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FNB

Financials

Price	11.39	EPS	1
Shares	326	P/E	9
MCap	3,714	P/FCF	27
Net Debt	731	EBIT	778
TEV	4,445	TEV/EBIT	6
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-06-30	Filed 2020-08-05
10-Q	2020-03-31	Filed 2020-05-07
10-K	2019-12-31	Filed 2020-02-27
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-06
10-Q	2019-03-31	Filed 2019-05-07
10-K	2018-12-31	Filed 2019-02-26
10-Q	2018-09-30	Filed 2018-11-07
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-10
10-K	2017-12-31	Filed 2018-02-28
10-Q	2017-09-30	Filed 2017-11-06
10-Q	2017-06-30	Filed 2017-08-04
10-Q	2017-03-31	Filed 2017-05-08
10-K	2016-12-31	Filed 2017-02-23
10-Q	2016-09-30	Filed 2016-11-07
10-Q	2016-06-30	Filed 2016-08-05
10-Q	2016-03-31	Filed 2016-05-06
10-K	2015-12-31	Filed 2016-02-26
10-Q	2015-09-30	Filed 2015-11-06
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-05-08
10-K	2014-12-31	Filed 2015-02-27
10-Q	2014-09-30	Filed 2014-11-07
10-Q	2014-06-30	Filed 2014-08-08
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-02-28
10-Q	2013-09-30	Filed 2013-11-08
10-Q	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-09
10-K	2012-12-31	Filed 2013-02-28
10-Q	2012-09-30	Filed 2012-11-08
10-Q	2012-06-30	Filed 2012-08-08
10-Q	2012-03-31	Filed 2012-05-09
10-K	2011-12-31	Filed 2012-02-28
10-Q	2011-09-30	Filed 2011-11-08
10-Q	2011-06-30	Filed 2011-08-05
10-Q	2011-03-31	Filed 2011-05-06
10-K	2010-12-31	Filed 2011-02-25
10-Q	2010-09-30	Filed 2010-11-05
10-Q	2010-06-30	Filed 2010-08-05
10-Q	2010-03-31	Filed 2010-05-07
10-K	2009-12-31	Filed 2010-02-26

Reports

8-K	2020-07-16	Earnings, Exhibits
8-K	2020-05-13
8-K	2020-04-30
8-K	2020-04-23
8-K	2020-02-24
8-K	2020-01-21
8-K	2019-10-17
8-K	2019-09-23
8-K	2019-07-23
8-K	2019-05-15
8-K	2019-04-23
8-K	2019-04-22
8-K	2019-02-11
8-K	2019-02-06
8-K	2019-01-22
8-K	2018-10-23
8-K	2018-07-24
8-K	2018-06-07
8-K	2018-05-29
8-K	2018-05-16
8-K	2018-04-24
8-K	2018-04-02
8-K	2018-01-23

FNB Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow

fnb-20200630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

For the quarterly period ended June 30, 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,

15212

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: 800-555-5455

(Former name, former address and former fiscal year, if changed since last report)

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 definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

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

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class	Outstanding at	July 31, 2020
Common Stock, $0.01 Par Value	323,205,925	Shares

F.N.B. CORPORATION

FORM 10-Q

June 30, 2020

INDEX


			PAGE
PART I – FINANCIAL INFORMATION

	Glossary of Acronyms and Terms	4

Item 1.	Financial Statements

	Consolidated Balance Sheets	5
	Consolidated Statements of Income	6
	Consolidated Statements of Comprehensive Income	7
	Consolidated Statements of Stockholders’ Equity	8
	Consolidated Statements of Cash Flows	10
	Notes to Consolidated Financial Statements	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	58

