365\nTangible net income available to common stockholders (non-GAAP)\t288521\t390400\t377182\nAverage total stockholders' equity\t4904300\t4757465\t4490833\nLess: Average preferred stockholders' equity\t(106882)\t(106882)\t(106882)\nLess: Average intangible assets (1)\t(2322981)\t(2331630)\t(2334727)\nAverage tangible common equity (non-GAAP)\t2474437\t2318953\t2049224\nReturn on average tangible common equity (non-GAAP)\t11.66%\t16.84%\t18.41%\n", "q10k_tbl_42": "Year Ended December 31\t2020\t2019\t2018\n(dollars in thousands)\t\t\t\nNet income\t286006\t387249\t372858\nAmortization of intangibles net of tax\t10556\t11192\t12365\nTangible net income (non-GAAP)\t296562\t398441\t385223\nAverage total assets\t36607430\t33850763\t32138497\nLess: Average intangible assets (1)\t(2322981)\t(2331630)\t(2334727)\nAverage tangible assets (non-GAAP)\t34284449\t31519133\t29803770\nReturn on average tangible assets (non-GAAP)\t0.87%\t1.26%\t1.29%\n", "q10k_tbl_43": "December 31\t2020\t2019\t2018\n(dollars in thousands except per share data)\t\t\t\nTotal stockholders' equity\t4958903\t4883198\t4608285\nLess: Preferred stockholders' equity\t(106882)\t(106882)\t(106882)\nLess: Intangible assets (1)\t(2316527)\t(2329545)\t(2333375)\nTangible common equity (non-GAAP)\t2535494\t2446771\t2168028\nEnding common shares outstanding\t321629529\t325014560\t324314529\nTangible book value per common share (non-GAAP)\t7.88\t7.53\t6.68\n", "q10k_tbl_44": "December 31\t2020\t2019\t2018\n(dollars in thousands)\t\t\t\nTotal stockholders' equity\t4958903\t4883198\t4608285\nLess: Intangible assets (1)\t(2316527)\t(2329545)\t(2333375)\nTangible equity (non-GAAP)\t2642376\t2553653\t2274910\nTotal assets\t37354351\t34615016\t33101840\nLess: Intangible assets (1)\t(2316527)\t(2329545)\t(2333375)\nTangible assets (non-GAAP)\t35037824\t32285471\t30768465\nTangible equity / tangible assets (period-end) (non-GAAP)\t7.54%\t7.91%\t7.39%\n", "q10k_tbl_45": "\t2020\t2019\t2018\n(dollars in thousands)\t\t\t\nTotal stockholders' equity\t4958903\t4883198\t4608285\nLess: Preferred stockholders' equity\t(106882)\t(106882)\t(106882)\nLess: Intangible assets (1)\t(2316527)\t(2329545)\t(2333375)\nTangible common equity (non-GAAP)\t2535494\t2446771\t2168028\nTotal assets\t37354351\t34615016\t33101840\nLess: Intangible assets (1)\t(2316527)\t(2329545)\t(2333375)\nTangible assets (non-GAAP)\t35037824\t32285471\t30768465\nTangible common equity / tangible assets (period-end) (non-GAAP)\t7.24%\t7.58%\t7.05%\n", "q10k_tbl_46": "December 31\t2020\n(dollars in thousands)\t\nACL - loans\t363107\nLoans and leases\t25458645\nLess: PPP loans outstanding\t(2158452)\nLoans and leases excluding PPP loans outstanding (non-GAAP)\t23300193\nACL loans / loans and leases excluding PPP (non-GAAP)\t1.56%\n", "q10k_tbl_47": "(dollars in thousands)\t2020\t2019\t2018\nNet interest income\t922082\t917239\t932489\nNon-interest income\t294556\t294266\t275651\nLess non-interest expense\t(750349)\t(696128)\t(694532)\nPre-provision net revenue (as reported)\t466289\t515377\t513608\nAdjustments:\t\t\t\nAdd: Branch consolidation costs (non-interest income)\t0\t1722\t3677\nAdd: Service charge refunds (non-interest income)\t3780\t4279\t0\nLess: Gain on sale of Visa class B stock (non-interest income)\t(13818)\t0\t0\nAdd: Loss on FHLB debt extinguishment and related hedge terminations (non-interest income)\t25611\t0\t0\nLess: Gain on sale of subsidiary (non-interest income)\t0\t0\t(5135)\nAdd: COVID - 19 expense (non-interest expense)\t11276\t0\t0\nAdd: Discretionary 401(k) contribution (non-interest expense)\t0\t0\t874\nAdd: Branch consolidation costs (non-interest expense)\t18745\t2783\t2939\nAdd: Tax credit-related impairment project (non-interest expense)\t4101\t3213\t0\nPre-provision net revenue (operating) (non-GAAP)\t515984\t527374\t515963\nAverage total shareholders' equity\t4904300\t4757465\t4490833\nLess: Average preferred shareholders' equity\t(106882)\t(106882)\t(106882)\nLess: Average intangible assets (1)\t(2322981)\t(2331630)\t(2334727)\nAverage tangible common equity (non-GAAP)\t2474437\t2318953\t2049224\nPre-provision net revenue (reported) / average tangible common equity (non-GAAP)\t18.84%\t22.22%\t25.06%\nPre-provision net revenue (operating) / average tangible common equity (non-GAAP)\t20.85%\t22.74%\t25.18%\n(1) Excludes loan servicing rights\t\t\t\n", "q10k_tbl_48": "Year Ended December 31\t2020\t2019\t2018\n(dollars in thousands)\t\t\t\nNon-interest expense\t750349\t696128\t694532\nLess: Amortization of intangibles\t(13362)\t(14167)\t(15652)\nLess: OREO expense\t(4434)\t(4652)\t(6359)\nLess: COVID-19 expense\t(11276)\t0\t0\nLess: Discretionary 401(k) contribution\t0\t0\t(874)\nLess: Branch consolidation costs\t(18745)\t(2783)\t(2939)\nLess: Tax credit-related project impairment\t(4101)\t(3213)\t0\nAdjusted non-interest expense\t698431\t671313\t668708\nNet interest income\t922082\t917239\t932489\nTaxable equivalent adjustment\t12470\t14121\t13270\nNon-interest income\t294556\t294266\t275651\nLess: Net securities gains\t(282)\t(70)\t(34)\nLess: Gain on sale of Visa class B stock\t(13818)\t0\t0\nAdd: Loss on FHLB debt extinguishment and related hedge terminations\t25611\t0\t0\nLess: Gain on sale of subsidiary\t0\t0\t(5135)\nAdd: Branch consolidation costs\t0\t1722\t3677\nAdd: Service charge refunds\t3780\t4279\t0\nAdjusted net interest income (FTE) + non-interest income\t1244399\t1231557\t1219918\nEfficiency ratio (FTE) (non-GAAP)\t56.13%\t54.51%\t54.82%\n", "q10k_tbl_49": "\tValuation of Goodwill at the Community Banking reporting unit\nDescription of the Matter\tAt December 31 2020 the Company's goodwill related to the Community Banking reporting unit was approximately $2.2 billion. As discussed in Note 1 and Note 7 to the consolidated financial statements goodwill is tested for impairment at least annually at the reporting unit level. The Company's goodwill is initially assigned to its reporting units as of the acquisition date. In 2020 management concluded under its qualitative assessment that it was more likely than not that the fair value of the Community Banking reporting unit was below its carrying amount due to a sustained decline in bank stock valuations which was primarily attributable to the systemic uncertainty of COVID-19 and its impact on the global economy. In response management performed a quantitative goodwill impairment test to reach the conclusion that there was no impairment in 2020. Auditing management's annual goodwill impairment test was complex and highly judgmental due to the significant estimation required to determine the fair value of the reporting units. In particular the fair value estimate was sensitive to significant assumptions such as projected future cash flows discount rates reflecting the risk inherent in future cash flows long-term growth rates and an evaluation of market comparables and recent transactions.\nHow We Addressed the Matter in Our Audit\tWe obtained an understanding evaluated the design and tested the operating effectiveness of controls over the Company's goodwill impairment review process including controls over management's review of the significant assumptions described above. To test the estimated fair value of the Company's reporting units we performed audit procedures that with the involvement of specialists included among others assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to recent financial performance the Company's peer group and economic trends. We assessed the historical accuracy of management's estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units that would result from changes in the assumptions. In addition we tested management's reconciliation of the fair value of the reporting units to the market capitalization of the Company.\n\tAllowance for Credit Losses\nDescription of the Matter\tOn January 1 2020 the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments which resulted in an increase to the allowance for credit losses (ACL) from retained earnings of $51 million. At December 31 2020 the Company's net loan and lease portfolio was $25.5 billion with an associated ACL of $363 million. As discussed in Note 1 to the consolidated financial statements the ACL is based on management's evaluation of current estimate of lifetime credit losses at the balance sheet date. Management makes the estimate using relevant available information from internal and external sources relating to past events current conditions and reasonable and supportable forecasts under the CECL methodology. The ACL is composed of three components including quantitative reserves including the economic forecast; asset specific reserves; and qualitative reserves. The qualitative reserves include among others: regulatory legal and technological environments; competition; forecast uncertainty; and events such as natural disasters and other relevant factors. Auditing the ACL involves a high degree of subjectivity due to the qualitative factor adjustments. Management's identification and measurement of the qualitative factor adjustments is highly judgmental and could have a significant effect on the ACL.\n", "q10k_tbl_50": "\tDecember 31\t\n\t2020\t2019\nAssets\t\t\nCash and due from banks\t369\t407\nInterest-bearing deposits with banks\t1014\t192\nCash and Cash Equivalents\t1383\t599\nDebt securities available for sale (amortized cost of $3380 and $3275; allowance for credit losses of $0)\t3463\t3289\nDebt securities held to maturity (fair value of $2973 and $3305; allowance for credit losses of $0)\t2868\t3275\nLoans held for sale (includes $144 and $41 measured at fair value) (1)\t154\t51\nLoans and leases net of unearned income of $77 and $1\t25459\t23289\nAllowance for credit losses\t(363)\t(196)\nNet Loans and Leases\t25096\t23093\nPremises and equipment net\t332\t333\nGoodwill\t2262\t2262\nCore deposit and other intangible assets net\t54\t67\nBank owned life insurance\t549\t544\nOther assets\t1193\t1102\nTotal Assets\t37354\t34615\nLiabilities\t\t\nDeposits:\t\t\nNon-interest-bearing demand\t9042\t6384\nInterest-bearing demand\t13157\t11049\nSavings\t3261\t2625\nCertificates and other time deposits\t3662\t4728\nTotal Deposits\t29122\t24786\nShort-term borrowings\t1804\t3216\nLong-term borrowings\t1095\t1340\nOther liabilities\t374\t390\nTotal Liabilities\t32395\t29732\nStockholders' Equity\t\t\nPreferred stock - $0.01 par value; liquidation preference of $1000 per share\t\t\nAuthorized - 20000000 shares\t\t\nIssued - 110877 shares\t107\t107\nCommon stock - $0.01 par value\t\t\nAuthorized - 500000000 shares\t\t\nIssued - 328057368 and 327242364 shares\t3\t3\nAdditional paid-in capital\t4087\t4067\nRetained earnings\t869\t798\nAccumulated other comprehensive loss\t(39)\t(65)\nTreasury stock - 6427839 and 2227804 shares at cost\t(68)\t(27)\nTotal Stockholders' Equity\t4959\t4883\nTotal Liabilities and Stockholders' Equity\t37354\t34615\n", "q10k_tbl_51": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nInterest Income\t\t\t\nLoans and leases including fees\t990\t1085\t1022\nSecurities:\t\t\t\nTaxable\t106\t126\t119\nTax-exempt\t32\t32\t28\nOther\t2\t4\t1\nTotal Interest Income\t1130\t1247\t1170\nInterest Expense\t\t\t\nDeposits\t133\t217\t142\nShort-term borrowings\t38\t80\t75\nLong-term borrowings\t37\t33\t21\nTotal Interest Expense\t208\t330\t238\nNet Interest Income\t922\t917\t932\nProvision for credit losses\t123\t44\t61\nNet Interest Income After Provision for Credit Losses\t799\t873\t871\nNon-Interest Income\t\t\t\nService charges\t108\t124\t126\nTrust services\t31\t28\t26\nInsurance commissions and fees\t24\t20\t18\nSecurities commissions and fees\t17\t17\t18\nCapital markets income\t39\t33\t21\nMortgage banking operations\t50\t32\t22\nDividends on non-marketable equity securities\t14\t19\t16\nBank owned life insurance\t14\t12\t13\nLoss on debt extinguishment\t(17)\t0\t0\nOther\t14\t9\t16\nTotal Non-Interest Income\t294\t294\t276\nNon-Interest Expense\t\t\t\nSalaries and employee benefits\t406\t375\t370\nNet occupancy\t71\t59\t60\nEquipment\t66\t62\t55\nAmortization of intangibles\t13\t14\t16\nOutside services\t69\t64\t66\nFDIC insurance\t20\t23\t33\nBank shares and franchise taxes\t14\t12\t12\nOther\t91\t87\t83\nTotal Non-Interest Expense\t750\t696\t695\nIncome Before Income Taxes\t343\t471\t452\nIncome taxes\t57\t84\t79\nNet Income\t286\t387\t373\nPreferred stock dividends\t8\t8\t8\nNet Income Available to Common Stockholders\t278\t379\t365\nEarnings per Common Share\t\t\t\nBasic\t0.86\t1.17\t1.13\nDiluted\t0.85\t1.16\t1.12\n", "q10k_tbl_52": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nNet income\t286\t387\t373\nOther comprehensive income (loss):\t\t\t\nSecurities available for sale:\t\t\t\nUnrealized gains (losses) arising during the period net of tax expense (benefit) of $15 $16 and $(5)\t54\t57\t(17)\nDerivative instruments:\t\t\t\nUnrealized losses arising during the period net of tax benefit of $(11) $(5) and $(1)\t(40)\t(17)\t(2)\nReclassification adjustment for gains (losses) included in net income net of tax expense (benefit) of $3 $0 and $0\t18\t(2)\t(2)\nPension and postretirement benefit obligations:\t\t\t\nUnrealized gains (losses) arising during the period net of tax expense (benefit) of $2 $(1) and $1\t(6)\t3\t(2)\nOther Comprehensive Income (Loss)\t26\t41\t(23)\nComprehensive Income\t312\t428\t350\n", "q10k_tbl_53": "\tPreferred Stock\tCommon Stock\tAdditional Paid-In Capital\tRetained Earnings\tAccumulated Other Comprehensive Income (Loss)\tTreasury Stock\tTotal\nBalance at January 1 2018\t107\t3\t4033\t368\t(83)\t(19)\t4409\nComprehensive income (loss)\t\t\t\t373\t(23)\t\t350\nDividends declared:\t\t\t\t\t\t\t\nPreferred stock: $72.52/share\t\t\t\t(8)\t\t\t(8)\nCommon stock: $0.48/share\t\t\t\t(157)\t\t\t(157)\nIssuance of common stock\t\t0\t6\t\t\t(2)\t4\nRestricted stock compensation\t\t\t10\t\t\t\t10\nBalance at December 31 2018\t107\t3\t4049\t576\t(106)\t(21)\t4608\nComprehensive income\t\t\t\t387\t41\t\t428\nDividends declared:\t\t\t\t\t\t\t\nPreferred stock: $72.52/share\t\t\t\t(8)\t\t\t(8)\nCommon stock: $0.48/share\t\t\t\t(157)\t\t\t(157)\nIssuance of common stock\t\t0\t6\t\t\t(6)\t0\nRestricted stock compensation\t\t\t12\t\t\t\t12\nBalance at December 31 2019\t107\t3\t4067\t798\t(65)\t(27)\t4883\nComprehensive income\t\t\t\t286\t26\t\t312\nDividends declared:\t\t\t\t\t\t\t\nPreferred stock: $72.52/share\t\t\t\t(8)\t\t\t(8)\nCommon stock: $0.48/share\t\t\t\t(157)\t\t\t(157)\nIssuance of common stock\t\t0\t4\t\t\t(3)\t1\nRepurchase of common stock\t\t\t\t\t\t(38)\t(38)\nRestricted stock compensation\t\t\t16\t\t\t\t16\nAdoption of new accounting standards\t\t\t\t(50)\t\t\t(50)\nBalance at December 31 2020\t107\t3\t4087\t869\t(39)\t(68)\t4959\n", "q10k_tbl_54": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nOperating Activities\t\t\t\nNet income\t286\t387\t373\nAdjustments to reconcile net income to net cash flows provided by operating activities:\t\t\t\nDepreciation amortization and accretion\t(3)\t45\t109\nProvision for credit losses\t123\t44\t61\nDeferred tax expense (benefit)\t(18)\t33\t33\nLoans originated for sale\t(1886)\t(1481)\t(1117)\nLoans sold\t1830\t1495\t1210\nNet gain on sale of loans\t(47)\t(25)\t(22)\nNet change in:\t\t\t\nInterest receivable\t19\t(8)\t(6)\nInterest payable\t(8)\t1\t7\nBank owned life insurance excluding purchases\t(6)\t(7)\t(10)\nOther net\t(177)\t(225)\t(27)\nNet cash flows provided by operating activities\t113\t259\t611\nInvesting Activities\t\t\t\nNet change in loans and leases excluding sales and transfers\t(2604)\t(1427)\t(1394)\nDebt securities available for sale:\t\t\t\nPurchases\t(2360)\t(655)\t(1200)\nMaturities/payments\t2244\t770\t592\nDebt securities held to maturity:\t\t\t\nPurchases\t(301)\t(494)\t(387)\nMaturities/payments\t703\t468\t370\nIncrease