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FNB F.N.B.

F.N.B. Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. The Company has total assets of more than $37 billion and approximately 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia. FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance.

Company profile

Ticker
FNB, FNB-PE
Exchange
CEO
Vincent J. Delie
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
FNB CORP/FL/, FNB CORP/PA
SEC CIK
IRS number
251255406

FNB stock data

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Calendar

6 May 21
28 Jul 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from F.N.B. earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
11 May 21 Pamela A Bena Common Stock Buy Aquire P No No 13.3595 800 10.69K 44,266
11 May 21 Pamela A Bena Common Stock Grant Aquire A No No 13.44 5,952 79.99K 50,218
11 May 21 Campbell William B Common Stock Grant Aquire A No No 13.44 5,952 79.99K 106,923
11 May 21 James D Chiafullo Common Stock Grant Aquire A No No 13.44 5,952 79.99K 99,669.545
11 May 21 Dively Mary Jo Common Stock Grant Aquire A No No 13.44 5,952 79.99K 54,107.858

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

74.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 327 329 -0.6%
Opened positions 41 47 -12.8%
Closed positions 43 46 -6.5%
Increased positions 94 96 -2.1%
Reduced positions 120 118 +1.7%
13F shares
Current Prev Q Change
Total value 3.02B 2.26B +33.7%
Total shares 237.44M 237.45M -0.0%
Total puts 38.7K 500 +7640.0%
Total calls 70.9K 39K +81.8%
Total put/call ratio 0.5 0.0 +4157.5%
Largest owners
Shares Value Change
BLK Blackrock 35.26M $447.83M +9.0%
Vanguard 31.92M $405.43M +0.2%
Fuller & Thaler Asset Management 27.76M $352.51M +19.8%
Dimensional Fund Advisors 16.51M $209.71M +0.9%
STT State Street 16.16M $205.24M +32.4%
MCQEF Macquarie 11.59M $147.2M +0.4%
FMR 5.02M $63.7M -22.4%
American Century Companies 4.97M $63.1M +1247.1%
LSV Asset Management 4.85M $61.57M -8.6%
Geode Capital Management 3.84M $48.71M +1.8%
Largest transactions
Shares Bought/sold Change
American Century Companies 4.97M +4.6M +1247.1%
Fuller & Thaler Asset Management 27.76M +4.58M +19.8%
Norges Bank 0 -4.47M EXIT
STT State Street 16.16M +3.95M +32.4%
BLK Blackrock 35.26M +2.91M +9.0%
Arrowstreet Capital, Limited Partnership 0 -2.64M EXIT
Millennium Management 19.69K -1.71M -98.9%
PRU Prudential Financial 1.06M -1.69M -61.5%
FMR 5.02M -1.45M -22.4%
FJ Capital Management 3.42M -937.5K -21.5%

Financial report summary

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Risks
  • The COVID-19 pandemic could adversely affect our business, financial condition and results of operations, and the ultimate impacts of the pandemic on our business, financial condition and results of operations will depend on future developments and other factors that are highly uncertain and will be impacted by the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic.
  • Interest rates on our outstanding financial instruments might be subject to change based on developments related to LIBOR, which could adversely affect revenue, expenses, and the value of those financial instruments.
  • Hurricanes, excessive rainfall, droughts or other adverse weather events could negatively affect the local economies in the North Carolina and South Carolina markets, or disrupt our operations in those markets, which could have an adverse effect on our business or results of operations.
  • As a participating lender in the SBA PPP, we are subject to additional regulatory and DOJ enforcement risks and the risk of litigation from FNBPA’s clients or other parties regarding FNBPA’s processing of loans for the PPP and risks that the SBA may not fund some or all PPP loan guaranties.
  • Our results of operations are significantly affected by the ability of our borrowers to repay their loans.
  • Our mortgage banking profitability could be significantly reduced if we are not able to originate and resell a high volume of mortgage loans.
  • Our financial condition and results of operations could be adversely affected if we must further increase our provision for credit losses or if our ACL is not sufficient to absorb actual losses.
  • Changes in economic conditions, the impact of COVID-19 and the composition of our loan portfolio could lead to higher loan charge-offs or an increase in our provision for credit losses and may reduce our net income.
  • Declines in the fair value of our reporting units could result in a goodwill impairment charge and negatively affect our financial condition and results of operations.
  • If we are not able to continue our historical levels of growth, we may not be able to maintain our historical revenue trends.
  • Our growth may require us to raise additional capital in the future, but that capital may not be available when it is needed.
  • Our financial condition and results of operations may be adversely affected by changes in tax rules and regulations, or interpretations.
  • Our business and financial performance is impacted significantly by market rates and changes in those rates. The monetary, tax and other policies of governmental agencies, including the UST and the FRB, have a direct impact on interest rates and overall financial market performance over which we have no control and which may not be able to be predicted with reasonable accuracy.
  • Our financial condition and results of operations may be adversely affected by changes in accounting policies, standards and interpretations.
  • We could be adversely affected by changes in the law, especially changes in the regulation of the banking industry.
  • Liquidity risk could impair our ability to fund operations and meet our obligations as they become due.
  • The financial soundness of other financial institutions may adversely affect FNB, FNBPA and other affiliates.
  • We are subject to operational risk that could damage our reputation and our business. We engage in a variety of businesses in diverse markets and rely on systems, employees, service providers and counterparties to properly process a high volume of transactions.
  • The financial services industry is experiencing leadership changes at the federal banking agencies, which may impact regulations and government policies applicable to us.
  • Increases in or required prepayments of FDIC insurance premiums may adversely affect our earnings.
  • The banking and financial services industry continually encounters technological change, especially in the systems that are used to deliver products to, and execute transactions on behalf of, customers, and if we fail to continue to invest in technological improvements as they become appropriate or necessary, our ability to compete effectively could be severely impaired.
  • An interruption in or breach in security of our information systems, or other cybersecurity risks, could result in a loss of customer business, increased compliance and remediation costs, civil litigation or governmental regulatory action, and have an adverse effect on our results of operations, financial condition and cash flows.
  • Our key assets include our brand and reputation and our business may be affected by how we are perceived in the market place.
  • Our failure to continue to recruit and retain qualified banking professionals could adversely affect our ability to compete successfully and affect our profitability.
  • There may be risks resulting from the extensive use of models in our business.
  • Our asset valuations may include methodologies, estimations and assumptions that are subject to differing interpretations and this, along with market factors such as volatility in one or more markets or industries, could result in changes to asset valuations that may materially adversely affect our results of operations or financial condition.
  • We are dependent on dividends from our subsidiaries to meet our financial obligations and pay dividends to stockholders.
  • Regulatory authorities may restrict our ability to pay dividends on and repurchase our common stock.
  • We have outstanding securities senior to the common stock which could limit our ability to pay dividends on our common stock.
Management Discussion
  • Net income available to common stockholders for the first three months of 2021 was $91.2 million or $0.28 per diluted common share, compared to net income available to common stockholders for the first three months of 2020 of $45.4 million or $0.14 per diluted common share. The provision for credit losses totaled $5.9 million, compared to $47.8 million in the first quarter of 2020 with the year-ago quarter level primarily attributable to the COVID-19 impacts on macroeconomic forecasts used in the ACL model under the CECL standard. Non-interest income totaled $82.8 million, increasing $14.3 million, or 20.8%. Non-interest expense totaled $184.9 million, decreasing $10.0 million, or 5.1%. The first three months of 2020 included the impact of branch consolidation costs of $8.3 million and COVID-19 related expenses of $2.0 million.
Content analysis
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