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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 March 31, 2021
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) 
 
Pennsylvania25-1255406
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
One North Shore Center, 12 Federal Street, Pittsburgh, PA15212
(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 FilerAccelerated Filer
Non-accelerated FilerSmaller reporting company
Emerging Growth Company
1


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 ClassTrading Symbol(s)Name of Exchange on which Registered
Common Stock, par value $0.01 per shareFNBNew 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
FNBPrENew 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.
ClassOutstanding atApril 30, 2021
Common Stock, $0.01 Par Value319,385,342 Shares

2


F.N.B. CORPORATION
FORM 10-Q
March 31, 2021
INDEX
 
 PAGE
PART I – FINANCIAL INFORMATION 
Item 1.Financial Statements
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3



Glossary of Acronyms and Terms
Acronym
Description
Acronym
Description
ACL
Allowance for credit losses
HTM
Held to maturity
AFS
Available for sale
LGD
Loss given default
ALCO
Asset/Liability Committee
LIBOR
London Inter-bank Offered Rate
AOCI
Accumulated other comprehensive income
LIHTC
Low income housing tax credit
ASC
Accounting Standards Codification
MD&A
Management's Discussion and Analysis of
Financial Condition and Results of Operations
ASU
Accounting Standards Update
MSRs
Mortgage servicing rights
AULC
Allowance for unfunded loan commitments
OCC
Office of the Comptroller of the Currency
BOLI
Bank owned life insurance
OREO
Other real estate owned
CARES Act
Coronavirus Aid, Relief and Economic Security Act
PCD
Purchased credit deteriorated
CECL
Current expected credit losses
PPPPaycheck Protection Program
CET1
Common equity tier 1
R&S
Reasonable and Supportable
COVID-19
Novel coronavirus disease of 2019
RRR
Reference Rate Reform
EVE
Economic value of equity
SBA
Small Business Administration
FASB
Financial Accounting Standards Board
SEC
Securities and Exchange Commission
FDIC
Federal Deposit Insurance Corporation
SOFR
Secured Overnight Financing Rate
FHLB
Federal Home Loan Bank
TDR
Troubled debt restructuring
FNB
F.N.B. Corporation
TPS
Trust preferred securities
FNBPA
First National Bank of Pennsylvania
U.S.
United States of America
FRB
Board of Governors of the Federal Reserve
System
UST
U.S. Department of the Treasury
FTE
Fully taxable equivalent
VIE
Variable interest entity
GAAP
U.S. generally accepted accounting principles
4


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)
March 31,
2021
December 31,
2020
 (Unaudited) 
Assets
Cash and due from banks$339 $369 
Interest-bearing deposits with banks2,329 1,014 
Cash and Cash Equivalents2,668 1,383 
Debt securities available for sale (amortized cost of $3,110 and $3,380; allowance for credit losses of $0 and $0)
3,166 3,463 
Debt securities held to maturity (fair value of $3,114 and $2,973; allowance for credit losses of $0 and $0 )
3,043 2,868 
Loans held for sale (includes $165 and $144 measured at fair value(1))
185 154 
Loans and leases, net of unearned income of $93 and $77
25,532 25,459 
Allowance for credit losses(362)(363)
Net Loans and Leases25,170 25,096 
Premises and equipment, net330 332 
Goodwill2,262 2,262 
Core deposit and other intangible assets, net51 54 
Bank owned life insurance549 549 
Other assets1,051 1,193 
Total Assets$38,475 $37,354 
Liabilities
Deposits:
Non-interest-bearing demand$9,935 $9,042 
Interest-bearing demand13,684 13,157 
Savings3,351 3,261 
Certificates and other time deposits3,384 3,662 
Total Deposits30,354 29,122 
Short-term borrowings1,687 1,804 
Long-term borrowings1,091 1,095 
Other liabilities369 374 
Total Liabilities33,501 32,395 
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 – 328,213,157 and 328,057,368 shares
3 3 
Additional paid-in capital4,099 4,087 
Retained earnings921 869 
Accumulated other comprehensive loss(51)(39)
Treasury stock – 9,516,731 and 6,427,839 shares at cost
(105)(68)
Total Stockholders’ Equity4,974 4,959 
Total Liabilities and Stockholders’ Equity$38,475 $37,354 
(1)Amount represents loans for which we have elected the fair value option. See Note 18.
See accompanying Notes to Consolidated Financial Statements (unaudited)
5