in premises and equipment\t(41)\t(46)\t(35)\nNet cash received in business combinations and divestitures\t0\t0\t134\nLoans sold not originated for sale\t537\t262\t0\nOther net\t0\t(9)\t0\nNet cash flows used in investing activities\t(1822)\t(1131)\t(1920)\nFinancing Activities\t\t\t\nNet change in:\t\t\t\nDemand (non-interest-bearing and interest-bearing) and savings accounts\t5402\t1873\t406\nTime deposits\t(1065)\t(539)\t653\nShort-term borrowings\t(1412)\t(913)\t450\nProceeds from issuance of long-term borrowings\t328\t954\t37\nRepayment of long-term borrowings\t(574)\t(239)\t(77)\nRepurchases of common stock\t(38)\t0\t0\nCash dividends paid:\t\t\t\nPreferred stock\t(8)\t(8)\t(8)\nCommon stock\t(157)\t(157)\t(157)\nOther net\t17\t12\t14\nNet cash flows provided by financing activities\t2493\t983\t1318\nNet Increase in Cash and Cash Equivalents\t784\t111\t9\nCash and cash equivalents at beginning of year\t599\t488\t479\nCash and Cash Equivalents at End of Year\t1383\t599\t488\n", "q10k_tbl_55": "\tJanuary 1 2020\t\t\n(in millions)\tAs Reported Under ASC 326\tPre-ASC 326 Adoption\tImpact of ASC 326 Adoption\nAssets:\t\t\t\nAllowance for credit losses on debt securities held-to-maturity\t\t\t\nStates of the U.S. and political subdivisions (municipals)\t0\t0\t0\nLoans\t\t\t\nCommercial real estate\t138\t60\t78\nCommercial and industrial\t65\t53\t12\nCommercial leases\t11\t11\t0\nCommercial other\t0\t9\t(9)\nDirect installment\t24\t13\t11\nResidential mortgages\t32\t22\t10\nIndirect installment\t21\t19\t2\nConsumer lines of credit\t10\t9\t1\nAllowance for credit losses on loans\t301\t196\t105\nLiabilities:\t\t\t\nAllowance for credit losses on off-balance sheet credit exposures\t13\t3\t10\n", "q10k_tbl_56": "Standard\tDescription\tFinancial Statements Impact\nCredit Losses\t\t\nASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19 Codification Improvements to Topic 326 Financial Instruments - Credit Losses ASU 2019-04 Codification Improvements to Topic 326 Financial Instruments-Credit Losses Topic 815 Derivatives and Hedging and Topic 825 Financial Instruments ASU 2019-05 Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief ASU 2019-11 Codification Improvements to Topic 326 Financial Instruments - Credit Losses\tThese Updates replace the current long-standing incurred loss impairment methodology with a methodology that reflects current expected credit losses (commonly referred to as CECL) for most financial assets measured at amortized cost and certain other instruments including loans HTM debt securities net investments in leases and off-balance sheet credit exposures except for unconditionally cancellable commitments. CECL requires loss estimates for the remaining life of the financial asset at the time the asset is originated or acquired considering historical experience current conditions and R&S forecasts. In addition the Update will require the use of a modified AFS debt security impairment model and eliminate the current accounting for PCI loans and debt securities.\tOn January 1 2020 we adopted CECL using the modified retrospective method for financial assets measured at amortized cost net investments in leases and off-balance sheet credit exposures. While these Updates change the measurement of the ACL it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. However the CECL ACL methodology will produce higher volatility in the quarterly provision for credit losses than our prior reserve process. We created a cross-functional management steering group to govern implementation and the Audit and Risk Committees and the Board of Directors received regular updates. For financial assets measured at amortized cost we have implemented a new modeling platform and integrated other auxiliary models to support a calculation of expected credit losses under CECL. We have made decisions on segmentation a R&S forecast period a reversion method and period and a historical loss forecast covering the remaining contractual life adjusted for prepayments as well as other criteria. Based on our portfolio composition and forecasts of relatively stable macroeconomic conditions over the next two years at the adoption date we recorded an overall ACL of $301 million. This reflected an increase on the originated portfolio of $55 million primarily driven by our longer duration commercial and consumer real estate loans and a \"gross-up\" for PCI loans of $50 million. There is no capital impact related to the PCI loans at adoption. The impact for the adoption of CECL was a reduction to retained earnings of $51 million which included a $10 million increase to the AULC. The impact upon adoption was dependent on the portfolio composition and credit quality as well as historical experience current conditions and forecasts of economic conditions and interest rates at the time of adoption. The impact to our AFS and HTM debt securities was immaterial. Model development as well as the development of policies and procedures and internal controls were complete at the time of adoption.\n", "q10k_tbl_57": "Standard\tDescription\tFinancial Statements Impact\nReference Rate Reform\t\t\nASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2021-01 Reference Rate Reform (Topic 848): Scope\tThese Updates provide temporary optional expedients and exceptions for applying GAAP to financial contracts hedging relationships and other transactions affected by RRR if certain criteria are met. The following optional expedients exceptions and elections are permitted for certain contracts that are modified because of RRR and meet certain scope guidance: -Contract modifications may be accounted for prospectively as a continuation of existing contracts rather than a new contract without remeasurement or reassessment of significant contract amendments -modifications of leases to be accounted for as a continuation of the existing contracts without reassessment of lease classification and discount rate or remeasurement of lease payments -to not reassess the original conclusion about whether a contract contains an embedded derivative that is clearly and closely related to the host contract -changes to critical terms of hedging relationships on a hedge-by-hedge basis without designation of the hedging relationship and various practical expedients and elections designed to allow hedge accounting to continue uninterrupted -modifications of certain derivatives modified to change the rate used for margining discounting or contract price alignment. The Updates also allow an entity to make a one-time election to sell and/or transfer to HTM securities that are affected by RRR and were classified as HTM before January 1 2020.\tRRR Updates are effective for all entities from the beginning of an interim period that includes or is subsequent to March 12 2020 and terminates on December 31 2022 on a full retrospective or prospective basis. Although we do not expect RRR to have a material accounting impact on our consolidated financial position or results of operations the Updates will ease the administrative burden in accounting for the effects of RRR. We adopted these updates on October 1 2020 by retrospective application. The adoption did not have a material impact on our consolidated financial position or results of operations. We will continue to assess the impact of adoption through the termination date of these Updates on December 31 2022.\n", "q10k_tbl_58": "(in millions)\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tFair Value\nDebt Securities AFS:\t\t\t\t\nDecember 31 2020\t\t\t\t\nU.S. Treasury\t600\t0\t0\t600\nU.S. government agencies\t172\t0\t0\t172\nU.S. government-sponsored entities\t160\t1\t0\t161\nResidential mortgage-backed securities:\t\t\t\t\nAgency mortgage-backed securities\t959\t35\t0\t994\nAgency collateralized mortgage obligations\t1094\t31\t(1)\t1124\nCommercial mortgage-backed securities\t361\t17\t0\t378\nStates of the U.S. and political subdivisions (municipals)\t32\t0\t0\t32\nOther debt securities\t2\t0\t0\t2\nTotal debt securities AFS\t3380\t84\t(1)\t3463\n", "q10k_tbl_59": "(in millions)\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tFair Value\nDebt Securities AFS:\t\t\t\t\nDecember 31 2019\t\t\t\t\nU.S. government agencies\t152\t0\t(1)\t151\nU.S. government-sponsored entities\t225\t1\t0\t226\nResidential mortgage-backed securities:\t\t\t\t\nAgency mortgage-backed securities\t1310\t7\t(3)\t1314\nAgency collateralized mortgage obligations\t1234\t10\t(4)\t1240\nCommercial mortgage-backed securities\t341\t6\t(2)\t345\nStates of the U.S. and political subdivisions (municipals)\t11\t0\t0\t11\nOther debt securities\t2\t0\t0\t2\nTotal debt securities AFS\t3275\t24\t(10)\t3289\n", "q10k_tbl_60": "(in millions)\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tFair Value\nDebt Securities HTM:\t\t\t\t\nDecember 31 2020\t\t\t\t\nU.S. Treasury\t1\t0\t0\t1\nU.S. government agencies\t1\t0\t0\t1\nU.S. government-sponsored entities\t120\t1\t0\t121\nResidential mortgage-backed securities:\t\t\t\t\nAgency mortgage-backed securities\t769\t29\t0\t798\nAgency collateralized mortgage obligations\t562\t17\t0\t579\nCommercial mortgage-backed securities\t307\t10\t0\t317\nStates of the U.S. and political subdivisions (municipals)\t1108\t48\t0\t1156\nTotal debt securities HTM\t2868\t105\t0\t2973\n", "q10k_tbl_61": "(in millions)\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tFair Value\nDebt Securities HTM:\t\t\t\t\nDecember 31 2019\t\t\t\t\nU.S. Treasury\t1\t0\t0\t1\nU.S. government agencies\t1\t0\t0\t1\nU.S. government-sponsored entities\t175\t0\t0\t175\nResidential mortgage-backed securities:\t\t\t\t\nAgency mortgage-backed securities\t949\t8\t(2)\t955\nAgency collateralized mortgage obligations\t721\t5\t(6)\t720\nCommercial mortgage-backed securities\t308\t3\t(2)\t309\nStates of the U.S. and political subdivisions (municipals)\t1120\t26\t(2)\t1144\nTotal debt securities HTM\t3275\t42\t(12)\t3305\n", "q10k_tbl_62": "\tAvailable for Sale\t\tHeld to Maturity\t\n(in millions)\tAmortized Cost\tFair Value\tAmortized Cost\tFair Value\nDue in one year or less\t642\t642\t122\t123\nDue after one year but within five years\t113\t114\t20\t20\nDue after five years but within ten years\t124\t125\t151\t155\nDue after ten years\t87\t86\t937\t981\n\t966\t967\t1230\t1279\nResidential mortgage-backed securities:\t\t\t\t\nAgency mortgage-backed securities\t959\t994\t769\t798\nAgency collateralized mortgage obligations\t1094\t1124\t562\t579\nCommercial mortgage-backed securities\t361\t378\t307\t317\nTotal debt securities\t3380\t3463\t2868\t2973\n", "q10k_tbl_63": "December 31\t2020\t2019\n(dollars in millions)\t\t\nSecurities pledged (carrying value):\t\t\nTo secure public deposits trust deposits and for other purposes as required by law\t5384\t4494\nAs collateral for short-term borrowings\t402\t285\nSecurities pledged as a percent of total securities\t91.4%\t72.8%\n", "q10k_tbl_64": "\tLess than 12 Months\t\t\t12 Months or More\t\t\tTotal\t\t\n(dollars in millions)\t#\tFair Value\tUnrealized Losses\t#\tFair Value\tUnrealized Losses\t#\tFair Value\tUnrealized Losses\nDebt Securities AFS\t\t\t\t\t\t\t\t\t\nDecember 31 2020\t\t\t\t\t\t\t\t\t\nU.S. government agencies\t1\t13\t0\t16\t69\t0\t17\t82\t0\nU.S. government-sponsored entities\t1\t25\t0\t0\t0\t0\t1\t25\t0\nResidential mortgage-backed securities:\t\t\t\t\t\t\t\t\t\nAgency collateralized mortgage obligations\t5\t130\t(1)\t0\t0\t0\t5\t130\t(1)\nOther debt securities\t0\t0\t0\t1\t2\t0\t1\t2\t0\nTotal\t7\t168\t(1)\t17\t71\t0\t24\t239\t(1)\n\tLess than 12 Months\t\t\t12 Months or More\t\t\tTotal\t\t\n(dollars in millions)\t#\tFair Value\tUnrealized Losses\t#\tFair Value\tUnrealized Losses\t#\tFair Value\tUnrealized Losses\nDebt Securities AFS\t\t\t\t\t\t\t\t\t\nDecember 31 2019\t\t\t\t\t\t\t\t\t\nU.S. government agencies\t5\t48\t0\t15\t61\t(1)\t20\t109\t(1)\nU.S. government-sponsored entities\t0\t0\t0\t6\t130\t0\t6\t130\t0\nResidential mortgage-backed securities:\t\t\t\t\t\t\t\t\t\nAgency mortgage-backed securities\t13\t200\t(1)\t24\t314\t(2)\t37\t514\t(3)\nAgency collateralized mortgage obligations\t11\t323\t(1)\t32\t205\t(3)\t43\t528\t(4)\nNon-agency collateralized mortgage obligations\t0\t0\t0\t0\t0\t0\t0\t0\t0\nCommercial mortgage-backed securities\t3\t114\t(2)\t0\t0\t0\t3\t114\t(2)\nStates of the U.S. and political subdivisions (municipals)\t0\t0\t0\t0\t0\t0\t0\t0\t0\nOther debt securities\t0\t0\t0\t1\t2\t0\t1\t2\t0\nTotal temporarily impaired debt securities AFS\t32\t685\t(4)\t78\t712\t(6)\t110\t1397\t(10)\n", "q10k_tbl_65": "December 31\t2020\t2019\n(in millions)\t\t\nFederal Home Loan Bank stock\t154\t256\nFederal Reserve Bank stock\t124\t123\nOther non-marketable equity securities\t0\t1\nTotal non-marketable equity securities\t278\t380\n", "q10k_tbl_66": "December 31\t2020\t2019\n(in millions)\t\t\nCommercial real estate\t9731\t8960\nCommercial and industrial\t7214\t5308\nCommercial leases\t485\t432\nOther\t40\t21\nTotal commercial loans and leases\t17470\t14721\nDirect installment\t2020\t1821\nResidential mortgages\t3433\t3374\nIndirect installment\t1218\t1922\nConsumer lines of credit\t1318\t1451\nTotal consumer loans\t7989\t8568\nTotal loans and leases net of unearned income\t25459\t23289\n", "q10k_tbl_67": "December 31\t2020\t2019\n(dollars in millions)\t\t\nCommercial real estate:\t\t\nPercent owner-occupied\t28.1%\t30.6%\nPercent non-owner-occupied\t71.9\t69.4\n", "q10k_tbl_68": "December 31 2020\t2020\t2019\t2018\t2017\t2016\tPrior\tRevolving Loans Amortized Cost Basis\tTotal\n(in millions)\t\t\t\t\t\t\t\t\nCOMMERCIAL\t\t\t\t\t\t\t\t\nCommercial Real Estate:\t\t\t\t\t\t\t\t\nRisk Rating:\t\t\t\t\t\t\t\t\nPass\t1879\t1854\t1135\t927\t888\t1911\t163\t8757\nSpecial Mention\t9\t30\t80\t158\t70\t163\t4\t514\nSubstandard\t4\t32\t29\t81\t116\t192\t6\t460\nTotal commercial real estate\t1892\t1916\t1244\t1166\t1074\t2266\t173\t9731\nCommercial and Industrial:\t\t\t\t\t\t\t\t\nRisk Rating:\t\t\t\t\t\t\t\t\nPass\t3286\t1007\t590\t304\t120\t311\t1095\t6713\nSpecial Mention\t30\t23\t13\t28\t10\t35\t79\t218\nSubstandard\t8\t26\t65\t44\t6\t37\t97\t283\nTotal commercial and industrial\t3324\t1056\t668\t376\t136\t383\t1271\t7214\nCommercial Leases:\t\t\t\t\t\t\t\t\nRisk Rating:\t\t\t\t\t\t\t\t\nPass\t178\t134\t83\t56\t5\t3\t0\t459\nSpecial Mention\t1\t1\t4\t4\t1\t2\t0\t13\nSubstandard\t7\t2\t2\t1\t1\t0\t0\t13\nTotal commercial leases\t186\t137\t89\t61\t7\t5\t0\t485\nOther Commercial:\t\t\t\t\t\t\t\t\nRisk Rating:\t\t\t\t\t\t\t\t\nPass\t0\t0\t0\t0\t0\t4\t35\t39\nSubstandard\t0\t0\t0\t0\t0\t1\t0\t1\nTotal other commercial\t0\t0\t0\t0\t0\t5\t35\t40\nTotal commercial\t5402\t3109\t2001\t1603\t1217\t2659\t1479\t17470\n", "q10k_tbl_69": "December 31 2020\t2020\t2019\t2018\t2017\t2016\tPrior\tRevolving Loans Amortized Cost Basis\tTotal\n(in millions)\t\t\t\t\t\t\t\t\nCONSUMER\t\t\t\t\t\t\t\t\nDirect Installment:\t\t\t\t\t\t\t\t\nCurrent\t706\t337\t200\t143\t171\t442\t1\t2000\nPast due\t0\t1\t2\t1\t2\t14\t0\t20\nTotal direct installment\t706\t338\t202\t144\t173\t456\t1\t2020\nResidential Mortgages:\t\t\t\t\t\t\t\t\nCurrent\t1079\t707\t283\t378\t330\t603\t1\t3381\nPast due\t1\t5\t7\t4\t6\t29\t0\t52\nTotal residential mortgages\t1080\t712\t290\t382\t336\t632\t1\t3433\nIndirect Installment:\t\t\t\t\t\t\t\t\nCurrent\t372\t260\t332\t147\t67\t27\t0\t1205\nPast due\t1\t3\t4\t2\t2\t1\t0\t13\nTotal indirect installment\t373\t263\t336\t149\t69\t28\t0\t1218\nConsumer Lines of Credit:\t\t\t\t\t\t\t\t\nCurrent\t4\t7\t8\t3\t5\t127\t1146\t1300\nPast due\t0\t0\t0\t0\t0\t15\t3\t18\nTotal consumer lines of credit\t4\t7\t8\t3\t5\t142\t1149\t1318\nTotal consumer\t2163\t1320\t836\t678\t583\t1258\t1151\t7989\nTotal loans and leases\t7565\t4429\t2837\t2281\t1800\t3917\t2630\t25459\n", "q10k_tbl_70": "\tCommercial Loan and Lease Credit Quality