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F.N.B. (FNB)

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

FNB stock data

Analyst ratings and price targets

Last 3 months

Calendar

5 Aug 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.03B 2.03B 2.03B 2.03B 2.03B 2.03B
Cash burn (monthly) 609.33M 76.25M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 1B 125.61M n/a n/a n/a n/a
Cash remaining 1.03B 1.9B n/a n/a n/a n/a
Runway (months of cash) 1.7 25.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 Jul 22 Pamela A Bena Common Stock Buy Acquire P No No 11.79 800 9.43K 62,795.972
17 May 22 Mencini Frank C Common Stock Buy Acquire P No No 11.61 1,000 11.61K 78,097
10 May 22 Pamela A Bena Common Stock Grant Acquire A No No 0 6,907 0 61,586.009
10 May 22 Campbell William B Common Stock Grant Acquire A No No 0 6,907 0 120,657
10 May 22 James D Chiafullo Common Stock Grant Acquire A No No 0 6,907 0 112,342.838
13F holders Current Prev Q Change
Total holders 363 372 -2.4%
Opened positions 42 57 -26.3%
Closed positions 51 33 +54.5%
Increased positions 123 143 -14.0%
Reduced positions 115 95 +21.1%
13F shares Current Prev Q Change
Total value 2.96B 3.27B -9.4%
Total shares 262.38M 262.43M -0.0%
Total puts 10.4K 100 +10300.0%
Total calls 144K 134.6K +7.0%
Total put/call ratio 0.1 0.0 +9621.1%
Largest owners Shares Value Change
BLK Blackrock 40.26M $437.25M +0.7%
Vanguard 36.32M $394.38M +3.3%
Fuller & Thaler Asset Management 27.09M $294.15M -7.4%
Dimensional Fund Advisors 18.7M $203.03M +6.2%
STT State Street 16.51M $179.27M -12.0%
MCQEF Macquarie 11.81M $128.26M +0.6%
American Century Companies 11.44M $124.2M +7.3%
FMR 5.55M $60.29M +10.5%
Geode Capital Management 4.57M $49.62M +4.2%
MS Morgan Stanley 4.38M $47.58M +686.0%
Largest transactions Shares Bought/sold Change
MS Morgan Stanley 4.38M +3.82M +686.0%
Parametric Portfolio Associates 0 -3.67M EXIT
STT State Street 16.51M -2.25M -12.0%
Fuller & Thaler Asset Management 27.09M -2.17M -7.4%
Vanguard 36.32M +1.16M +3.3%
Ceredex Value Advisors 1.09M +1.09M NEW
Dimensional Fund Advisors 18.7M +1.08M +6.2%
Assenagon Asset Management 1.1M +1.07M +3610.1%
Basswood Capital Management, L.L.C. 3.56M -1.01M -22.1%
Citadel Advisors 1.41M +829.27K +142.7%

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.
  • Additional COVID-19 outbreaks, spikes and "subsequent" waves, new COVID-19 strains and widespread ineffectiveness of the COVID-19 vaccines may lead to efforts by federal, state and local governments and health authorities to engage in efforts to contain or mitigate the pandemic's impact.
  • Interest rates on our outstanding financial instruments might be subject to change based on the replacement of LIBOR, which could adversely affect revenue, expenses, and the value of those financial instruments.
  • Hurricanes, tornadoes, excessive rainfall, droughts or other adverse weather events could negatively affect the local economies in the markets of our footprint, 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.
  • 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.
  • Changes in the federal, state or local tax laws may negatively impact our financial performance.
  • We are subject to environmental, social and governance risks that could adversely affect our reputation and the market price of our securities.
  • Climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could significantly impact our business.
  • We could be adversely affected by changes in the law, especially changes in the regulation of the banking industry.
  • Our overdraft protection programs and corresponding revenue may be impacted by possible new federal regulatory requirements or scrutiny or industry trends regarding such practices.
  • Certain provisions of our Articles of Incorporation and By-laws and Pennsylvania law may discourage takeovers.
  • 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 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 common stock which could limit our ability to pay dividends on our common stock.
  • Integrating our business with that of Howard may fail to realize the anticipated benefits and cost savings of the merger, which may adversely affect our business results and negatively affect the value of our common stock following the merger.
  • Our decisions regarding the credit risk associated with Howard Bank’s loan portfolio could be incorrect and our credit mark may be inadequate, which may adversely affect the financial condition and results of operations of the combined company after the closing of the merger.
Management Discussion
  • Net income available to common stockholders for the three months ended June 30, 2022 was $107.1 million or $0.30 per diluted common share, compared to net income available to common stockholders for the three months ended June 30, 2021 of $99.4 million or $0.31 per diluted common share. The results for the second quarter of 2022 reflect revenue of $335.8 million, an increase of $28.2 million, or 9.2%. Additionally, the provision for credit losses was $6.4 million with the increase primarily due to significant loan growth and CECL-related model impacts from lower prepayment speed assumptions in the second quarter of 2022. This compares to a provision benefit of $1.1 million for the second quarter of 2021. Non-interest income for the second quarter of 2022 included increases in service charges and capital markets income of $5.0 million, or 16.7% and $1.5 million, or 21.9%, respectively. Non-interest expense for the second quarter of 2022 increased $10.3 million primarily due to salaries and employee benefits, occupancy and equipment, marketing expense and merger-related costs of $2.0 million.

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