F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share data)
Unaudited
 Three Months Ended
March 31,
 20212020
Interest Income
Loans and leases, including fees$221 $266 
Securities:
Taxable22 31 
Tax-exempt8 8 
Other 1 
Total Interest Income251 306 
Interest Expense
Deposits15 49 
Short-term borrowings7 14 
Long-term borrowings6 11 
Total Interest Expense28 74 
Net Interest Income223 232 
Provision for credit losses6 48 
Net Interest Income After Provision for Credit Losses217 184 
Non-Interest Income
Service charges28 30 
Trust services9 8 
Insurance commissions and fees7 7 
Securities commissions and fees6 5 
Capital markets income8 11 
Mortgage banking operations16 (1)
Dividends on non-marketable equity securities2 5 
Bank owned life insurance3 3 
Other4 1 
Total Non-Interest Income
83 69 
Non-Interest Expense
Salaries and employee benefits107 104 
Net occupancy16 21 
Equipment17 16 
Amortization of intangibles3 3 
Outside services17 17 
FDIC insurance5 6 
Bank shares and franchise taxes4 4 
Other16 24 
Total Non-Interest Expense
185 195 
Income Before Income Taxes115 58 
Income taxes22 11 
Net Income93 47 
Preferred stock dividends2 2 
Net Income Available to Common Stockholders$91 $45 
Earnings per Common Share
Basic$0.28 $0.14 
Diluted0.28 0.14 
See accompanying Notes to Consolidated Financial Statements (unaudited)
6


F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
Unaudited
 
 Three Months Ended
March 31,
20212020
Net income$93 $47 
Other comprehensive income (loss):
Securities available for sale:
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $(6) and $15
(21)53 
Derivative instruments:
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $1 and $(10)
4 (35)
Reclassification adjustment for gains (losses) included in net income, net of tax expense (benefit) of $1 and $0
4 1 
Pension and postretirement benefit obligations:
Unrealized gains arising during the period, net of tax expense of $0 and $0
1 1 
Other Comprehensive Income (Loss)(12)20 
Comprehensive Income$81 $67 
See accompanying Notes to Consolidated Financial Statements (unaudited)

7


F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Dollars in millions, except per share data)
Unaudited
 
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Three Months Ended March 31, 2020
Balance at beginning of period$107 $3 $4,067 $798 $(65)$(27)$4,883 
Comprehensive income47 20 67 
Dividends declared:
Preferred stock: $18.13/share
(2)(2)
Common stock: $0.12/share
(39)(39)
Repurchase of common stock(25)(25)
Restricted stock compensation8 8 
Adoption of new accounting standards(50)(50)
Balance at end of period$107 $3 $4,075 $754 $(45)$(52)$4,842 
Three Months Ended March 31, 2021
Balance at beginning of period$107 $3 $4,087 $869 $(39)$(68)$4,959 
Comprehensive income93 (12)81 
Dividends declared:
Preferred stock: $18.13/share
(2)(2)
Common stock: $0.12/share
(39)(39)
Issuance of common stock 1 (1) 
Repurchase of common stock(36)(36)
Restricted stock compensation11 11 
Balance at end of period$107 $3 $4,099 $921 $(51)$(105)$4,974 
See accompanying Notes to Consolidated Financial Statements (unaudited)

8


F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
Unaudited
 
 Three Months Ended
March 31,
 20212020
Operating Activities
Net income$93 $47 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation, amortization and accretion1 4 
Provision for credit losses6 48 
Deferred tax expense (benefit)(1)2 
Loans originated for sale(566)(301)
Loans sold550 275 
Net gain on sale of loans(16)(5)
Net change in:
   Interest receivable1 21 
   Interest payable(4)(2)
   Bank owned life insurance, excluding purchases (2)
Other, net151 (292)
Net cash flows (used in) provided by operating activities215 (205)
Investing Activities
Net change in loans and leases, excluding sales and transfers(59)(500)
Debt securities available for sale:
Purchases(567)(54)
Maturities/payments835 215 
Debt securities held to maturity:
Purchases(365)(59)
Maturities/payments188 154 
Increase in premises and equipment(8)(8)
Net cash flows provided by (used in) investing activities24 (252)
Financing Activities
Net change in:
Demand (non-interest bearing and interest bearing) and savings accounts1,510 126 
Time deposits(278)(166)
Short-term borrowings(117)228 
Proceeds from issuance of long-term borrowings4 307 
Repayment of long-term borrowings(7)(15)
Repurchases of common stock(36)(25)
Cash dividends paid:
Preferred stock(2)(2)
Common stock(39)(39)
Other, net11 8 
Net cash flows provided by financing activities1,046 422 
Net Increase (Decrease) in Cash and Cash Equivalents1,285 (35)
Cash and cash equivalents at beginning of period1,383 599 
Cash and Cash Equivalents at End of Period$2,668 $564 
See accompanying Notes to Consolidated Financial Statements (unaudited)
9


F.N.B. CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2021
The terms “FNB,” “the Corporation,” “we,” “us” and “our” throughout this Report mean F.N.B. Corporation and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, F.N.B. Corporation. When we refer to "FNBPA" in this Report, we mean our bank subsidiary, First National Bank of Pennsylvania, and its subsidiaries.
NATURE OF OPERATIONS
F.N.B. Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating 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. As of March 31, 2021, we had 337 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington D.C. and Virginia.
We provide a full range of commercial banking, consumer banking and wealth management solutions through our subsidiary network which is led by our largest affiliate, FNBPA, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. Consumer banking provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. Wealth management services include asset management, private banking and insurance.