Categories\t\t\t\t\n(in millions)\tPass\tSpecial Mention\tSubstandard\tDoubtful\tTotal\nOriginated Loans and Leases\t\t\t\t\t\nDecember 31 2019\t\t\t\t\t\nCommercial real estate\t6821\t171\t121\t1\t7114\nCommercial and industrial\t4768\t149\t144\t2\t5063\nCommercial leases\t423\t3\t6\t0\t432\nOther\t20\t0\t1\t0\t21\nTotal originated commercial loans and leases\t12032\t323\t272\t3\t12630\nLoans Acquired in a Business Combination\t\t\t\t\t\nDecember 31 2019\t\t\t\t\t\nCommercial real estate\t1603\t116\t127\t0\t1846\nCommercial and industrial\t201\t19\t25\t0\t245\nTotal commercial loans acquired in a business combination\t1804\t135\t152\t0\t2091\n", "q10k_tbl_71": "\tConsumer Loan Credit Quality by Payment Status\t\t\n(in millions)\tPerforming\tNon-Performing\tTotal\nOriginated Loans\t\t\t\nDecember 31 2019\t\t\t\nDirect installment\t1745\t13\t1758\nResidential mortgages\t2978\t17\t2995\nIndirect installment\t1919\t3\t1922\nConsumer lines of credit\t1086\t6\t1092\nTotal originated consumer loans\t7728\t39\t7767\nLoans Acquired in a Business Combination\t\t\t\nDecember 31 2019\t\t\t\nDirect installment\t63\t0\t63\nResidential mortgages\t379\t0\t379\nConsumer lines of credit\t358\t1\t359\nTotal consumer loans acquired in a business combination\t800\t1\t801\n", "q10k_tbl_72": "(in millions)\t30-89 Days Past Due\t≥ 90 Days Past Due and Still Accruing\tNon- Accrual\tTotal Past Due\tCurrent\tTotal Loans and Leases\tNon-accrual with No ACL\nLoans and Leases\t\t\t\t\t\t\t\nDecember 31 2020\t\t\t\t\t\t\t\nCommercial real estate\t13\t0\t85\t98\t9633\t9731\t36\nCommercial and industrial\t8\t0\t44\t52\t7162\t7214\t16\nCommercial leases\t2\t0\t2\t4\t481\t485\t0\nOther\t0\t0\t1\t1\t39\t40\t0\nTotal commercial loans and leases\t23\t0\t132\t155\t17315\t17470\t52\nDirect installment\t7\t2\t11\t20\t2000\t2020\t0\nResidential mortgages\t23\t11\t18\t52\t3381\t3433\t0\nIndirect installment\t10\t1\t2\t13\t1205\t1218\t0\nConsumer lines of credit\t9\t2\t7\t18\t1300\t1318\t0\nTotal consumer loans\t49\t16\t38\t103\t7886\t7989\t0\nTotal loans and leases\t72\t16\t170\t258\t25201\t25459\t52\n", "q10k_tbl_73": "(in millions)\t30-89 Days Past Due\t> 90 Days Past Due and Still Accruing\tNon- Accrual\tTotal Past Due\tCurrent\tTotal Loans and Leases\nOriginated Loans and Leases\t\t\t\t\t\t\nDecember 31 2019\t\t\t\t\t\t\nCommercial real estate\t10\t0\t26\t36\t7078\t7114\nCommercial and industrial\t9\t0\t28\t37\t5026\t5063\nCommercial leases\t5\t0\t1\t6\t426\t432\nOther\t0\t0\t1\t1\t20\t21\nTotal commercial loans and leases\t24\t0\t56\t80\t12550\t12630\nDirect installment\t7\t1\t7\t15\t1743\t1758\nResidential mortgages\t12\t2\t8\t22\t2973\t2995\nIndirect installment\t15\t1\t3\t19\t1903\t1922\nConsumer lines of credit\t5\t1\t3\t9\t1083\t1092\nTotal consumer loans\t39\t5\t21\t65\t7702\t7767\nTotal originated loans and leases\t63\t5\t77\t145\t20252\t20397\n", "q10k_tbl_74": "(in millions)\t30-89 Days Past Due\t≥ 90 Days Past Due and Still Accruing\tNon- Accrual\tTotal Past Due (1) (2)\tCurrent\t(Discount)/ Premium\tTotal Loans\nLoans Acquired in a Business Combination\t\t\t\t\t\t\t\nDecember 31 2019\t\t\t\t\t\t\t\nCommercial real estate\t12\t28\t3\t43\t1942\t(139)\t1846\nCommercial and industrial\t2\t3\t0\t5\t259\t(19)\t245\nTotal commercial loans\t14\t31\t3\t48\t2201\t(158)\t2091\nDirect installment\t3\t0\t0\t3\t60\t0\t63\nResidential mortgages\t8\t4\t0\t12\t382\t(15)\t379\nConsumer lines of credit\t7\t2\t1\t10\t357\t(8)\t359\nTotal consumer loans\t18\t6\t1\t25\t799\t(23)\t801\nTotal loans acquired in a business combination\t32\t37\t4\t73\t3000\t(181)\t2892\n", "q10k_tbl_75": "December 31\t2020\t2019\n(dollars in millions)\t\t\nNon-accrual loans\t170\t81\nTroubled debt restructurings\t0\t22\nTotal non-performing loans\t170\t103\nOther real estate owned\t10\t26\nTotal non-performing assets\t180\t129\nAsset quality ratios:\t\t\nNon-performing loans / total loans and leases\t0.67%\t0.44%\nNon-performing loans assets + 90 days past due + OREO / total loans and leases + OREO\t0.77\t0.73\n", "q10k_tbl_76": "December 31\t2020\t2019\n(in millions)\t\t\nAccruing\t58\t41\nNon-accrual\t33\t15\nTotal TDRs\t91\t56\n", "q10k_tbl_77": "Year Ended December 31\t2020\t\t\t2019\t\t\n(dollars in millions)\tNumber of Contracts\tPre-Modification Outstanding Recorded Investment\tPost- Modification Outstanding Recorded Investment\tNumber of Contracts\tPre-Modification Outstanding Recorded Investment\tPost- Modification Outstanding Recorded Investment\nCommercial real estate\t30\t18\t8\t20\t5\t5\nCommercial and industrial\t19\t2\t1\t23\t5\t3\nOther\t1\t0\t0\t0\t0\t0\nTotal commercial loans\t50\t20\t9\t43\t10\t8\nDirect installment\t68\t4\t4\t65\t3\t3\nResidential mortgages\t24\t3\t3\t18\t3\t3\nConsumer lines of credit\t45\t2\t1\t27\t2\t1\nTotal consumer loans\t137\t9\t8\t110\t8\t7\nTotal\t187\t29\t17\t153\t18\t15\n", "q10k_tbl_78": "Year Ended December 31\t2020\t\n(dollars in millions)\tNumber of Contracts\tRecorded Investment\nCommercial real estate\t8\t3\nCommercial and industrial\t2\t0\nTotal commercial loans\t10\t3\nDirect installment\t12\t0\nResidential mortgages\t4\t0\nConsumer lines of credit\t4\t0\nTotal consumer loans\t20\t0\nTotal\t30\t3\n", "q10k_tbl_79": "(in millions)\tBalance at Beginning of Year\tCharge- Offs\tRecoveries\tNet Charge- Offs\tProvision for Credit Losses\tASC 326 Adoption Impact\tInitial ACL on PCD Loans\tBalance at End of Year\nYear Ended December 31 2020\t\t\t\t\t\t\t\t\nCommercial real estate\t60\t(31)\t7\t(24)\t67\t38\t40\t181\nCommercial and industrial\t53\t(32)\t7\t(25)\t41\t8\t4\t81\nCommercial leases\t11\t(1)\t0\t(1)\t7\t0\t0\t17\nOther\t9\t(4)\t1\t(3)\t4\t(9)\t0\t1\nTotal commercial loans and leases\t133\t(68)\t15\t(53)\t119\t37\t44\t280\nDirect installment\t13\t(1)\t1\t0\t2\t10\t1\t26\nResidential mortgages\t22\t(2)\t1\t(1)\t3\t6\t4\t34\nIndirect installment\t19\t(8)\t4\t(4)\t(6)\t2\t0\t11\nConsumer lines of credit\t9\t(2)\t0\t(2)\t4\t0\t1\t12\nTotal consumer loans\t63\t(13)\t6\t(7)\t3\t18\t6\t83\nTotal allowance for credit losses on loans and leases\t196\t(81)\t21\t(60)\t122\t55\t50\t363\nAllowance for unfunded loan commitments\t3\t0\t0\t0\t1\t10\t0\t14\nTotal allowance for credit losses on loans and leases and allowance for unfunded loan commitments\t199\t(81)\t21\t(60)\t123\t65\t50\t377\n", "q10k_tbl_80": "(in millions)\tBalance at Beginning of Period\tCharge- Offs\tRecoveries\tNet Charge- Offs\tProvision for Credit Losses\tBalance at End of Period\nYear Ended December 31 2019\t\t\t\t\t\t\nCommercial real estate\t55\t(4)\t4\t0\t5\t60\nCommercial and industrial\t49\t(10)\t4\t(6)\t10\t53\nCommercial leases\t8\t0\t0\t0\t3\t11\nOther\t2\t(3)\t0\t(3)\t3\t2\nTotal commercial loans and leases\t114\t(17)\t8\t(9)\t21\t126\nDirect installment\t14\t(1)\t0\t(1)\t0\t13\nResidential mortgages\t20\t(2)\t0\t(2)\t4\t22\nIndirect installment\t15\t(11)\t4\t(7)\t11\t19\nConsumer lines of credit\t10\t(2)\t0\t(2)\t1\t9\nTotal consumer loans\t59\t(16)\t4\t(12)\t16\t63\nTotal allowance on originated loans and leases\t173\t(33)\t12\t(21)\t37\t189\nLoans acquired in a business combination\t7\t(9)\t2\t(7)\t7\t7\nTotal allowance for credit losses\t180\t(42)\t14\t(28)\t44\t196\nYear Ended December 31 2018\t\t\t\t\t\t\nCommercial real estate\t50\t(7)\t3\t(4)\t9\t55\nCommercial and industrial\t52\t(20)\t2\t(18)\t15\t49\nCommercial leases\t5\t(3)\t0\t(3)\t6\t8\nOther\t2\t(4)\t0\t(4)\t4\t2\nTotal commercial loans and leases\t109\t(34)\t5\t(29)\t34\t114\nDirect installment\t21\t(17)\t2\t(15)\t8\t14\nResidential mortgages\t16\t0\t0\t0\t4\t20\nIndirect installment\t12\t(9)\t4\t(5)\t8\t15\nConsumer lines of credit\t10\t(3)\t0\t(3)\t3\t10\nTotal consumer loans\t59\t(29)\t6\t(23)\t23\t59\nTotal allowance on originated loans and leases\t168\t(63)\t11\t(52)\t57\t173\nLoans acquired in a business combination\t7\t(7)\t3\t(4)\t4\t7\nTotal allowance for credit losses\t175\t(70)\t14\t(56)\t61\t180\n", "q10k_tbl_81": "\tAllowance for Credit Losses\t\tLoans and Leases Outstanding\t\t\n(in millions)\tIndividually Evaluated for Impairment\tCollectively Evaluated for Impairment\tLoans and Leases\tIndividually Evaluated for Impairment\tCollectively Evaluated for Impairment\nDecember 31 2019\t\t\t\t\t\nCommercial real estate\t2\t58\t7114\t13\t7101\nCommercial and industrial\t2\t51\t5063\t17\t5046\nCommercial leases\t0\t11\t432\t0\t432\nOther\t0\t2\t21\t0\t21\nTotal commercial loans and leases\t4\t122\t12630\t30\t12600\nDirect installment\t0\t13\t1758\t0\t1758\nResidential mortgages\t0\t22\t2995\t0\t2995\nIndirect installment\t0\t19\t1922\t0\t1922\nConsumer lines of credit\t0\t9\t1092\t0\t1092\nTotal consumer loans\t0\t63\t7767\t0\t7767\nTotal\t4\t185\t20397\t30\t20367\n", "q10k_tbl_82": "Year Ended December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nMortgage loans sold with servicing retained\t1636\t1381\t1060\nPretax gains resulting from above loan sales (1)\t70\t32\t19\nMortgage servicing fees (1)\t12\t11\t9\n", "q10k_tbl_83": "Year Ended December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nBalance at beginning of period\t42.6\t36.8\t29.1\nAdditions\t16.0\t14.3\t12.5\nPayoffs and curtailments\t(14.8)\t(5.0)\t(1.8)\n(Impairment) charge / recovery\t(5.8)\t(1.0)\t(0.5)\nAmortization\t(2.4)\t(2.5)\t(2.5)\nBalance at end of period\t35.6\t42.6\t36.8\nFair value beginning of period\t45.2\t41.1\t32.4\nFair value end of period\t35.6\t45.2\t41.1\n", "q10k_tbl_84": "December 31\t2020\t2019\n(dollars in millions)\t\t\nWeighted average life (months)\t66.6\t78.9\nConstant prepayment rate (annualized)\t13.4%\t10.6%\nDiscount rate\t9.5%\t9.7%\nEffect on fair value due to change in interest rates:\t\t\n+0.25%\t2\t3\n+0.50%\t4\t5\n-0.25%\t(2)\t(3)\n-0.50%\t(3)\t(5)\n", "q10k_tbl_85": "Year Ended December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nSBA loans sold with servicing retained\t33\t23\t41\nPretax gains resulting from above loan sales (1)\t3\t2\t4\nSBA servicing fees (1)\t2\t2\t3\n", "q10k_tbl_86": "Year Ended December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nBalance at beginning of period\t3\t4\t5\nAdditions\t1\t0\t1\nPayoffs curtailments and amortization\t(1)\t(1)\t(1)\nImpairment charge\t0\t0\t(1)\nBalance at end of period\t3\t3\t4\nFair value beginning of period\t3\t4\t5\nFair value end of period\t3\t3\t4\n", "q10k_tbl_87": "December 31\t2020\t2019\n(dollars in millions)\t\t\nWeighted average life (months)\t38\t42\nConstant prepayment rate\t17.8%\t16.8%\nDiscount rate\t13.2\t16.2\nDecline in fair value due to change in interest rates:\t\t\n1% adverse change\t(0.1)\t(0.1)\n2% adverse change\t(0.1)\t(0.1)\nDecline in fair value due to change in constant prepayment rates:\t\t\n10% adverse change\t(0.1)\t(0.1)\n20% adverse change\t(0.1)\t(0.3)\n", "q10k_tbl_88": "December 31\t2020\t2019\n(in millions)\t\t\nLand\t57\t62\nPremises\t231\t233\nEquipment\t311\t276\n\t599\t571\nAccumulated depreciation\t(267)\t(238)\nTotal premises and equipment net\t332\t333\n", "q10k_tbl_89": "December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nDepreciation expense for premises and equipment\t43\t42\t39\n", "q10k_tbl_90": "(in millions)\tCommunity Banking\tWealth Manage- ment\tInsurance\tTotal\nBalance at January 1 2019\t2231\t8\t16\t2255\nGoodwill (deductions) additions\t0\t0\t7\t7\nBalance at December 31 2019\t2231\t8\t23\t2262\nGoodwill (deductions) additions\t0\t0\t0\t0\nBalance at December 31 2020\t2231\t8\t23\t2262\n", "q10k_tbl_91": "(in millions)\tCore Deposit Intangibles\tCustomer Renewal Lists\tTotal\nDecember 31 2020\t\t\t\nGross carrying amount\t197\t18\t215\nAccumulated amortization\t(149)\t(12)\t(161)\nNet carrying amount\t48\t6\t54\nDecember 31 2019\t\t\t\nGross carrying amount\t196\t18\t214\nAccumulated amortization\t(136)\t(11)\t(147)\nNet carrying amount\t60\t7\t67\n", "q10k_tbl_92": "December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nAmortization expense\t13\t14\t16\n", "q10k_tbl_93": "(in millions)\t\n2021\t12\n2022\t10\n2023\t10\n2024\t8\n2025\t7\nTotal\t47\n", "q10k_tbl_94": "\tTwelve Months Ended December 31\t\n(dollars in millions)\t2020\t2019\nOperating lease cost\t27\t27\nShort-term lease cost\t1\t1\nVariable lease cost\t3\t4\nTotal lease cost\t31\t32\n", "q10k_tbl_95": "\tTwelve Months Ended December 31\t\n(dollars in millions)\t2020\t2019\nCash paid for amounts included in the measurement of lease liabilities:\t\t\nOperating cash flows from operating leases\t26\t26\nRight-of-use assets obtained in exchange for lease obligations:\t\t\nOperating leases\t20\t25\nWeighted average remaining lease term (years):\t\t\nOperating leases\t9.45\t9.61\nWeighted average discount rate:\t\t\nOperating leases\t2.6%\t3.0%\n", "q10k_tbl_96": "(in millions)\tDecember 31 2020\n2021\t25\n2022\t21\n2023\t17\n2024\t15\n2025\t12\nLater years\t64\nTotal lease payments\t154\nLess: imputed interest\t(20)\nPresent value of lease liabilities\t134\n", "q10k_tbl_97": "(in millions)\tTotal Assets\tTotal Liabilities\tMaximum Exposure to Loss\nDecember 31 2020\t\t\t\nTrust preferred securities (1)\t1\t66\t0\nAffordable housing tax credit partnerships\t119\t45\t119\nOther investments\t26\t8\t26\nTotal\t146\t119\t145\nDecember 31 2019\t\t\t\nTrust preferred securities (1)\t1\t66\t0\nAffordable housing tax credit partnerships\t120\t60\t120\nOther investments\t33\t10\t33\nTotal\t154\t136\t153\n(1) Represents our investment in unconsolidated subsidiaries.\t\t\t\n", "q10k_tbl_98": "December 31\t2020\t2019\n(in millions)\t\t\nProportional amortization method investments included in other assets\t71\t55\nEquity method investments included in other assets\t3\t5\nTotal LIHTC investments included in other assets\t74\t60\nUnfunded LIHTC commitments\t45\t60\n", "q10k_tbl_99": "\tYear Ended December 31\t\t\n(in millions)\t2020\t2019\t2018\nNon-interest income:\t\t\t\nAmortization of tax credit investments under equity method net of tax benefit\t1\t1\t2\nProvision for income taxes:\t\t\t\nAmortization of LIHTC investments under proportional method\t11\t8\t5\nLow-income housing tax credits\t(12)\t(9)\t(6)\nOther tax benefits related to tax credit investments\t(2)\t(2)\t(1)\nTotal provision for income taxes\t(3)\t(3)\t(2)\n", "q10k_tbl_100": "December 31\t2020\t2019\n(in millions)\t\t\nNon-interest-bearing demand\t9042\t6384\nInterest-bearing demand\t13157\t11049\nSavings\t3261\t2625\nCertificates and other time deposits:\t\t\nLess than $100000\t1895\t2262\n100000 through $250000\t1173\t1494\nGreater than $250000\t594\t972\nTotal certificates and other time deposits\t3662\t4728\nTotal deposits\t29122\t24786\n", "q10k_tbl_101": "(in millions)\t\n2021\t2464\n2022\t683\n2023\t236\n2024\t124\n2025\t99\nLater years\t56\nTotal\t3662\n", "q10k_tbl_102": "December 31\t2020\t2019\n(in millions)\t\t\nSecurities sold under repurchase agreements\t403\t278\nFederal Home Loan Bank advances\t1280\t2255\nFederal funds purchased\t0\t575\nSubordinated notes\t121\t108\nTotal short-term borrowings\t1804\t3216\n", "q10k_tbl_103": "December 31\t2020\t2019\t2018\nYear-to-date average\t1.53%\t2.24%\t1.89%\nPeriod-end\t1.57\t1.76\t2.49\n", "q10k_tbl_104": "December 31\t2020\t2019\n(in millions)\t\t\nFederal Home Loan Bank advances\t400\t935\nSenior notes\t299\t0\nSubordinated notes\t81\t90\nJunior subordinated debt\t66\t66\nOther subordinated debt\t249\t249\nTotal long-term borrowings\t1095\t1340\n", "q10k_tbl_105": "(in millions)\t\n2021\t427\n2022\t16\n2023\t334\n2024\t1\n2025\t104\nLater years\t213\nTotal\t1095\n", "q10k_tbl_106": "December 31\t2020\t2019\t2018\nSubordinated notes weighted average interest rate\t3.23%\t3.33%\t3.08%\n", "q10k_tbl_107": "(dollars in millions)\tTrust Preferred Securities\tCommon Securities\tJunior Subordinated Debt\tStated Maturity Date\tInterest Rate\tRate Reset Factor\nF.N.B. Statutory Trust II\t22\t1\t22\t6/15/2036\t1.87%\tLIBOR + 165 basis points (bps)\nYadkin Valley Statutory Trust