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	97

Item 4.	Controls and Procedures	97

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	98

Item 1A.	Risk Factors	98

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	100

Item 3.	Defaults Upon Senior Securities	100

Item 4.	Mine Safety Disclosures	101

Item 5.	Other Information	101

Item 6.	Exhibits	101

Signatures		102

Glossary of Acronyms and Terms

Acronym

Description

Acronym

Description

ACL

Allowance for credit losses

HTM

Held to maturity

AFS

Available for sale

IRLC

Interest rate lock commitments

ALCO

Asset/Liability Committee

LCR

Liquidity Coverage Ratio

AOCI

Accumulated other comprehensive income

LGD

Loss given default

ASC

Accounting Standards Codification

LIBOR

London Inter-bank Offered Rate

ASU

Accounting Standards Update

LIHTC

Low income housing tax credit

AULC

Allowance for unfunded loan commitments

MCH

Months of Cash on Hand

BOLI

Bank owned life insurance

MD&A

Management's Discussion and Analysis of

Financial Condition and Results of Operations

CARES Act

Coronavirus Aid, Relief and Economic Security Act

MSRs

Mortgage servicing rights

C&I

Commercial and industrial

OCC

Office of the Comptroller of the Currency

CECL

Current expected credit losses

OREO

Other real estate owned

CFPB

Consumer Financial Protection Bureau

OTTI

Other-than-temporary impairment

COVID-19

Novel coronavirus disease of 2019

PCD

Purchase credit deteriorated

DCF

Discounted cash flow

PCI

Purchase credit impaired

EAD

Exposure at default

Probability of default

EVE

Economic value of equity

PPP

Paycheck Protection Program

FASB

Financial Accounting Standards Board

PPPLF

Paycheck Protection Program Liquidity Fund

FDIC

Federal Deposit Insurance Corporation

R&S

Reasonable and Supportable

FHLB

Federal Home Loan Bank

SBA

Small Business Administration

FNB

F.N.B. Corporation

SEC

Securities and Exchange Commission

FNBPA

First National Bank of Pennsylvania

TCJA

Tax Cuts and Jobs Act of 2017

FOMC

Federal Open Market Committee

TDR

Troubled debt restructuring

FRB

Board of Governors of the Federal Reserve

System

TPS

Trust preferred securities

FTE

Fully taxable equivalent

U.S.

United States of America

FVO

Fair value option

UST

U.S. Department of the Treasury

GAAP

U.S. generally accepted accounting principles

VIE

Variable interest entity

GDP

Gross domestic product

YDKN

Yadkin Financial Corporation

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share and per share data)


	June 30, 2020		December 31, 2019
	(Unaudited)
Assets
Cash and due from banks	$	398	$	407
Interest-bearing deposits with banks	533		192
Cash and Cash Equivalents	931		599
Debt securities available for sale (amortized cost of $3,203 and $3,275; allowance for credit losses of $0)	3,301		3,289
Debt securities held to maturity (fair value of $3,162 and $3,305; allowance for credit losses of $0)	3,050		3,275
Loans held for sale (includes $95 and $41 measured at fair value) ⁽¹⁾	108		51
Loans and leases, net of unearned income of $141 and $1	26,162		23,289
Allowance for credit losses	(365)		(196)
Net Loans and Leases	25,797		23,093
Premises and equipment, net	332		333
Goodwill	2,262		2,262
Core deposit and other intangible assets, net	61		67
Bank owned life insurance	547		544
Other assets	1,332		1,102
Total Assets	$	37,721	$	34,615
Liabilities
Deposits:
Non-interest-bearing demand	$	8,650	$	6,384
Interest-bearing demand	12,510		11,049
Savings	2,969		2,625
Certificates and other time deposits	4,266		4,728
Total Deposits	28,395		24,786
Short-term borrowings	2,411		3,216
Long-term borrowings	1,630		1,340

Other liabilities	388		390
Total Liabilities	32,824		29,732
Stockholders’ Equity
Preferred stock - $0.01 par value; liquidation preference of $1,000 per share
Authorized – 20,000,000 shares
Issued – 110,877 shares	107		107
Common stock - $0.01 par value
Authorized – 500,000,000 shares
Issued – 327,997,423 and 327,242,364 shares	3		3
Additional paid-in capital	4,081		4,067
Retained earnings	796		798
Accumulated other comprehensive loss	(35)		(65)
Treasury stock – 4,791,498 and 2,227,804 shares at cost	(55)		(27)
Total Stockholders’ Equity	4,897		4,883
Total Liabilities and Stockholders’ Equity	$	37,721	$	34,615

(1)Amount represents loans for which we have elected the fair value option. See Note 19.

See accompanying Notes to Consolidated Financial Statements (unaudited)

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in millions, except per share data)

Unaudited


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Interest Income
Loans and leases, including fees	$	245	$	276	$	511	$	545
Securities:
Taxable	28		32		59		65
Tax-exempt	8		8		16		16

Other	—		1		1		1
Total Interest Income	281		317		587		627
Interest Expense
Deposits	35		55		84		105
Short-term borrowings	8		22		22		48
Long-term borrowings	9		10		20		13
Total Interest Expense	52		87		126		166
Net Interest Income	229		230		461		461
Provision for credit losses	30		11		78		25
Net Interest Income After Provision for Credit Losses	199		219		383		436
Non-Interest Income
Service charges	24		32		54		62
Trust services	7		7		15		14
Insurance commissions and fees	5		4		12		9
Securities commissions and fees	3		5		8		9
Capital markets income	13		10		24		16
Mortgage banking operations	17		8		16		12
Dividends on non-marketable equity securities	3		4		8		9
Bank owned life insurance	4		3		7		6

Other	1		2		2		3
Total Non-Interest Income	77		75		146		140
Non-Interest Expense

EX-31.1	fnb10-qex311q22020.htm
EX-31.2	fnb10-qex312q22020.htm
EX-32.1	fnb10-qex321q22020.htm
EX-32.2	fnb10-qex322q22020.htm

FNB 10Q Quarterly Report

FNB Earnings 2020-06-30