NOTE 1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements (unaudited) include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, Bank Capital Services, LLC and F.N.B. Capital Corporation, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements.
Companies in which we hold a controlling financial interest, or are a VIE in which we have the power to direct the activities of an entity that most significantly impact the entity’s economic performance and have an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE, are consolidated. For a voting interest entity, a controlling financial interest is generally where we hold more than 50% of the outstanding voting shares. VIEs in which we do not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE are not consolidated. Investments in companies that are not consolidated are accounted for using the equity method when we have the ability to exert significant influence or the cost method when we do not have the ability to exert significant influence. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and our proportional interest in the equity investments’ earnings are included in other non-interest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment.
The accompanying interim unaudited Consolidated Financial Statements include all adjustments that are necessary, in the opinion of management, to fairly reflect our financial position and results of operations in accordance with GAAP. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on our net income and stockholders’ equity. Events occurring subsequent to March 31, 2021 have been evaluated for potential recognition or disclosure in the Consolidated Financial Statements through the date of the filing of the Consolidated Financial Statements with the Securities and Exchange Commission.
Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The interim operating results are not necessarily indicative of operating results FNB expects for the full year. These interim unaudited Consolidated Financial
10


Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our 2020 Annual Report on Form 10-K filed with the SEC on February 25, 2021.
Use of Estimates
Our accounting and reporting policies conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements (unaudited). Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the ACL, fair value of financial instruments, goodwill and other intangible assets, income taxes and deferred tax assets and litigation reserves, which are listed in the critical accounting estimates. For a detailed description of our significant accounting policies and critical accounting estimates, see Note 1, "Summary of Significant Accounting Policies" and the "Application of Critical Accounting Policies" section in the MD&A, both in our 2020 Annual Report on Form 10-K.
11


NOTE 2.    NEW ACCOUNTING STANDARDS
The following table summarizes accounting pronouncements issued by the FASB that we recently adopted.
TABLE 2.1
StandardDescriptionFinancial Statements Impact
Reference Rate Reform
ASU 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
These 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.
RRR 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.
12


NOTE 3.    SECURITIES
The amortized cost and fair value of AFS debt securities are presented in the table below. There was no ACL in the AFS portfolio at March 31, 2021 and December 31, 2020. Accrued interest receivable on AFS debt securities totaled $5.9 million and $6.2 million at March 31, 2021 and December 31, 2020, respectively, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and the amortized cost basis of AFS debt securities.
TABLE 3.1
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
 Value
Debt Securities AFS:
March 31, 2021
U.S. Treasury$100 $ $ $100 
U.S. government agencies175   175 
U.S. government-sponsored entities160 1 (1)160 
Residential mortgage-backed securities:
Agency mortgage-backed securities1,074 30 (1)1,103 
Agency collateralized mortgage obligations1,242 26 (5)1,263 
Commercial mortgage-backed securities328 9 (2)335 
States of the U.S. and political subdivisions (municipals)29  (1)28 
Other debt securities2   2 
Total debt securities AFS$3,110 $66 $(10)$3,166 
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
 Value
Debt Securities AFS:
December 31, 2020
U.S. Treasury$600 $ $ $600 
U.S. government agencies172   172 
U.S. government-sponsored entities160 1  161 
Residential mortgage-backed securities:
Agency mortgage-backed securities959 35  994 
Agency collateralized mortgage obligations1,094 31 (1)1,124 
Commercial mortgage-backed securities361 17  378 
States of the U.S. and political subdivisions (municipals)32   32 
Other debt securities2   2 
Total debt securities AFS$3,380 $84 $(1)$3,463 
13


The amortized cost and fair value of HTM debt securities are presented in the table below. The ACL for the HTM municipal bond portfolio was $0.04 million at both March 31, 2021 and December 31, 2020. Accrued interest receivable on HTM debt securities totaled $11.5 million and $12.5 million at March 31, 2021 and December 31, 2020, respectively, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets.
TABLE 3.2
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
 Value
Debt Securities HTM:
March 31, 2021
U.S. Treasury$1 $ $ $1 
U.S. government agencies1   1 
U.S. government-sponsored entities100   100 
Residential mortgage-backed securities:
Agency mortgage-backed securities889 22 (2)909 
Agency collateralized mortgage obligations643 14 (2)655 
Commercial mortgage-backed securities314 4 (3)315 
States of the U.S. and political subdivisions (municipals)1,095 39 (1)1,133 
Total debt securities HTM$3,043 $79 $(8)$3,114 
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
 Value
Debt Securities HTM:
December 31, 2020
U.S. Treasury$1 $ $ $1 
U.S. government agencies1   1 
U.S. government-sponsored entities120 1  121 
Residential mortgage-backed securities:
Agency mortgage-backed securities769 29  798 
Agency collateralized