I\t25\t1\t22\t12/15/2037\t1.54%\tLIBOR + 132 bps\nFNB Financial Services Capital Trust I\t25\t1\t22\t9/30/2035\t1.70%\tLIBOR + 146 bps\nTotal\t72\t3\t66\t\t\t\n", "q10k_tbl_108": "(dollars in millions)\tAggregate Principal Amount Issued\tNet Proceeds (2)\tCarrying Value\tStated Maturity Date\tInterest Rate\n2.20% Senior Notes due February 24 2023\t300\t298\t299\t2/24/2023\t2.20%\n4.95% Fixed-To-Floating Rate Subordinated Notes due 2029\t120\t118\t119\t2/14/2029\t4.95%\n4.875% Subordinated Notes due 2025\t100\t98\t99\t10/2/2025\t4.875%\n7.625% Subordinated Notes due August 12 2023 (1)\t38\t46\t31\t8/12/2023\t7.625%\nTotal\t558\t560\t548\t\t\n", "q10k_tbl_109": "December 31\t2020\t\t\t2019\t\t\n\tNotional Amount\tFair Value\t\tNotional Amount\tFair Value\t\n(in millions)\tAsset\tLiability\tAsset\tLiability\nGross Derivatives\t\t\t\t\t\t\nSubject to master netting arrangements:\t\t\t\t\t\t\nInterest rate contracts - designated\t1430\t3\t0\t1655\t1\t0\nInterest rate swaps - not designated\t4791\t0\t37\t3640\t0\t23\nTotal subject to master netting arrangements\t6221\t3\t37\t5295\t1\t23\nNot subject to master netting arrangements:\t\t\t\t\t\t\nInterest rate swaps - not designated\t4791\t349\t0\t3640\t149\t1\nInterest rate lock commitments - not designated\t531\t24\t0\t163\t3\t0\nForward delivery commitments - not designated\t500\t0\t2\t195\t1\t1\nCredit risk contracts - not designated\t437\t0\t1\t265\t0\t0\nTotal not subject to master netting arrangements\t6259\t373\t3\t4263\t153\t2\nTotal\t12480\t376\t40\t9558\t154\t25\n", "q10k_tbl_110": "\tAmount of Gain (Loss) Recognized in OCI on Derivatives\t\t\tLocation of Gain (Loss) Reclassified from AOCI into Income\tAmount of Gain (Loss) Reclassified from AOCI into Income\t\t\n\tYear Ended December 31\t\t\t\tYear Ended December 31\t\t\n(in millions)\t2020\t2019\t2018\t\t2020\t2019\t2018\nDerivatives in cash flow hedging relationships:\t\t\t\t\t\t\t\nInterest rate contracts\t(51)\t(22)\t(3)\tInterest income (expense)\t(14)\t2\t2\n\t\t\t\tOther income\t(9)\t0\t0\n", "q10k_tbl_111": "\tYear Ended December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\n(in millions)\tInterest Income - Loans and Leases\tInterest Expense - Short-Term Borrowings\tInterest Income - Loans and Leases\tInterest Expense - Short-Term Borrowings\tInterest Income - Loans and Leases\tInterest Expense - Short-Term Borrowings\nTotal 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)\t990\t38\t1085\t80\t1022\t75\nThe effects of cash flow hedging:\t\t\t\t\t\t\nGain (loss) on cash flow hedging relationships:\t\t\t\t\t\t\nInterest rate contracts:\t\t\t\t\t\t\nAmount of gain (loss) reclassified from AOCI into net income (1)\t(7)\t(16)\t(1)\t3\t(1)\t3\nAmount of gain (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring\t0\t0\t0\t0\t0\t0\n", "q10k_tbl_112": "December 31\t2020\t2019\n(in millions)\t\t\nCommitments to extend credit\t9285\t8089\nStandby letters of credit\t158\t150\n", "q10k_tbl_113": "\t2020\t\t2019\t\t2018\t\n\tUnits\tWeighted Average Grant Price per Share\tUnits\tWeighted Average Grant Price per Share\tUnits\tWeighted Average Grant Price per Share\nUnvested units outstanding at beginning of year\t2858357\t12.56\t2556174\t13.51\t1975862\t13.64\nGranted\t2004895\t6.95\t1182197\t10.94\t962799\t13.21\nNet adjustment due to performance\t47290\t13.00\t0\t0\t0\t0\nVested\t(613581)\t14.41\t(655208)\t13.15\t(258031)\t13.19\nForfeited/expired\t(203058)\t12.54\t(332814)\t12.72\t(214743)\t13.39\nDividend reinvestment\t228212\t8.14\t108008\t11.84\t90287\t12.61\nUnvested units outstanding at end of year\t4322115\t9.46\t2858357\t12.56\t2556174\t13.51\n", "q10k_tbl_114": "Year Ended December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nStock-based compensation expense\t16\t12\t10\nTax benefit related to stock-based compensation expense\t3\t2\t2\nFair value of units vested\t5\t7\t3\n", "q10k_tbl_115": "(dollars in millions)\tService- Based Units\tPerformance- Based Units\tTotal\nUnvested restricted stock units\t2983059\t1339056\t4322115\nUnrecognized compensation expense\t9\t2\t11\nIntrinsic value\t28\t13\t41\nWeighted average remaining life (in years)\t1.72\t1.16\t1.54\n", "q10k_tbl_116": "\t2020\tWeighted Average Exercise Price per Share\t2019\tWeighted Average Exercise Price per Share\t2018\tWeighted Average Exercise Price per Share\nOptions outstanding at beginning of year\t246084\t8.14\t458354\t7.99\t722650\t7.96\nExercised\t(33945)\t5.74\t(183566)\t7.86\t(253899)\t7.77\nForfeited/expired\t(16053)\t7.38\t(28704)\t7.65\t(10397)\t11.98\nOptions outstanding and exercisable at end of year\t196086\t8.61\t246084\t8.14\t458354\t7.99\n", "q10k_tbl_117": "Range of Exercise Prices\tOptions Outstanding and Exercisable\tWeighted Average Remaining Contractual Years\tWeighted Average Exercise Price\n3.57 - $5.36\t26216\t0.72\t4.93\n5.37 - $8.05\t39667\t2.12\t6.91\n8.06 - $11.37\t130203\t3.80\t9.87\n\t196086\t\t\n", "q10k_tbl_118": "December 31\t2020\t\t\t2019\t\t\n\tQualified\tNon-Qualified\tTotal\tQualified\tNon-Qualified\tTotal\n(in millions)\t\t\t\t\t\t\nAccumulated benefit obligation\t167\t20\t187\t156\t19\t175\nProjected benefit obligation at beginning of year\t156\t19\t175\t145\t18\t163\nInterest cost\t5\t1\t6\t6\t1\t7\nActuarial loss (gain)\t15\t2\t17\t15\t2\t17\nBenefits paid\t(9)\t(2)\t(11)\t(10)\t(2)\t(12)\nProjected benefit obligation at end of year\t167\t20\t187\t156\t19\t175\nFair value of plan assets at beginning of year\t173\t0\t173\t150\t0\t150\nActual return on plan assets\t20\t0\t20\t28\t0\t28\nCorporation contribution\t5\t2\t7\t5\t2\t7\nBenefits paid\t(9)\t(2)\t(11)\t(10)\t(2)\t(12)\nFair value of plan assets at end of year\t189\t0\t189\t173\t0\t173\nFunded status of plans\t22\t(20)\t2\t17\t(19)\t(2)\n", "q10k_tbl_119": "Assumptions at December 31\t2020\t2019\nWeighted average discount rate\t2.31%\t3.17%\nRates of average increase in compensation levels\t3.50\t3.50\n", "q10k_tbl_120": "Year Ended December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nInterest cost\t6\t7\t6\nExpected return on plan assets\t(13)\t(11)\t(11)\nActuarial loss amortization\t3\t2\t2\nTotal pension income\t(4)\t(2)\t(3)\nOther changes in plan assets and benefit obligations recognized in other comprehensive income:\t\t\t\nCurrent year actuarial loss\t10\t1\t6\nAmortization of actuarial loss\t(3)\t(2)\t(2)\nTotal amount recognized in other comprehensive income\t7\t(1)\t4\nTotal amount recognized in net periodic benefit cost and other comprehensive income\t3\t(3)\t1\n", "q10k_tbl_121": "Assumptions for the Year Ended December 31\t2020\t2019\t2018\nWeighted average discount rate\t3.17%\t4.16%\t4.19%\nRates of increase in compensation levels\t3.50\t3.50\t3.50\nExpected long-term rate of return on assets\t7.25\t7.25\t7.25\n", "q10k_tbl_122": "(in millions)\t\t\nExpected employer contributions:\t2021\t1\nExpected benefit payments:\t2021\t10\n\t2022\t10\n\t2023\t11\n\t2024\t11\n\t2025\t11\n\t2026 - 2030\t52\n", "q10k_tbl_123": "Year Ended December 31\t2020\t2019\t2018\n(in millions)\t\t\t\n401(k) contribution expense\t17\t15\t15\n", "q10k_tbl_124": "\tTarget Allocation\tPercentage of Plan Assets\t\nDecember 31\t2021\t2020\t2019\nAsset Category\t\t\t\nEquity securities\t45 - 65\t63%\t60%\nDebt securities\t30 - 50\t36\t37\nCash equivalents\t0 - 10\t1\t3\n", "q10k_tbl_125": "(in millions)\tLevel 1\tLevel 2\tLevel 3\tTotal\nDecember 31 2020\t\t\t\t\nAsset Class\t\t\t\t\nCash\t2\t0\t0\t2\nEquity securities:\t\t\t\t\nF.N.B. Corporation\t4\t0\t0\t4\nOther large-cap U.S. financial services companies\t3\t0\t0\t3\nOther large-cap U.S. companies\t60\t0\t0\t60\nOther equity\t1\t0\t0\t1\nMutual fund equity investments:\t\t\t\t\nU.S. equity index funds:\t\t\t\t\nU.S. large-cap equity index funds\t0\t0\t0\t0\nU.S. small-cap equity index funds\t5\t0\t0\t5\nU.S. mid-cap equity index funds\t6\t0\t0\t6\nNon-U.S. equities growth fund\t16\t0\t0\t16\nU.S. equity funds:\t\t\t\t\nU.S. mid-cap\t13\t0\t0\t13\nU.S. small-cap\t5\t0\t0\t5\nOther\t5\t0\t0\t5\nFixed income securities:\t\t\t\t\nU.S. government agencies\t0\t45\t0\t45\nCorporate bonds\t0\t0\t0\t0\nFixed income mutual funds:\t\t\t\t\nU.S. investment-grade fixed income securities\t24\t0\t0\t24\nTotal\t144\t45\t0\t189\n", "q10k_tbl_126": "(in millions)\tLevel 1\tLevel 2\tLevel 3\tTotal\nDecember 31 2019\t\t\t\t\nAsset Class\t\t\t\t\nCash\t5\t0\t0\t5\nEquity securities:\t\t\t\t\nF.N.B. Corporation\t6\t0\t0\t6\nOther large-cap U.S. financial services companies\t4\t0\t0\t4\nOther large-cap U.S. companies\t54\t0\t0\t54\nOther equity\t1\t0\t0\t1\nMutual fund equity investments:\t\t\t\t\nU.S. equity index funds:\t\t\t\t\nU.S. large-cap equity index funds\t1\t0\t0\t1\nU.S. small-cap equity index funds\t3\t0\t0\t3\nU.S. mid-cap equity index funds\t5\t0\t0\t5\nNon-U.S. equities growth fund\t9\t0\t0\t9\nU.S. equity funds:\t\t\t\t\nU.S. mid-cap\t12\t0\t0\t12\nU.S. small-cap\t4\t0\t0\t4\nOther\t5\t0\t0\t5\nFixed income securities:\t\t\t\t\nU.S. government agencies\t0\t51\t0\t51\nCorporate bonds\t0\t1\t0\t1\nFixed income mutual funds:\t\t\t\t\nU.S. investment-grade fixed income securities\t12\t0\t0\t12\nTotal\t121\t52\t0\t173\n", "q10k_tbl_127": "Year Ended December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nCurrent income taxes:\t\t\t\nFederal taxes\t71\t47\t41\nState taxes\t5\t4\t6\nTotal current income taxes\t76\t51\t47\nDeferred income taxes:\t\t\t\nFederal taxes\t(20)\t30\t32\nState taxes\t1\t3\t0\nTotal deferred income taxes\t(19)\t33\t32\nTotal income taxes\t57\t84\t79\n", "q10k_tbl_128": "Year Ended December 31\t2020\t2019\t2018\nStatutory federal tax rate\t21.0%\t21.0%\t21.0%\nState taxes net of federal benefit\t1.6\t1.1\t1.1\nTax-exempt interest\t(2.8)\t(2.2)\t(2.1)\nCash surrender value on BOLI\t(0.8)\t(0.5)\t(0.5)\nTax credits\t(6.3)\t(4.2)\t(2.8)\nAffordable housing cost amortization net of tax benefits\t2.5\t1.4\t0.7\nTax Cuts and Jobs Act revaluation of net deferred tax assets\t0\t0\t(0.4)\nOther items\t1.5\t1.1\t0.6\nEffective tax rate\t16.7%\t17.7%\t17.6%\n", "q10k_tbl_129": "December 31\t2020\t2019\n(in millions)\t\t\nDeferred tax assets:\t\t\nAllowance for credit losses\t80\t43\nDiscounts on loans acquired in a business combination\t16\t41\nNet operating loss/tax credit carryforwards\t38\t38\nDeferred compensation\t12\t11\nSecurities impairments\t1\t1\nPension and other defined benefit plans\t2\t3\nLease liability\t30\t29\nNet unrealized securities losses\t0\t2\nOther\t14\t8\nTotal\t193\t176\nValuation allowance\t(33)\t(28)\nTotal deferred tax assets\t160\t148\nDeferred tax liabilities:\t\t\nLoan costs\t(6)\t(15)\nDepreciation\t(12)\t(19)\nPrepaid expenses\t(1)\t(1)\nAmortizable intangibles\t(13)\t(15)\nLease financing\t(32)\t(35)\nMortgage servicing rights\t(8)\t(9)\nLease ROU asset\t(28)\t(27)\nNet unrealized securities gains\t(7)\t0\nOther\t(2)\t(2)\nTotal deferred tax liabilities\t(109)\t(123)\nNet deferred tax assets\t51\t25\n", "q10k_tbl_130": "(in millions)\tUnrealized Net Gains (Losses) on Debt Securities Available for Sale\tUnrealized Net Gains (Losses) on Derivative Instruments\tUnrecognized Pension and Postretirement Obligations\tTotal\nYear Ended December 31 2020\t\t\t\t\nBalance at beginning of period\t11\t(18)\t(58)\t(65)\nOther comprehensive (loss) income before reclassifications\t54\t(40)\t(6)\t8\nAmounts reclassified from AOCI\t0\t18\t0\t18\nNet current period other comprehensive (loss) income\t54\t(22)\t(6)\t26\nBalance at end of period\t65\t(40)\t(64)\t(39)\n", "q10k_tbl_131": "Year Ended December 31\t2020\t2019\t2018\n(dollars in millions except per share data)\t\t\t\nNet income\t286\t387\t373\nLess: Preferred stock dividends\t8\t8\t8\nNet income available to common stockholders\t278\t379\t365\nBasic weighted average common shares outstanding\t323368639\t324938720\t324207198\nNet effect of dilutive stock options warrants and restricted stock\t2119325\t1122418\t1416405\nDiluted weighted average common shares outstanding\t325487964\t326061138\t325623603\nEarnings per common share:\t\t\t\nBasic\t0.86\t1.17\t1.13\nDiluted\t0.85\t1.16\t1.12\n", "q10k_tbl_132": "Year Ended December 31\t2020\t2019\t2018\nAverage shares excluded from the diluted earnings per common share calculation\t22375\t0\t81\n", "q10k_tbl_133": "\tActual\t\tWell-Capitalized Requirements (1)\t\tMinimum Capital Requirements plus Capital Conservation Buffer\t\n(dollars in millions)\tAmount\tRatio\tAmount\tRatio\tAmount\tRatio\nAs of December 31 2020\t\t\t\t\t\t\nF.N.B. Corporation:\t\t\t\t\t\t\nTotal capital\t3324\t12.33%\t2695\t10.00%\t2830\t10.50%\nTier 1 capital\t2759\t10.24\t1617\t6.00\t2291\t8.50\nCommon equity tier 1\t2652\t9.84\tn/a\tn/a\t1886\t7.00\nLeverage\t2759\t7.83\tn/a\tn/a\t1410\t4.00\nRisk-weighted assets\t26948\t\t\t\t\t\nFNBPA:\t\t\t\t\t\t\nTotal capital\t3400\t12.64\t2690\t10.00\t2825\t10.50\nTier 1 capital\t2882\t10.71\t2152\t8.00\t2287\t8.50\nCommon equity tier 1\t2802\t10.42\t1749\t6.50\t1883\t7.00\nLeverage\t2882\t8.19\t1760\t5.00\t1408\t4.00\nRisk-weighted assets\t26902\t\t\t\t\t\nAs of December 31 2019\t\t\t\t\t\t\nF.N.B. Corporation:\t\t\t\t\t\t\nTotal capital\t3174\t11.81%\t2687\t10.00%\t2821\t10.50%\nTier 1 capital\t2632\t9.79\t1612\t6.00\t2284\t8.50\nCommon equity tier 1\t2525\t9.40\tn/a\tn/a\t1881\t7.00\nLeverage\t2632\t8.20\tn/a\tn/a\t1283\t4.00\nRisk-weighted assets\t26866\t\t\t\t\t\nFNBPA:\t\t\t\t\t\t\nTotal capital\t3039\t11.34\t2681\t10.00\t2815\t10.50\nTier 1 capital\t2841\t10.60\t2144\t8.00\t2279\t8.50\nCommon equity tier 1\t2761\t10.30\t1742\t6.50\t1876\t7.00\nLeverage\t2841\t8.87\t1601\t5.00\t1281\t4.00\nRisk-weighted assets\t26806\t\t\t\t\t\n", "q10k_tbl_134": "Year Ended December 31\t2020\t2019\t2018\n(in millions)\t\t\t\nInterest paid on deposits and other borrowings\t216\t329\t230\nIncome taxes paid\t57\t40\t19\nTransfers of loans to other real estate owned\t3\t15\t12\nLoans transferred to held for sale from portfolio\t537\t389\t0\nLoans transferred to portfolio from held for sale\t0\t110\t0\n", "q10k_tbl_135": "(in millions)\tCommunity Banking\tWealth Manage- ment\tInsurance\tParent and Other\tConsolidated\nAt or for the Year Ended December 31 2020\t\t\t\t\t\nInterest income\t1129\t0\t0\t1\t1130\nInterest expense\t188\t0\t0\t20\t208\nNet interest income\t941\t0\t0\t(19)\t922\nProvision for credit losses\t123\t0\t0\t0\t123\nNon-interest income\t233\t49\t22\t(10)\t294\nNon-interest expense (1)\t675\t35\t19\t8\t737\nAmortization of intangibles\t12\t0\t1\t0\t13\nIncome tax expense (benefit)\t61\t3\t0\t(7)\t57\nNet income (loss)\t303\t11\t2\t(30)\t286\nTotal assets\t37245\t38\t35\t36\t37354\nTotal intangibles\t2279\t9\t28\t0\t2316\nAt or for the Year Ended December 31 2019\t\t\t\t\t\nInterest income\t1245\t0\t0\t2\t1247\nInterest expense\t310\t0\t0\t20\t330\nNet interest income\t935\t0\t0\t(18)\t917\nProvision for credit losses\t44\t0\t0\t0\t44\nNon-interest income\t237\t46\t20\t(9)\t294\nNon-interest expense (1)\t621\t34\t17\t10\t682\nAmortization of intangibles\t13\t0\t1\t0\t14\nIncome tax expense (benefit)\t88\t3\t0\t(7)\t84\nNet income (loss)\t406\t9\t2\t(30)\t387\nTotal assets\t34491\t32\t35\t57\t34615\nTotal intangibles\t2291\t10\t28\t0\t2329\n", "q10k_tbl_136": "(in millions)\tCommunity Banking\tWealth Manage- ment\tInsurance\tConsumer Finance\tParent and Other\tConsolidated\nAt or for the Year Ended December 31 2018\t\t\t\t\t\t\nInterest income\t1145\t0\t0\t25\t0\t1170\nInterest expense\t219\t0\t0\t2\t17\t238\nNet interest income\t926\t0\t0\t23\t(17)\t932\nProvision for credit losses\t54\t0\t0\t6\t1\t61\nNon-interest income\t213\t44\t16\t2\t1\t276\nNon-interest expense (1)\t609\t33\t17\t15\t5\t679\nAmortization of intangibles\t15\t1\t0\t0\t0\t16\nIncome tax expense (benefit)\t82\t2\t0\t1\t(6)\t79\nNet income (loss)\t379\t8\t(1)\t3\t(16)\t373\nTotal assets\t32997\t26\t25\t0\t54\t33102\nTotal intangibles\t2304\t10\t20\t0\t0\t2334\n", "q10k_tbl_137": "(in millions)\tLevel 1\tLevel 2\tLevel 3\tTotal\nDecember 31 2020\t\t\t\t\nAssets Measured at Fair Value\t\t\t\t\nDebt securities available for sale\t\t\t\t\nU.S. Treasury\t600\t0\t0\t600\nU.S. government agencies\t0\t172\t0\t172\nU.S. government-sponsored entities\t0\t161\t0\t161\nResidential mortgage-backed securities\t\t\t\t\nAgency mortgage-backed securities\t0\t994\t0\t994\nAgency collateralized mortgage obligations\t0\t1124\t0\t1124\nCommercial mortgage-backed securities\t0\t378\t0\t378\nStates of the U.S. and political subdivisions (municipals)\t0\t32\t0\t32\nOther debt securities\t0\t2\t0\t2\nTotal debt securities available for sale\t600\t2863\t0\t3463\nLoans held for sale\t0\t144\t0\t144\nDerivative financial instruments\t\t\t\t\nTrading\t0\t349\t0\t349\nNot for trading\t0\t3\t24\t27\nTotal derivative financial instruments\t0\t352\t24\t376\nTotal assets measured at fair value on a recurring basis\t600\t3359\t24\t3983\nLiabilities Measured at Fair Value\t\t\t\t\nDerivative financial instruments\t\t\t\t\nTrading\t0\t37\t0\t37\nNot for trading\t0\t3\t0\t3\nTotal derivative financial instruments\t0\t40\t0\t40\nTotal liabilities measured at fair value on a recurring basis\t0\t40\t0\t40\n", "q10k_tbl_138": "(in millions)\tLevel 1\tLevel 2\tLevel 3\tTotal\nDecember 31 2019\t\t\t\t\nAssets Measured at Fair Value\t\t\t\t\nDebt securities available for sale\t\t\t\t\nU.S. government agencies\t0\t151\t0\t151\nU.S. government-sponsored entities\t0\t226\t0\t226\nResidential mortgage-backed securities\t\t\t\t\nAgency mortgage-backed securities\t0\t1314\t0\t1314\nAgency collateralized mortgage obligations\t0\t1240\t0\t1240\nCommercial mortgage-backed securities\t0\t345\t0\t345\nStates of the U.S. and political subdivisions (municipals)\t0\t11\t0\t11\nOther debt securities\t0\t2\t0\t2\nTotal debt securities available for sale\t0\t3289\t0\t3289\nLoans held for sale\t0\t41\t0\t41\nDerivative financial instruments\t\t\t\t\nTrading\t0\t149\t0\t149\nNot for trading\t0\t2\t3\t5\nTotal derivative financial instruments\t0\t151\t3\t154\nTotal assets measured at fair value on a recurring basis\t0\t3481\t3\t3484\nLiabilities Measured at Fair Value\t\t\t\t\nDerivative financial instruments\t\t\t\t\nTrading\t0\t24\t0\t24\nNot for trading\t0\t1\t0\t1\nTotal derivative financial instruments\t0\t25\t0\t25\nTotal liabilities measured at fair value on a recurring basis\t0\t25\t0\t25\n", "q10k_tbl_139": "(in millions)\tInterest Rate Lock Commitments\tTotal\nYear Ended December 31 2020\t\t\nBalance at beginning of period\t3\t3\nPurchases issuances sales and settlements:\t\t\nIssuances\t24\t24\nSettlements\t(3)\t(3)\nBalance at end of period\t24\t24\nYear Ended December 31 2019\t\t\nBalance at beginning of period\t1\t1\nPurchases issuances sales and settlements:\t\t\nIssuances\t3\t3\nSettlements\t(1)\t(1)\nBalance at end of period\t3\t3\n", "q10k_tbl_140": "(in millions)\tLevel 1\tLevel 2\tLevel 3\tTotal\nDecember 31 2020\t\t\t\t\nCollateral dependent loans\t0\t0\t45\t45\nOther real estate owned\t0\t0\t3\t3\nOther assets - SBA servicing asset\t0\t0\t3\t3\nOther assets - MSRs\t0\t0\t36\t36\nDecember 31 2019\t\t\t\t\nImpaired loans\t0\t0\t5\t5\nOther real estate owned\t0\t0\t4\t4\nOther assets - SBA servicing asset\t0\t0\t3\t3\nOther assets - MSRs\t0\t0\t30\t30\n", "q10k_tbl_141": "\t\t\tFair Value Measurements\t\t\n(in millions)\tCarrying Amount\tFair Value\tLevel 1\tLevel 2\tLevel 3\nDecember 31 2020\t\t\t\t\t\nFinancial Assets\t\t\t\t\t\nCash and cash equivalents\t1383\t1383\t1383\t0\t0\nDebt securities available for sale\t3463\t3463\t600\t2863\t0\nDebt securities held to maturity\t2868\t2973\t0\t2973\t0\nNet loans and leases including loans held for sale\t25250\t25012\t0\t144\t24868\nLoan servicing rights\t39\t39\t0\t0\t39\nDerivative assets\t376\t376\t0\t352\t24\nAccrued interest receivable\t90\t90\t90\t0\t0\nFinancial Liabilities\t\t\t\t\t\nDeposits\t29122\t29158\t25460\t3698\t0\nShort-term borrowings\t1804\t1809\t1809\t0\t0\nLong-term borrowings\t1095\t1068\t0\t0\t1068\nDerivative liabilities\t40\t40\t0\t40\t0\nAccrued interest payable\t13\t13\t13\t0\t0\nDecember 31 2019\t\t\t\t\t\nFinancial Assets\t\t\t\t\t\nCash and cash equivalents\t599\t599\t599\t0\t0\nDebt securities available for sale\t3289\t3289\t0\t3289\t0\nDebt securities held to maturity\t3275\t3305\t0\t3305\t0\nNet loans and leases including loans held for sale\t23144\t22930\t0\t41\t22889\nLoan servicing rights\t46\t48\t0\t0\t48\nDerivative assets\t154\t154\t0\t151\t3\nAccrued interest receivable\t109\t109\t109\t0\t0\nFinancial Liabilities\t\t\t\t\t\nDeposits\t24786\t24797\t20058\t4739\t0\nShort-term borrowings\t3216\t3219\t3219\t0\t0\nLong-term borrowings\t1340\t1355\t0\t0\t1355\nDerivative liabilities\t25\t25\t0\t25\t0\nAccrued interest payable\t21\t21\t21\t0\t0\n", "q10k_tbl_142": "Balance Sheets (in millions) December 31\t2020\t2019\nAssets\t\t\nCash and cash equivalents\t380\t251\nOther assets\t10\t18\nInvestment in bank subsidiary\t5064\t5072\nInvestments in and advances to non-bank subsidiaries\t371\t104\nTotal Assets\t5825\t5445\nLiabilities\t\t\nOther liabilities\t40\t34\nAdvances from affiliates\t197\t197\nLong-term borrowings\t621\t323\nSubordinated notes:\t\t\nShort-term\t7\t7\nLong-term\t1\t1\nTotal Liabilities\t866\t562\nStockholders' Equity\t4959\t4883\nTotal Liabilities and Stockholders' Equity\t5825\t5445\n", "q10k_tbl_143": "Statements of Income (in millions) Year Ended December 31\t2020\t2019\t2018\nIncome\t\t\t\nDividend income from subsidiaries:\t\t\t\nBank\t300\t179\t162\nNon-bank\t4\t2\t8\n\t304\t181\t170\nInterest income\t6\t0\t4\nOther income\t0\t0\t5\nTotal Income\t310\t181\t179\nExpenses\t\t\t\nInterest expense\t25\t19\t20\nOther expenses\t18\t18\t15\nTotal Expenses\t43\t37\t35\nIncome Before Taxes and Equity in Undistributed Income of Subsidiaries\t267\t144\t144\nIncome tax benefit\t7\t7\t6\n\t274\t151\t150\nEquity in undistributed income (loss) of subsidiaries:\t\t\t\nBank\t15\t236\t225\nNon-bank\t(3)\t0\t(2)\nNet Income\t286\t387\t373\n", "q10k_tbl_144": "Statements of Cash Flows (in millions) Year Ended December 31\t2020\t2019\t2018\nOperating Activities\t\t\t\nNet income\t286\t387\t373\nAdjustments to reconcile net income to net cash flows from operating activities:\t\t\t\nUndistributed earnings from subsidiaries\t(12)\t(236)\t(222)\nOther net\t13\t2\t(13)\nNet cash flows provided by operating activities\t287\t153\t138\nInvesting Activities\t\t\t\nProceeds from sale of securities available for sale\t0\t0\t1\nNet decrease in advances to subsidiaries\t0\t0\t20\nPayment for further investment in subsidiaries\t(270)\t(47)\t(22)\nNet cash received in business combinations\t0\t0\t123\nNet cash flows (used in) provided by investing activities\t(270)\t(47)\t122\nFinancing Activities\t\t\t\nNet decrease in advance from affiliate\t0\t0\t(19)\nNet decrease in short-term borrowings\t0\t0\t(1)\nDecrease in long-term debt\t(4)\t(77)\t(2)\nIncrease in long-term debt\t302\t121\t1\nOther net\t(21)\t12\t14\nCash dividends paid:\t\t\t\nPreferred stock\t(8)\t(8)\t(8)\nCommon stock\t(157)\t(157)\t(157)\nNet cash flows provided by (used in) financing activities\t112\t(109)\t(172)\nNet Increase (Decrease) in Cash and Cash Equivalents\t129\t(3)\t88\nCash and cash equivalents at beginning of year\t251\t254\t166\nCash and Cash Equivalents at End of Year\t380\t251\t254\nCash paid during the year for:\t\t\t\nInterest\t26\t20\t17\n", "q10k_tbl_145": "(Dollars in millions except per share data)\t\t\t\t\nQuarter Ended 2020\tDec. 31\tSept. 30\tJune 30\tMar. 31\nTotal interest income\t270\t273\t281\t306\nTotal interest expense\t36\t46\t52\t74\nNet interest income\t234\t227\t229\t232\nProvision for credit losses\t18\t27\t30\t48\nTotal non-interest income\t68\t80\t77\t69\nTotal non-interest expense\t199\t180\t176\t195\nNet income\t72\t83\t84\t47\nNet income available to common stockholders\t70\t81\t82\t45\nPer Common Share\t\t\t\t\nBasic earnings per share\t0.22\t0.25\t0.25\t0.14\nDiluted earnings per share\t0.22\t0.25\t0.25\t0.14\nQuarter Ended 2019\t\t\t\t\nTotal interest income\t306\t314\t317\t310\nTotal interest expense\t80\t84\t87\t79\nNet interest income\t226\t230\t230\t231\nProvision for credit losses\t7\t12\t11\t14\nOther non-interest income\t74\t80\t75\t65\nTotal non-interest expense\t177\t178\t175\t166\nNet income\t95\t103\t95\t94\nNet income available to common stockholders\t93\t101\t93\t92\nPer Common Share\t\t\t\t\nBasic earnings per share\t0.29\t0.31\t0.29\t0.28\nDiluted earnings per share\t0.29\t0.31\t0.29\t0.28\n", "q10k_tbl_146": "Plan Category\tNumber of Securities to be Issued Upon Exercise of Outstanding Stock Options Warrants and Rights\t\tWeighted Average Exercise Price of Outstanding Stock Options Warrants and Rights\tNumber of Securities Remaining for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a))\t\n\t(a)\t\t(b)\t(c)\t\nEquity compensation plans approved by security holders\t4322115\t(1)\tn/a\t5504721\t(2)\nEquity compensation plans not approved by security holders\t196086\t(3)\t8.61\tn/a\t\n", "q10k_tbl_147": "Exhibit Number\tDescription\n2.1.\tPlan of Conversion of F.N.B. Corporation (incorporated by reference to Exhibit 2.1. to FNB's Current Report on Form 8-K filed on August 30 2016).\n3.1.\tArticles of Incorporation of F.N.B. Corporation effective as of August 30 2016 (Incorporated by reference to Exhibit 3.1. of FNB's Current Report on Form 8-K filed on August 30 2016).\n3.2.\tBylaws of F.N.B. Corporation effective as of February 26 2020 (Incorporated by reference to Exhibit 3.2 of FNB's Annual Report on Form 10-K for the fiscal year ended December 31 2019).\n4.3.\tDeposit Agreement dated as of November 1 2013 by and between F.N.B. Corporation and Computershare Limited (successor in interest to Registrar and Transfer Company) as Depositary (incorporated by reference to Exhibit 4.1. of FNB's Current Report on Form 8-K filed on November 1 2013).\n4.4.\tSpecimen Stock Certificate for Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock Series E (incorporated by reference to Exhibit 4.5. of FNB's Amendment No. 1 to Form 8-A filed on August 30 2016).\n4.5.\tForm of Depositary Receipt (included as Exhibit A to Exhibit 4.3. above).\n4.6.\tAssignment and Assumption Agreement between and among FNB Computershare Trust Company N.A. as successor-in-interest to Registrar and Transfer Company and The Bank of New York Mellon dated May 10 2017 (Incorporated by reference to Exhibit 4.1 of FNB'S Current Report on Form 8-K filed on May 15 2017).\n4.7.\tAmendment to Deposit Agreement made on May 10 2017 between FNB and The Bank of New York Mellon (Incorporated by reference to Exhibit 4.2 of FNB's Current Report on Form 8-K filed on May 15 2017).\n4.8\tDescription of the Registrants securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 as amended. (Incorporated by reference to Exhibit 4.8 of FNB's Annual Report on Form 10-K for the fiscal year ended December 31 2019.)\n4.9.\tThere are no instruments with respect to long-term debt of FNB and its subsidiaries that involve securities authorized under the instrument in an amount exceeding 10 percent of the total assets of FNB and its subsidiaries on a consolidated basis. FNB agrees to provide the SEC with a copy of instruments defining the rights of holders of long-term debt of FNB and its subsidiaries upon request.\n10.1. (P)\tForm of Deferred Compensation Agreement by and between First National Bank of Pennsylvania and four of our executive officers. (Incorporated by reference to Exhibit 10.3. of FNB's Annual Report on Form 10-K for the fiscal year ended December 31 1993 (File No. 000-08144)). *\n10.3.\tAmendment to Deferred Compensation Agreement of Stephen J. Gurgovits. (Incorporated by reference to Exhibit 10.2. of FNB's Current Report on Form 8-K filed on December 22 2008). *\n10.4. (P)\tBasic Retirement Plan (formerly the Supplemental Executive Retirement Plan) of F.N.B. Corporation effective January 1 1992. (Incorporated by reference to Exhibit 10.9. of FNB's Annual Report on Form 10-K for the fiscal year ended December 31 1993 (File No. 000-08144)). *\n10.6.\tF.N.B. Corporation Incentive Compensation Plan. (Incorporated by reference to Annex B of FNB's 2020 Proxy Statement filed on March 27 2020). *\n10.10.\tForm of Indemnification Agreement for directors. (Incorporated by reference to Exhibit 10.1. of FNB's Current Report on Form 8-K filed on September 23 2008). *\n", "q10k_tbl_148": "Exhibit Number\tDescription\n10.11.\tForm of Indemnification Agreement for officers. (Incorporated by reference to Exhibit 10.2. of FNB's Current Report on Form 8-K filed on September 23 2008). *\n10.12.\tEmployment Agreement between F.N.B. Corporation First National Bank of Pennsylvania and Vincent J. Delie Jr. (Incorporated by reference to Exhibit 10.1. of FNB's Current Report on Form 8-K filed on December 21 2010). *\n10.13.\tEmployment Agreement between F.N.B. Corporation and Vincent J. Calabrese. (Incorporated by reference to Exhibit 10.1. of FNB's Current Report on Form 8-K filed on February 26 2013). *\n10.15.\tForm of Performance-Based Restricted Stock Unit Award Agreement. (Incorporated by reference to Exhibit 10.1. of FNB's Current Report on Form 8-K filed on April 6 2018).*\n10.16.\tForm of Time-Based Restricted Stock Unit Award Agreement. (Incorporated by reference to Exhibit 10.2. of FNB's Current Report on Form 8-K filed on April 6 2018).*\n14.\tCode of Ethics. (Incorporated by reference to Exhibit 99.3. of FNB's Annual Report on Form 10-K for the fiscal year ended December 31 2009). *\n21.\tSubsidiaries of the Registrant. (filed herewith).\n23.\tConsent of Ernst & Young LLP Independent Registered Public Accounting Firm. (filed herewith).\n31.1.\tCertification of Chief Executive Officer Sarbanes-Oxley Act Section 302. (filed herewith).\n31.2.\tCertification of Chief Financial Officer Sarbanes-Oxley Act Section 302. (filed herewith).\n32.1.\tCertification of Chief Executive Officer Sarbanes-Oxley Act Section 906. (furnished herewith).\n32.2.\tCertification of Chief Financial Officer Sarbanes-Oxley Act Section 906. (furnished herewith).\n101.INS\tInline 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.\n101.SCH\tInline XBRL Taxonomy Extension Schema Document.\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document.\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document.\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase Document.\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document.\n104\tCover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).\n", "q10k_tbl_149": "/s/ Vincent J. Delie Jr.\tChairman President and Chief Executive Officer\tFebruary 25 2021\nVincent J. Delie Jr.\t(Principal Executive Officer)\t\n/s/ Vincent J. Calabrese Jr.\tChief Financial Officer\tFebruary 25 2021\nVincent J. Calabrese Jr.\t(Principal Financial Officer)\t\n/s/ James L. Dutey\tCorporate Controller and Senior Vice President\tFebruary 25 2021\nJames L. Dutey\t(Principal Accounting Officer)\t\n/s/ Pamela A. Bena\tDirector\tFebruary 25 2021\nPamela A. Bena\t\t\n/s/ William B. Campbell\tDirector\tFebruary 25 2021\nWilliam B. Campbell\t\t\n/s/ James D. Chiafullo\tDirector\tFebruary 25 2021\nJames D. Chiafullo\t\t\n/s/ Mary Jo Dively\tDirector\tFebruary 25 2021\nMary Jo Dively\t\t\n/s/ Robert A. Hormell\tDirector\tFebruary 25 2021\nRobert A. Hormell\t\t\n/s/ David J. Malone\tDirector\tFebruary 25 2021\nDavid J. Malone\t\t\n/s/ Frank C. Mencini\tDirector\tFebruary 25 2021\nFrank C. Mencini\t\t\n/s/ David L. Motley\tDirector\tFebruary 25 2021\nDavid L. Motley\t\t\n/s/ Heidi A. Nicholas\tDirector\tFebruary 25 2021\nHeidi A. Nicholas\t\t\n"}{"bs": "q10k_tbl_50", "is": "q10k_tbl_5", "cf": "q10k_tbl_54"}None
Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
For the fiscal year ended December 31, 2020
☐
Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
For the transition period from to
Commission file number 001-31940
F.N.B. CORPORATION
(Exact name of registrant as specified in its charter)
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)
Registrant’s telephone number, including area code: 800-555-5455
Securities registered pursuant to Section 12(b) of the Act:
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
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
☒
Accelerated Filer
☐
Non-accelerated Filer
☐
Smaller reporting company
☐
Emerging Growth Company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The aggregate market value of the registrant’s outstanding voting common stock held by non-affiliates on June 30, 2020, determined using a per share closing price on that date of $7.50, as quoted on the New York Stock Exchange, was $2,364,996,210.
As of January 31, 2021, the registrant had outstanding 321,523,121 shares of common stock.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of F.N.B. Corporation’s definitive proxy statement to be filed pursuant to Regulation 14A for the Annual Meeting of Stockholders to be held on May 11, 2021 are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14, of this Annual Report on Form 10-K. F.N.B. Corporation will file its definitive proxy statement with the Securities and Exchange Commission on or before April 15, 2021.
Forward-Looking Statements: From time to time F.N.B. Corporation has made and may continue to make written or oral forward-looking statements with respect to our outlook or expectations for earnings, revenues, expenses, capital levels, asset quality or other future financial or business performance, strategies or expectations, or the impact of legal, regulatory or supervisory matters on our business operations or performance. This Annual Report on Form 10-K (the Report) also includes forward-looking statements. See Cautionary Statement Regarding Forward-Looking Information in Item 7 of this Report.
The terms “FNB,” “the Corporation,” “we,” “us” and “our” throughout this Report mean F.N.B. Corporation and its subsidiaries, when appropriate.
ITEM 1. BUSINESS
Overview
We are a Pennsylvania corporation, a bank holding company and a financial holding company. With our subsidiaries, we have been in business since 1864. Our principal executive office is located at 12 Federal Street, Pittsburgh, Pennsylvania 15212. As a diversified financial services holding company, FNB, through our subsidiaries, provides a full range of financial services, principally to consumers, corporations, governments and small- to medium-sized businesses in our market areas through our subsidiary network, which is led by our largest subsidiary, FNBPA. Our business strategy focuses primarily on providing quality, consumer- and commercial-based financial services adapted to the needs of each of the markets we serve. We seek to maintain our community orientation by providing local management with certain autonomy in decision making, enabling them to respond to customer requests more quickly and to concentrate on transactions within their market areas. We seek to preserve some decision making at a local level, however, we have centralized legal, loan review, credit underwriting, accounting, investment, audit, loan operations, deposit operations and data processing functions. The centralization of these processes enables us to maintain consistent quality of these functions and to achieve certain economies of scale.
As of December 31, 2020, we have three reportable business segments: Community Banking, Wealth Management and Insurance, with the remaining operations described in Other. As of December 31, 2020, we have 358 Community Banking offices in Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina and Virginia.
As of December 31, 2020, we had total assets of $37.4 billion, loans of $25.5 billion and deposits of $29.1 billion. See Item 7, MD&A, and Item 8, “Financial Statements and Supplementary Data,” of this Report.
Internet Information
Our website is at http://www.fnb-online.com and information regarding FNB and investor relations is located under the heading, "About Us." We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We generally post and make accessible before or promptly following first use of financially-related press releases, including earnings releases and supplemental financial information, various SEC filings, including annual, quarterly and current reports and proxy statements, presentation materials associated with earnings and other investor calls or events on our corporate website. Under some circumstances, the information may be relevant to investors but be directed to customers, in which case it may be accessed directly through our websites home page rather than “About Us-Investor Information.” Investors should monitor the Investor Relations portion of our website, in addition to following our press releases, SEC filings, public conference calls and webcasts. For earnings and other conference calls or events, we generally include in our posted materials a cautionary statement regarding forward-looking and non-GAAP financial information, and we provide GAAP reconciliations when we provide non-GAAP financial information. Such GAAP reconciliations may be in materials for the applicable presentations, in materials for prior presentations or in our annual, quarterly or current reports.
Securities and Exchange Commission Reports and Corporate Governance Information
We are subject to the informational requirements of the Securities Exchange Act of 1934 (Exchange Act) and, in accordance with the Exchange Act, we file annual, quarterly and current reports, proxy statements, and other information with the SEC. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available on the "About Us" portion of our website under the heading Investor Information (accessible by clicking on the SEC Filings link) as soon as reasonably practicable after we electronically file such reports with, or furnish them to, the SEC and at the SEC’s website, www.sec.gov.
Notwithstanding the foregoing, the information contained on our website as referenced in this paragraph is not incorporated by reference into this Annual Report on Form 10-K. Also, under the "About Us" portion of our website under the heading Investor Information you may click on Corporate Governance to view the following: (i) our Code of Conduct and Code of Ethics; (ii) our Corporate Governance Guidelines; (iii) the charter of each active committee of our Board of Directors; and (iv) Policy With Respect to Related Persons Transactions. We also intend to disclose any amendments to our Code of Conduct and waivers of our Code of Conduct required to be disclosed by the rules of the SEC and the NYSE on the Investor Information portion of our website. All of these corporate governance materials are also available free of charge in print to shareholders who request them in writing to: F.N.B. Corporation, Attention: Office of the Corporate Secretary, 12 Federal Street, 5th Floor, Pittsburgh, Pennsylvania, 15212.
Our registered investment adviser subsidiary is subject to the Investment Advisers Act of 1940 and related rules and regulations promulgated by the SEC. Our investment adviser subsidiary is also subject to additional regulation by states or local jurisdictions. The SEC has active enforcement functions that oversee investment advisers and can bring actions that result in fines, restitution, a limitation on permitted activities, disqualification to continue to conduct certain activities and an inability to rely on certain favorable exemptions. Certain types of infractions and violations also can affect our ability to expeditiously issue new securities into the capital markets.
Business Segments
In addition to the following information relating to our business segments, more detailed information is contained in Note 24, “Business Segments” in the Notes to Consolidated Financial Statements, which is included in Item 8 of this Report. As of December 31, 2020, FNB had three business segments, with the largest being the Community Banking segment consisting of a regional community bank. The Wealth Management segment consists of a trust company, a registered investment advisor and a subsidiary that offers broker-dealer services through a third-party networking arrangement with a non-affiliated licensed broker-dealer entity. The Insurance segment consists of an insurance agency and a reinsurer.
Community Banking
Our Community Banking segment consists of FNBPA, which offers commercial and consumer banking services. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. Consumer banking products and services include deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. Additionally, Bank Capital Services, LLC, a subsidiary of FNBPA, offers commercial loans and leases to customers in need of new or used equipment. As of December 31, 2020, our Community Banking segment operated in seven states and the District of Columbia. Our branch network spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina.
The goals of the Community Banking segment are to generate high-quality, profitable revenue growth through increased business with our current customers, attract new customer relationships through FNBPA’s current branches and expand into new and existing markets through de novo branch openings and the establishment of loan production offices. We consider the Community Banking segment an important source of revenue opportunity through the cross-selling of products and services offered by our other business segments.
The lending philosophy of the Community Banking segment is to establish high-quality customer relationships, while minimizing credit losses by following strict credit approval standards (which include independent analysis of realizable collateral value), diversifying our loan portfolio by industry, geography, product and borrower, and conducting ongoing review and management of the loan portfolio. Commercial loans are generally made to established businesses within the geographic market areas served by the Community Banking segment.
The Community Banking segment maintains formal policies which establish underwriting standards and processes. Our commercial loan policy requires, among other things, that commercial loans be underwritten to document the borrower’s financial capacity to support the cash flow required to repay the loan. The commercial loan policy also contains additional guidelines and requirements applicable to specific loan products or lines of business. Consumer loan products are designed to meet the diverse credit needs of consumers in our markets for personal and household purposes. Our consumer loan policies and procedures require prospective borrowers to provide appropriate and accurate financial information that will assist our loan underwriting personnel in making credit decisions. Specific information requirements vary based on loan type, risk profile and secondary investor requirements where applicable.
No material portion of the loans or deposits of the Community Banking segment has been obtained from a single customer or small group of customers, and the loss of any one customer’s loans or deposits or a small group of customers’ loans or deposits by the Community Banking segment would not have a material adverse effect on the Community Banking segment or on FNB. The substantial majority of the loans and deposits have been generated within the geographic market areas in which the Community Banking segment operates.
Wealth Management
Our Wealth Management segment delivers wealth management services to individuals, corporations and retirement funds, as well as existing customers of the Community Banking segment, located primarily within our geographic markets.
Our Wealth Management operations are conducted through three subsidiaries of FNBPA. FNTC provides a broad range of personal and corporate fiduciary services, including the administration of decedent and trust estates. As of December 31, 2020, the fair value of trust assets under management was approximately $7.1 billion. FNTC is required to maintain certain minimum capitalization levels in accordance with regulatory requirements. FNTC periodically measures its capital position to ensure all minimum capitalization levels are maintained.
Our Wealth Management segment also includes two other subsidiaries. First National Investment Services Company, LLC offers a broad array of investment products and services for customers of the Wealth Management segment through a networking relationship with a third-party licensed brokerage firm. FNBIA, an investment advisor registered with the SEC, offers customers of the Wealth Management segment comprehensive investment programs featuring mutual funds, annuities, stocks and bonds.
No material portion of the business of the Wealth Management segment has been obtained from a single customer or small group of customers, and the loss of any one customer’s business or the business of a small group of customers by the Wealth Management segment would not have a material adverse effect on the Wealth Management segment or on FNB.
Insurance
Our Insurance segment operates principally through FNIA, which is a subsidiary of FNB. FNIA is a full-service insurance brokerage agency offering numerous lines of commercial and personal insurance through major carriers to businesses and individuals primarily within FNB’s geographic markets. The goal of FNIA is to grow revenue through cross-selling to existing clients of the Community Banking segment and to gain new clients through its own channels.
Our Insurance segment also includes a reinsurance subsidiary, Penn-Ohio. Penn-Ohio is not actively underwriting new policies. Additionally, FNBPA owns a direct subsidiary, First National Corporation, which offers title insurance products.
No material portion of the business of the Insurance segment has been obtained from a single customer or small group of customers, and the loss of any one customer’s business or the business of a small group of customers by the Insurance segment would not have a material adverse effect on the Insurance segment or on FNB.
Other
We also operate other non-banking subsidiaries which are not considered to be reportable segments of FNB. F.N.B. Capital Corporation, LLC (FNBCC) was formed as a merchant banking subsidiary to offer mezzanine financing options for small- to medium-sized businesses that need financial assistance beyond the parameters of typical commercial bank lending products. FNBCC has a 22.5% funding commitment in Tecum Capital Partners, L.P. (formerly known as F.N.B. Capital Partners, L.P.) (Tecum), a Small Business Investment Company licensed by the U.S. SBA. Tecum is not an affiliate or a subsidiary of FNB. We have three companies that issued TPS to third-party investors: F.N.B. Statutory Trust II, Yadkin Valley Statutory Trust I and FNB Financial Services Capital Trust I, the last two of which were acquired in conjunction with the YDKN acquisition. FNB Financial Services, Inc. and FNB Consumer Financial Services, Inc. are subsidiaries of FNB and are the general partner and limited partner, respectively, of FNB Financial Services, LP, a company established to issue, administer and repay subordinated notes. The proceeds received from these subordinated note issuances are a general funding source for FNB. Certain financial information concerning these subsidiaries, along with the parent company and intercompany eliminations, are included in the “Parent and Other” category in Note 24, “Business Segments” in the Notes to Consolidated Financial Statements, which is included in Item 8 of this Report.
We operate in seven states and the District of Columbia. Our market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina.
We compete for loans, deposits and financial services business with a large number of bank and non-bank financial institutions and other lenders engaged in the business of extending credit, including financial technology companies and marketplace lenders. Competition for loans comes principally from commercial banks, savings banks, mortgage banking companies, credit unions, insurance companies and other financial services companies. The most direct competition for deposits comes from commercial banks, savings banks and credit unions. Additional competition for deposits comes from non-depository competitors such as financial technology companies, mutual funds, securities and brokerage firms and insurance companies. In providing wealth and asset management services, as well as insurance brokerage services, our subsidiaries compete with many other financial services firms, brokerage firms, mutual fund complexes, investment management firms, trust and fiduciary service providers and insurance agencies. Competition for loans and deposits depends on a number of factors, including, among others, customer service, quality and range of products and services offered, price, reputation, interest rates on loans and deposits and lending limits. Also, our ability to continue to compete effectively depends in large part on retaining and motivating our employees and our ability to attract new employees, while effectively managing compensation and other expenses.
The ability to deploy and use technology effectively is an important competitive factor in the financial services industry. Technology is not only important with respect to the delivery of financial services, risk management, regulatory compliance and security of customer information, but also in processing information. FNB and each of our subsidiaries must continually make technological investments to remain competitive in the financial services industry. FNBPA has executed several initiatives that have integrated and streamlined its physical branch and e-delivery channels.
Human Capital
We are committed to the attraction, retention, and development of exceptional talent. This commitment also extends to building a diverse workforce that reflects different cultures, ethnicities and backgrounds which foster creativity, innovation, and overall success. To support this focus on our human capital, we employ several strategies to foster an engaged workforce in a safe environment that helps to identify, promote and grow future leaders. Our special culture has contributed to the nearly 30 workplace awards we have received over the past decade. In early 2021, we continued to add to this impressive list with our first-ever national recognition as an employer, having been named a Top Workplace U.S.A. by Energage, an independent research firm, based on employee feedback. As part of this award program, we were also named a national Top Workplace in the financial services industry. As of January 31, 2021, FNB and our subsidiaries had 3,819 full-time and 378 part-time employees.
Recruitment. We are committed to building a diverse and inclusive workforce and have found great success cultivating and fostering mutually beneficial partnerships with job and recruiting centers, colleges and universities and organizations that help to identify and attract diverse candidates. In addition to posting positions with these organizations, our leaders participate in events hosted by these partners to further our brand as an employer of choice.
Employee Development. We focus resources on programs to develop leaders and promote internal advancement within the organization. This includes a mentor program, succession planning and a leadership program, all administered through our dedicated training department team to further develop the talent which our recruitment efforts have attracted.
Diversity. We have an active Diversity Council which takes a proactive, leadership role in promoting diversity, equity and inclusion in our culture. The Diversity Council is responsible for promoting an inclusive culture that attracts, retains and develops the best talent from a broad spectrum to create a diverse, highly productive workforce, at all levels of the organization. The Diversity Council supports our mission to build a workforce in which employees can learn, grow and prosper, and our commitment to diversity, equity and inclusion within the workforce. It supports both corporate and employee initiatives on diversity, equity and inclusion.
The membership composition of the Diversity Council reflects the diversity within our organization. In addition, the membership represents every region in the organization, and various lines of business and position levels.
Engagement. We regularly seek feedback from our employees and in 2020 conducted our biannual engagement survey. This engagement survey collects insights about employees’ experiences to help shape our future success. The results are reviewed at
various levels of the organization up to, and including, the Board of Directors. Managers create action plans targeting opportunities in areas that the survey highlights. Our scores in the overall engagement focus area, consistently place us in the outstanding category when compared across multiple industries.
Compensation. Our compensation philosophy is to create a program that supports our mission and values. The compensation program is a management tool that, when aligned with an effective communication plan, is designed to support, reinforce, and align our values, business strategy, operational and financial needs with our strategic goals.
We believe that compensation programs, through competitive base salary, short-term incentive plans, and long-term incentive plans, are essential for providing the behavior to set performance expectations, improving service quality and productivity, and recognizing contributions to our success.
The oversight and review of our compensation philosophy and programs are conducted by the Management Compensation Committee. This team, chaired by FNB’s Chairman, President and Chief Executive Officer, regularly meets to promote compensation programs that are equitable, to achieve a performance-driven work culture that generates company growth, rewarding employees for focusing on customer needs and demonstrating appropriate risk management behaviors.
At the start of 2020 we accomplished our goal to provide a minimum starting compensation of $15/hour, which was the final phase of a commitment started in 2018 to increase the financial commitment to entry level and front-line employees.
Values & Training. We strive to maintain sound financial practices and governance processes through a commitment to ethical behavior, a solid reputation and a firm record of compliance and stability that these strengths create, both within our Corporation and for our customers.
Employees complete quarterly and annual job specific training, including regulatory and compliance requirements, to increase knowledge of standards required of the financial services industry.
Additionally, employees are provided various avenues to report unethical behavior without repercussions to them, such as FNB’s Ethics Hotline. Employees are asked to report any issues that could result in financial or reputational harm to us.
Wellness. Our commitment to the personal and professional well-being of each employee extends beyond a competitive compensation and benefits package. Innovative employee-friendly programs and policies designed to help team members maintain a healthy, meaningful work/life balance by providing resources to support mental, physical and financial health are offered and regularly expanded. This includes parental and caregiver leave, adoption assistance and back-up child-care programs built to provide employees with the financial support and time away from work that they need to focus on their new family members.
Safety. Employee and customer safety are key concerns for us. The COVID-19 pandemic created unique challenges in 2020 that no organizations had faced before. Employee safety and support were key pillars to our response to the pandemic. Highlights of the employee actions we enacted in the spring of 2020 and throughout the remainder of the year include:
•Approximately half of the workforce was mobilized to a work-from-home arrangement by sourcing and procuring the necessary equipment and tools.
•Established an employee information portal updated daily with information related to the pandemic, adjusted operational procedures, and a robust employee Q&A process.
•Provided all employees additional days off and expanded existing leave programs to assist in supporting personal or family illness and childcare.
•Increased safety protocols such as personal protection equipment, sanitization protocols, thermal scanning devices, social distancing signage, furniture modification and other measures were implemented for the safety of employees that needed to continue to work in our facilities during the national emergency.
Government Supervision and Regulation
The following summary sets forth certain material elements of the regulatory framework applicable to FNB, FNBPA and our subsidiaries and affiliates. The financial services industry is subject to extensive regulatory oversight and, in particular, bank holding companies, banks and their affiliates (depending upon charter and business activities) are subject to supervision, regulation and examination by the FRB, OCC, FDIC, CFPB, SEC, FINRA and various state regulatory agencies. The statutory
and regulatory framework that governs FNB and our affiliates is generally intended to protect depositors and customers, the federal insurance fund, the U.S. banking and financial system, and financial markets as a whole; however, this framework is not specifically for the protection of security holders. Significant elements of the laws and regulations applicable to FNB and our affiliates are described in this section. To the extent that the following information describes statutory and regulatory provisions or governmental policies, such descriptions are qualified in their entirety by reference to the full text of the statutes, regulations and policies referenced herein. In addition, certain of FNB’s public disclosure, internal control environment, risk and capital management and corporate governance principles are subject to SOX, the Dodd-Frank Act, as modified by the 2018 Economic Growth Act, and related regulations and rules of the SEC under the Securities Act of 1933, as amended, and the Exchange Act. Also, FNB is subject to the rules of the NYSE for listed companies.
Political, economic, industry events and other factors typically result in the banking laws, regulations and policies to be continually subject to review by Congress, state legislatures and federal and state regulatory agencies. In addition to laws and regulations, state and federal bank regulatory agencies may issue policy statements, interpretive letters and similar written guidance, which sometimes materially changes regulatory expectations. Any change in the statutes, regulations or regulatory policies applicable to us, including changes in their interpretation, expectations or implementation, could have a material effect on our business or organization.
Both the scope of the laws and regulations, as well as expectations regarding risk management, and the intensity of the supervision to which we are subject have increased in recent years in response to the financial crisis, as well as other factors such as technological and market changes. Regulatory enforcement and fines have also significantly increased across the banking and financial services sector. Many of these changes have occurred as a result of the Dodd-Frank Act and its implementing regulations, most of which are now in place.
The OCC regulations implemented under the Economic Growth Act raised the minimum asset threshold for covered banks to conduct stress tests from $10 billion to $250 billion. This resulted in FNB and FNBPA no longer being subject to Dodd-Frank Act stress testing requirements, however we will continue to voluntarily perform capital stress testing consistent with the safety and soundness expectations of our banking regulators.
The Economic Growth Act also enacted several important changes in some technical compliance areas, for which the banking agencies have now issued certain corresponding guidance documents and/or proposed final rules, including:
•Prohibiting federal banking regulators from imposing higher capital standards on HVCRE exposures unless they are for ADC loans, and clarifying ADC status;
•Requiring the federal banking agencies to amend the LCR Rule such that all qualifying investment-grade, liquid and readily-marketable municipal securities are treated as level 2B liquid assets, making them more attractive investment alternatives;
•Exempting from appraisal requirements certain transactions involving real property in rural areas and valued at less than $400,000; and
•Directing the CFPB to provide guidance on the applicability of the TILA-RESPA Integrated Disclosure rule to mortgage assumption transactions and construction-to-permanent home loans, as well as the extent to which lenders can rely on model disclosures that do not reflect recent regulatory changes. (See discussion under Risk Factors - caption “We could be adversely affected by changes in the law, especially changes in the regulation of the banking industry”).
GENERAL
FNB is a legal entity separate and distinct from our subsidiaries. As a financial holding company and a bank holding company, FNB is regulated under the BHC, as amended, and is subject to regulation, inspection, examination and supervision by the FRB.
Under the BHC Act, FRB is the “umbrella” regulator of a financial holding company. In addition, a financial holding company’s operating entities, meaning its subsidiary broker-dealers, investment managers, investment advisory companies, insurance companies and banks, as applicable, are subject to the jurisdiction of various federal and state “functional” regulators and self-regulatory organizations, such as FINRA.
Our subsidiary bank, FNBPA, and FNBPA’s subsidiary trust company, FNTC, are organized as national banking associations, which are subject to regulation, supervision and examination by the OCC, which is a bureau of the UST. FNBPA is also subject to certain regulatory requirements of the CFPB, the FDIC, the FRB and other federal and state regulatory agencies,
including but not limited to requirements to maintain reserves against deposits, capital requirements, limitations regarding dividends, restrictions on the types and amounts of loans that may be granted and the interest that may be charged on loans, affiliate transactions, CRA, consumer compliance and anti-discrimination laws and unfair, deceptive or abusive acts and practices prohibitions, monitoring obligations under the federal bank secrecy act and anti-money laundering requirements, limitations on the types of investments that may be made, cybersecurity and consumer privacy requirements, activities that may be engaged in and types of services that may be offered. In addition to banking laws, regulations and regulatory agencies, FNB and our subsidiaries are subject to various other laws and regulations and supervision and examination by other regulatory agencies, all of which directly or indirectly affect the operations and management of FNB and our ability to make distributions to our stockholders. If we fail to comply with these or other applicable laws and regulations, we may be subject to civil monetary penalties, imposition of cease and desist orders or other written directives, removal of management and, in certain cases, criminal penalties.
Pursuant to the GLB Act, bank holding companies such as FNB that have qualified as financial holding companies because they are “well-capitalized” and “well managed” have broad authority to engage in activities that are financial in nature or incidental to such financial activity, including insurance underwriting and brokerage, merchant banking, securities underwriting, dealing and market-making; and such additional activities as the FRB in consultation with the Secretary of the UST determines to be financial in nature, incidental thereto or complementary to a financial activity. As a result of the GLB Act, a bank holding company may engage in those activities directly or through subsidiaries by qualifying as a “financial holding company.” As a financial holding company, FNB may engage directly or indirectly in activities considered financial in nature, either de novo or by acquisition, provided the FNB continues such status and gives the FRB after-the-fact notice of the new activities. The GLB Act also permits national banks, such as FNBPA, to engage in activities considered financial in nature through a financial subsidiary, subject to certain conditions and limitations and with the approval of the OCC (see discussion under the caption, “Financial Holding Company Status and Activities”).
As a regulated financial holding company, FNB’s relationships and good standing with our regulators are of fundamental importance to the continuation and growth of our businesses. The FRB, OCC, FDIC, CFPB and SEC have broad enforcement powers and authority to approve, deny or refuse to act upon applications or notices of FNB or our subsidiaries to open new or close existing offices, conduct new activities, acquire or divest businesses or assets or reconfigure existing operations. In addition, FNB, FNBPA, FNTC and other affiliates are subject to examination by the various federal and state regulators, which involves periodic examinations and supervisory inquiries, the reports of which are not publicly available and can affect ratings that can impact the conduct and growth of our businesses. These examinations consider not only safety and soundness principles, but also compliance with applicable laws and regulations, including anti-money laundering requirements, loan quality and administration, capital levels, asset quality and risk management ability and performance, earnings, liquidity, consumer compliance, anti-discrimination laws, unfair, deceptive or abusive acts and practices prohibitions, community reinvestment, cybersecurity and consumer privacy requirements, and various other factors. The federal banking interagency Guidelines for Establishing Standards for Safety and Soundness set forth compliance considerations and guidance with respect to the following operations of banking organizations: (1) internal controls and information systems; (2) internal audit systems; (3) loan documentation; (4) credit underwriting; (5) interest rate exposure; (6) asset growth; (7) executive compensation, fees and benefits; (8) asset quality; and (9) earnings. Significant adverse findings reporting safety and soundness or violations of laws or regulations by any of FNB’s federal bank regulators could potentially result in the imposition of significant fines, penalties, reimbursements, enforcement actions as well as limitations and prohibitions on the activities and growth of FNB and our subsidiaries.
There are numerous laws, regulations and rules governing the activities of financial institutions - including non-bank financial institutions, such as financial technology companies and marketplace lenders, which provide products and services comparable to banking organizations - financial holding companies and bank holding companies. The following discussion is general in nature and seeks to highlight some of the more significant of these regulatory requirements, but does not purport to be complete or to describe all of the laws and regulations that apply to us and our subsidiaries.
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
The Dodd-Frank Act continues to have a broad impact on the financial services industry by imposing significant regulatory and compliance requirements including, among other things:
•enhanced authority over troubled and failing banks and their holding companies;
•increased assessments banks must pay the FDIC for federal deposit insurance; and
•specific provisions designed to improve supervision and oversight of bank safety and soundness and consumer practices, by imposing restrictions and limitations on the scope and type of banking and financial activities.
In addition, the Dodd-Frank Act established a new framework for systemic risk oversight within the financial system that is enforced by new and existing federal regulatory agencies and authorities, including the FSOC, FRB, OCC, FDIC and CFPB. The following description briefly summarizes certain impacts of the Dodd-Frank Act on the operations and activities, both currently and prospectively, of FNB, FNBPA, and our subsidiaries and affiliates.
Deposit Insurance. The Dodd-Frank Act established a $250,000 deposit insurance limit for insured deposits. Amendments to the Federal Deposit Insurance Act also revised the assessment base against which an insured depository institution’s deposit insurance premiums paid to the FDIC’s DIF are calculated. Under the amendments, the FDIC assessment base is no longer the institution’s deposit base, but rather its average consolidated total assets less its average tangible equity. The Dodd-Frank Act requires a phase-in of the minimum designated reserve ratio for the DIF, increasing it from 1.15% to 1.35% of the estimated amount of total insured deposits which was achieved as of the third quarter of 2018. FDIC regulations provide that, among other things, upon reaching the minimum, surcharges on insured depository institutions with total consolidated assets of $10 billion or more will cease. The last quarterly surcharge was reflected in FNBPA’s December 2018 assessment invoice, which covered the assessment period from July 1, 2018 through September 30, 2018. FNBPA’s assessment invoices have not included a quarterly surcharge since that time. In addition, the Dodd-Frank Act eliminated the requirement of the FDIC to pay dividends to depository institutions when the reserve ratio exceeds certain thresholds. The FDIC has set the target designated reserve ratio at 2%. Assessment rates, which declined for all banks when the reserve ratio first surpassed 1.15% in the third quarter of 2016, are expected to remain unchanged. Assessment rates are scheduled to decrease when the reserve ratio exceeds 2%. The DIF and the DIF ratio were $117.9 billion and 1.29%, respectively, at December 31, 2020.
In addition, TCJA, which was signed into law on December 22, 2017, disallows the deduction of FDIC deposit insurance premium payments for banking organizations with total consolidated assets of $50 billion or more. For banks with less than $50 billion in total consolidated assets, such as FNBPA, the premium deduction is phased-out based on the proportion of the bank’s assets exceeding $10 billion.
In December 2019, the FDIC issued a proposed rule to modernize its brokered deposit regulations. The proposal would, among other things, establish a new framework for analyzing whether deposits placed through deposit placement arrangements qualify as brokered deposits. Notable aspects of the proposed rule include language: (i) defining the operative prongs of the definition of a “deposit broker;” (ii) creating three general tests to determine the applicability of the “primary purpose” exception; (iii) establishing an application process for entities that wish to make use of the primary purpose exception; and (iv) allowing wholly owned subsidiaries of insured depository institutions to make use of the “insured depository institution” (the “own bank”) exception. The prospects and timing for the adoption of a final rule are uncertain at this time.
Interest on Demand Deposits. Under the Dodd-Frank Act, depository institutions are permitted to pay interest on demand deposits. In accordance therewith, we pay interest on certain classes of commercial demand deposits.
Volcker Rule. Section 619 of the Dodd-Frank Act (known as the Volcker Rule) prohibits insured depository institutions and their holding companies from engaging in proprietary trading, except under limited circumstances, and prohibits them from owning equity interests in excess of three percent (3%) of Tier 1 capital in private equity and hedge funds. In December 2013, the federal banking agencies adopted the Volcker Implementing Rules. The Volcker Implementing Rules prohibit banking entities from (1) engaging in short-term proprietary trading for their own accounts, and (2) having certain ownership interests in and relationships with hedge funds or private equity funds, which are referred to as “covered funds.” The Volcker Implementing Rules are intended to provide greater clarity with respect to both the extent of those primary prohibitions and of the related exemptions and exclusions. The Volcker Rule also requires each regulated entity to establish an internal compliance program that is consistent with the extent to which it engages in activities covered by the Volcker Rule, which must include (for the largest entities) making regular reports about those activities to the entity’s regulators. Historically, this meant that reporting requirements were tied to a bank’s total assets, where banks with assets at or below $10 billion had less stringent reporting requirements and banks with more than $10 billion had increasingly more stringent requirements, as the size of the bank increased.
Effective January 1, 2020, five federal banking agencies revised certain aspects of the Volcker Rule by specifying that compliance requirements will be based on the amount of assets and liabilities that a bank trades. Firms with significant trading activities (i.e., those with $20 billion or more in trading assets and liabilities) will have heightened compliance obligations. Compliance with the revised Volcker Rule were required on January 1, 2021.
In June, 2020, five federal financial regulators modified the “covered funds” portion of the Volcker Rule by streamlining the rule, addressing the treatment of certain foreign funds, and permitting banking entities to offer financial services and engage in other permissible activities that do not raise concerns that the Volcker Rule was intended to address.
The Consumer Financial Protection Bureau. The CFPB’s responsibility is to establish, implement and enforce laws, rules and regulations under certain federal consumer financial laws, as defined by the Dodd-Frank Act and interpreted by the CFPB, with respect to the conduct of both bank and non-bank providers of certain consumer financial products and services. The CFPB has rulemaking and enforcement authority over many of the statutes that govern products and services banks offer to consumers. The CFPB has authority to prevent unfair, deceptive or abusive acts and practices in connection with the offering of consumer financial products and services. In addition, the Dodd-Frank Act permits states to adopt consumer protection laws and regulations that are more stringent than those regulations promulgated by the CFPB, and state attorneys general will have the authority to enforce consumer protection rules that the CFPB adopts against state-chartered institutions and against, with respect to certain non-preempted laws, national banks. Compliance with any such new regulation or other precedent established by the CFPB and/or states could reduce our revenue, increase our cost of operations and compliance, and limit, prevent, or make more costly, our ability to expand into certain products and services. Over the past several years, the CFPB has been active in bringing enforcement actions against banks and non-bank financial institutions to enforce federal consumer financial laws. Other federal financial regulatory agencies, including the OCC, as well as state attorneys general and state banking agencies and other state financial regulators also have been increasingly active in this area with respect to institutions over which they have jurisdiction. We have incurred and may in the future incur additional costs in complying with these requirements.
Debit Card Interchange Fees.The FRB, pursuant to its authority under the Dodd-Frank Act, has issued rules regarding interchange fees charged for electronic debit transactions by payment card issuers having assets over $10 billion, adopting a per-transaction interchange cap base of $0.21 plus 0.05% of the transaction total (and an additional one cent to account for fraud protection costs).
Transactions with Affiliates. Pursuant to Sections 23A and 23B of the Federal Reserve Act, as implemented by Regulation W, banks are subject to restrictions that limit certain types of transactions between banks and their non-bank affiliates. In general, banks are subject to quantitative and qualitative limits on extensions of credit, purchases of assets and certain other transactions involving non-bank affiliates. Also, transactions between banks and their non-bank affiliates are required to be on arms-length terms and consistent with safe and sound banking practices. The Dodd-Frank Act enhances the requirements for certain transactions with affiliates under Sections 23A and 23B of the Federal Reserve Act, including an expansion of the definition of “covered transactions” to include the borrowing or lending of securities or derivative transactions, and an increase in the amount of time for which collateral requirements regarding covered transactions must be maintained. In addition, the provisions of the Volcker Rule apply similar restrictions on transactions between a bank and any “covered fund” that the bank advises or sponsors.
Transactions with Insiders. The Dodd-Frank Act expands insider transaction limitations through the strengthening of loan restrictions to insiders and extending the types of transactions subject to the various requirements to include derivative transactions, repurchase agreements, reverse repurchase agreements and securities lending and borrowing transactions. The Dodd-Frank Act also places restrictions on certain asset sales to and from an insider of an institution, including requirements that such sales be on market terms and, in certain circumstances, receive the approval of the institution’s board of directors.
Enhanced Lending Limits. Federal banking law limits a national bank’s ability to extend credit to one person or group of related persons to an amount that does not exceed certain thresholds. Among other things, the Dodd-Frank Act expanded the scope of these restrictions to include credit exposure arising from derivative transactions, repurchase agreements and securities lending and borrowing transactions.
The changes resulting from the Dodd-Frank Act continue to impact our profitability, including limitations on fee income opportunities, increased compliance costs, imposition of more stringent capital, liquidity and leverage requirements that affect our business. We cannot predict what effect any newly implemented, presently contemplated or future changes in the laws or regulations or their interpretations may have on us.
Capital and Operational Requirements
The FRB, OCC and FDIC issued substantially similar risk-based and leverage capital guidelines applicable to U.S. banking organizations. In addition, these regulatory agencies may from time to time require that a banking organization maintain capital above the minimum levels, due to its financial condition or actual or anticipated growth.
FNB, like other bank holding companies, through December 31, 2019 was required to maintain CET1, tier 1 and total capital (the sum of tier 1 and tier 2 capital) equal to at least 7.00%, 8.50% and 10.50%, respectively, of our total risk-weighted assets (including various off-balance sheet items). The risk-based capital standards are designed to make regulatory capital requirements more sensitive to differences in credit and market risk profiles among banks and financial holding companies, to account for off-balance sheet exposure, and to minimize disincentives for holding liquid assets. Assets and off-balance sheet items are assigned to broad risk categories, each with appropriate weights. The resulting capital ratios represent capital as a percentage of total risk-weighted assets and off-balance sheet items. At December 31, 2020, our CET1, tier 1 and total capital ratios under these guidelines were 9.8%, 10.2% and 12.3%, respectively. At December 31, 2020, we had $316.3 million of capital securities and subordinated debt that qualified as tier 2 capital.
In addition, the FRB has established minimum leverage ratio guidelines for bank holding companies. These guidelines currently provide for a minimum ratio of tier 1 capital to average total assets, less goodwill and certain other intangible assets (the leverage ratio), of 4.0% for bank holding companies that meet certain specified criteria, including the highest regulatory rating. The guidelines also provide that bank holding companies, depending on the types, quality and quantity of risk associated with its activities (e.g., acquisitions, internal growth), will be expected to maintain strong capital positions above the minimum supervisory levels without significant reliance on intangible assets. Our leverage ratio at December 31, 2020 was 7.8%.
Increased Capital Standards and Enhanced Supervision
The Dodd-Frank Act’s regulatory capital requirements are intended to ensure that “financial institutions hold sufficient capital to absorb losses during future periods of financial distress” and requires the federal banking agencies to establish minimum leverage and risk-based capital requirements on a consolidated basis for insured depository institutions, their holding companies and non-bank financial companies that have been determined to be systemically important by the FSOC.
Basel III Capital Rules
In July 2013, the FRB published Basel III establishing a new comprehensive capital framework for U.S. banking organizations. The rules implement the Basel Committee’s December 2010 framework for strengthening international capital standards as well as certain provisions of the Dodd-Frank Act. Basel III substantially revised the risk-based capital requirements applicable to bank holding companies and depository institutions, including FNB and FNBPA, compared to the then-existing U.S. risk-based capital rules. Basel III defines the components of capital and addresses other issues affecting the numerator in banking institutions’ regulatory capital ratios. Basel III also addresses risk weights and other issues affecting the denominator in a banking institution’s regulatory capital ratios.
Basel III, among other things, (i) introduces the concept of CET1, (ii) specifies that tier 1 capital consists of CET1 and “Additional Tier 1” capital instruments meeting specified requirements, (iii) defines CET1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital and (iv) expands the scope of the deductions/adjustments as compared to existing regulations.
Basel III requires FNB and FNBPA to maintain (i) a minimum ratio of CET1 to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” (which is added to the 4.5% CET1 ratio as that buffer is phased in, effectively resulting in a minimum ratio of CET1 to risk-weighted assets of at least 7% upon full implementation), (ii) a minimum ratio of tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum tier 1 capital ratio of 8.5% upon full implementation), (iii) a minimum ratio of total capital (that is, tier 1 plus tier 2) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio as that buffer is phased in, effectively resulting in a minimum total capital ratio of 10.5% upon full implementation) and (iv) a minimum leverage ratio of 4%, calculated as the ratio of tier 1 capital to average quarterly assets (as compared to a prior minimum leverage ratio of 3% for banking organizations that either have the highest supervisory rating or have implemented the appropriate federal regulatory authority’s risk-adjusted measure for market risk).
Under Basel III, the effects of certain accumulated other comprehensive items are not excluded; however, banking organizations which do not use the advanced approach, such as FNB and FNBPA, may make a one-time permanent election to continue to exclude these items. FNB and FNBPA made this election in order to avoid significant variations in the level of capital depending upon the impact of interest rate fluctuations on the fair value of FNB’s AFS securities portfolio. Basel III also precludes certain hybrid securities, such as TPS, as tier 1 capital of bank holding companies, subject to phase-out. TPS no longer included in FNB’s tier 1 capital may nonetheless be included as a component of tier 2 capital on a permanent basis without phase-out.
With respect to FNBPA, Basel III also revises the “prompt corrective action” regulations pursuant to Section 38 of the Federal Deposit Insurance Act, as discussed below under the caption “Prompt Corrective Action.”
Basel III prescribes a standardized approach for risk weightings that expands the risk-weighting categories from the four Basel I-derived categories (0%, 20%, 50% and 100%) to a much larger and more risk-sensitive number of categories, depending on the nature of the assets, generally ranging from 0% for U.S. government and agency securities, to 600% for certain equity exposures, and resulting in higher risk weights for a variety of asset categories.
In addition, Basel III provides more advantageous risk weights for derivatives and repurchase-style transactions cleared through a qualifying central counterparty and increases the scope of eligible guarantors and eligible collateral for purposes of credit risk mitigation. In November 2017, the federal banking agencies adopted a final rule to extend the regulatory capital treatment applicable during 2017 under Basel III for certain items, including regulatory capital deductions, risk weights, and certain minority interest limitations. The relief provided under the final rule applies to banking organizations that are not subject to the capital rules’ advanced approaches, such as FNB. Specifically, the final rule extends the current regulatory capital treatment of MSAs, DTAs arising from temporary differences that could not be realized through net operating loss carrybacks, significant investments in the capital of unconsolidated financial institutions in the form of common stock, non-significant investments in the capital of unconsolidated financial institutions, significant investments in the capital of unconsolidated financial institutions that are not in the form of common stock, and CET1 minority interest, tier 1 minority interest, and total capital minority interest exceeding applicable minority interest limitations. Management believes that, as of December 31, 2020, FNB and FNBPA meet all capital adequacy requirements under Basel III on a fully phased-in basis as if such requirements had been in effect.
In July 2019, the federal banking agencies adopted a final rule simplifying certain aspects of Basel III, the key elements of which apply solely to banking organizations that are not subject to the advanced approaches capital rules. Under the final rule, non-advanced approaches banking organizations, such as FNB and FNBPA, apply a more simple regulatory capital treatment for MSAs; certain DTAs; investments in the capital of unconsolidated financial institutions than those currently applied; and capital issued by a consolidated subsidiary of a banking organization and held by third parties (sometimes referred to as a minority interest) that is includable in regulatory capital. Specifically, the final rule eliminates: (i) the 10 percent CET1 capital deduction threshold that applies individually to MSAs, temporary difference DTAs, and significant investments in the capital of unconsolidated financial institutions in the form of common stock; (ii) the aggregate 15 percent CET1 capital deduction threshold that subsequently applies on a collective basis across such items; (iii) the 10 percent CET1 capital deduction threshold for non-significant investments in the capital of unconsolidated financial institutions; and (iv) the deduction treatment for significant investments in the capital of unconsolidated financial institutions not in the form of common stock. Basel III no longer has distinct treatments for significant and non-significant investments in the capital of unconsolidated financial institutions, but instead now requires that non-advanced approaches banking organizations deduct from CET1 capital any amount of MSAs, temporary difference DTAs, and investments in the capital of unconsolidated financial institutions that individually exceeds 25 percent of CET1 capital.
In December 2019, the federal banking agencies issued a final rule on the capital treatment of HVCRE exposures. The final rule aligns the regulatory definition of “HVCRE exposure” with the statutory definition of “HVCRE ADC” in the Economic Growth Act. The final rule also clarifies the capital treatment for loans that finance the development of land under the revised HVCRE exposure definition and establishes the requirements for certain exclusions from HVCRE exposure capital treatment.
In December 2017, the Basel Committee on Banking Supervision published the last version of the Basel III accord, generally referred to as “Basel IV.” The Basel Committee stated that a key objective of the revisions incorporated into the framework is to reduce excessive variability of risk-weighted assets, which will be accomplished by enhancing the robustness and risk sensitivity of the standardized approaches for credit risk and operational risk, which will facilitate the comparability of banks’ capital ratios; constraining the use of internally modelled approaches; and complementing the risk-weighted capital ratio with a finalized leverage ratio and a revised and robust capital floor. Leadership of the FRB, OCC, and FDIC, who are tasked with implementing Basel IV, supported the revisions. Although it is uncertain at this time, we anticipate some, if not all, of the Basel IV accord may be incorporated into the regulatory capital requirements framework applicable to FNB and FNBPA.
Current Expected Credit Loss Treatment
In June 2016, the FASB issued an accounting standard update, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which replaces the prior “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the CECL model. We adopted CECL on January 1, 2020. Under the CECL model, we are required to present certain financial assets carried at amortized cost, such as loans held for investment and HTM debt securities, at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and R&S forecasts that affect the collectability of the reported
amount. On December 21, 2018, the federal banking agencies approved a final rule modifying their regulatory capital rules and providing an option to phase in over a period of three years the day-one regulatory capital effects of the CECL model. The CARES Act allows for an optional five-year phase in period for the day-one regulatory capital effects of the CECL adoption. FNB has elected this option. The final rule also revises the agencies’ other rules to reflect the update to the accounting standards. The final rule took effect April 1, 2019. See Note 2, New Accounting Standards, for more information on our CECL adoption.
Stress Testing
Aspart of the regulatory relief provided by the Economic Growth Act, the asset threshold requiring insured depository institutions to conduct and report to their primary federal bank regulators annual company-run stress tests was raised from $10 billion to $250 billion in total consolidated assets and makes the requirement “periodic” rather than annual. The Economic Growth Act also provided that bank holding companies under $100 billion in assets were no longer subject to stress testing requirements and provided the FRB with discretion to subject bank holding companies with more than $100 billion in total assets to enhanced supervision. Notwithstanding these amendments, the federal banking agencies indicated through interagency bank regulatory guidance that the capital planning and risk management practices of institutions with total assets less than $100 billion would continue to be reviewed through the regular supervisory process. We will continue to monitor and stress test our capital consistent with the safety and soundness expectations of our banking regulators.
Prompt Corrective Action
FDICIA, among other things, classifies insured depository institutions into five capital categories (well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized) and requires the respective federal regulatory agencies to implement systems for “prompt corrective action” for insured depository institutions that do not meet minimum capital requirements within such categories. FDICIA imposes progressively more restrictive constraints on operations, management and capital distributions, depending on the category in which an institution is classified. Failure to meet the capital guidelines could also subject a banking institution to capital-raising requirements, restrictions on its business and a variety of enforcement remedies, including the termination of deposit insurance by the FDIC, and in certain circumstances the appointment of a conservator or receiver. An “undercapitalized” bank must develop a capital restoration plan and its parent holding company must guarantee that bank’s compliance with the plan. The liability of the parent holding company under any such guarantee is limited to the lesser of five percent of the bank’s assets at the time it became ”undercapitalized” or the amount needed to comply with the plan. Furthermore, in the event of the bankruptcy of the parent holding company, the obligation under such guarantee would take priority over the parent’s general unsecured creditors. In addition, FDICIA requires the various regulatory agencies to prescribe certain non-capital standards for safety and soundness relating generally to operations and management, asset quality and executive compensation and permits regulatory action against a financial institution that does not meet such standards.
The various regulatory agencies have adopted substantially similar regulations that define the five capital categories identified by FDICIA, using the total risk-based capital, tier 1 risk-based capital, CET1 and leverage capital ratios as the relevant capital measures. Such regulations establish various degrees of corrective action to be taken when an institution is considered undercapitalized. Under the regulations, a “well-capitalized” institution must have a CET1 risk-based capital ratio of at least 6.5%, a tier 1 risk-based capital ratio of at least 8.0%, a total risk-based capital ratio of at least 10.0% and a leverage ratio of at least 5.0% and not be subject to a capital directive order. Under these guidelines, FNBPA was considered well-capitalized as of December 31, 2020.
When determining the adequacy of an institution’s capital, federal regulators must also take into consideration (a) concentrations of credit risk; (b) interest rate risk (when the interest rate sensitivity of an institution’s assets does not match the sensitivity of its liabilities or its off-balance sheet position) and (c) risks from non-traditional activities, as well as an institution’s ability to manage those risks. This evaluation is made as part of the institution’s regular safety and soundness examination. In addition, any bank with significant trading activity, must incorporate a measure for market risk in their regulatory capital calculations.
Community Reinvestment Act and Fair Lending
The CRA requires depository institutions to assist in meeting the credit needs of their market areas consistent with safe and sound banking practices. Under the CRA, each depository institution is required to help meet the credit needs of its market areas by, among other things, providing credit to and investments in low and moderate-income individuals and communities. Depository institutions are periodically examined for compliance with the CRA and are assigned ratings. In order for a financial holding company to commence any new activity permitted by the BHC Act, or to acquire any company engaged in any new