Download PDF

1. Company Snapshot

1.a. Company Description

F.N.B. Corporation, a financial holding company, provides a range of financial services primarily to consumers, corporations, governments, and small- to medium-sized businesses.The company operates through three segments: Community Banking, Wealth Management, and Insurance.It offers commercial banking solutions, including corporate and small business banking, investment real estate financing, business credit, capital market, and lease financing services.


The company also provides consumer banking products and services, such as deposit products, mortgage and consumer lending services, and mobile and online banking services; and wealth management services comprising personal and corporate fiduciary services comprising administration of decedent and trust estates; securities brokerage and investment advisory services, mutual funds, and annuities; and commercial and personal insurance, and reinsurance products, as well as mezzanine financing options for small- to medium-sized businesses.As of December 31, 2021, it operated 334 banking offices in Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C., and Virginia.F.N.B. Corporation was founded in 1864 and is headquartered in Pittsburgh, Pennsylvania.

Show Full description

1.b. Last Insights on FNB

F.N.B. Corporation's recent performance was driven by strong Q4 2025 earnings, exceeding expectations and reinforcing a "Buy" rating. The company's robust capital position, stable deposit base, and improving net interest margin support ongoing balance sheet growth and shareholder returns. Credit quality remains solid, with low nonperforming loans and high reserve coverage, positioning FNB to weather economic uncertainty. The company's full-service model in the Southeast U.S. offers big-bank products and small-bank customer service, capitalizing on growth opportunities. FNB's fee-based income and efficiency ratios remain strong, while guidance and loan/deposit growth are slightly disappointing.

1.c. Company Highlights

2. FNB's Strong Q4 2025 Earnings: A Closer Look

FNB reported a robust fourth quarter 2025, with operating net income available to common shareholders reaching $182 million or $0.50 per diluted common share, exceeding analyst estimates of $0.41. The full year 2025 operating performance was equally impressive, with revenue hitting a record $1.8 billion, operating net income available to common shareholders of $577 million, and operating earnings per diluted common share of $1.59, representing a 14% year-over-year growth. Revenue for the quarter was nearly $458 million, growing 12.4% on an operating basis. As Vince Calabrese, Chief Financial Officer, noted, "Record total revenues of nearly $458 million, grew a very strong 12.4% on an operating basis and operating pre-provision net revenue grew 21.5% from the year ago quarter."

Publication Date: Feb -10

📋 Highlights
  • 2025 Full-Year Operating EPS Growth:: 14% year-over-year increase to $1.59, driven by 9% net interest income growth and margin expansion.
  • Record Q4 Operating Net Income:: $181.8 million ($0.50/share), excluding a $20 million charitable contribution, with 12.4% growth in operating revenues.
  • Strong Credit Performance:: Delinquency at 71 bps, NPLs/OREO at 31 bps (multiyear low), and net charge-offs at 19 bps (19 bps annualized).
  • 2026 Guidance for Net Interest Income:: Projected $1.495–$1.535 billion full-year range, with Q1 guidance of $355–$365 million.
  • Loan Growth & Diversification:: Mid-single-digit loan growth expected in 2026, led by C&I and CRE, with $1 billion capacity for CRE redeployment.

Loan and Deposit Growth Outlook

For full year 2026, FNB expects period-end loans and deposits to grow mid-single digits versus year-end 2025. The bank is optimistic about driving growth in its loan categories, particularly in C&I and CRE, with a strong production quarter despite large payoffs in the CRE space. Vincent J. Delie mentioned that they expect mid-single-digit loan growth, with C&I and CRE being the leaders. The bank has a large pipeline of deposit prospects and commercial treasury management deposits, and is starting to see increased levels of opportunities around high-quality CRE.

Valuation and Dividend Yield

With a P/TBV ratio of 1.01, FNB's valuation appears reasonable. The bank's dividend yield stands at 2.54%, providing a relatively attractive return for investors. The company's guidance for 2026 suggests continued strong performance, with net interest income expected to be between $1.495 billion and $1.535 billion. Analysts estimate next year's revenue growth at 8.3%, indicating a positive outlook for the bank.

Capital Management and M&A

FNB is generating enough capital to support high single-digit loan growth without changing its concentration levels. The bank plans to maintain its current concentration level of 197% and is considering buybacks, with a goal of being at the same level or higher than in '25. Regarding M&A, Vincent J. Delie stated that the bank is focused on organic growth and has been for 5-6 years, but will consider M&A opportunistically if it provides a good fit and doesn't dilute their existing business.

Earnings Outlook and Efficiency Ratio

FNB's goal is to increase its organic growth and deploy capital to maximize shareholder returns. The bank expects to achieve an efficiency ratio in the low 50s by the second half of the year, driven by automation, digitization, and investments in technology. With a strong position in CRE loans and a growing equipment finance business, FNB is well-positioned for continued success.

3. NewsRoom

Card image cap

F.N.B. Corp Successfully Exploiting An Attractive Mid-Size Southeast Banking Opportunity

Jan -28

Source: seekingalpha.com

Card image cap

F.N.B. Corporation Declares Cash Dividend of $0.12 on Common Stock

Jan -27

Source: prnewswire.com

Card image cap

F.N.B. Q4 Earnings Call Highlights

Jan -23

Source: defenseworld.net

Card image cap

F.N.B. Corporation: A Well-Run Bank With Significant Excess Capital

Jan -21

Source: seekingalpha.com

Card image cap

F.N.B. Corporation (FNB) Q4 2025 Earnings Call Transcript

Jan -21

Source: seekingalpha.com

Card image cap

FNB's Q4 Earnings Beat Estimates on Higher NII & Lower Provisions

Jan -21

Source: zacks.com

Card image cap

F.N.B. Corporation Reports Fourth Quarter and Full Year 2025 Earnings

Jan -20

Source: prnewswire.com

Card image cap

F.N.B. (FNB) Q4 Earnings Preview: What You Should Know Beyond the Headline Estimates

Jan -14

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.44%)

6. Segments

Community Banking

Expected Growth: 8.5%

F.N.B. Corporation's Community Banking segment growth of 8.5% is driven by strategic branch expansion, increased commercial lending, and deposit growth. Additionally, investments in digital banking platforms and customer relationship management tools have enhanced customer experience, leading to increased market share and revenue growth.

Wealth Management

Expected Growth: 7.5%

F.N.B. Corporation's 7.5% growth in Wealth Management is driven by strategic acquisitions, expanded investment product offerings, and a growing client base. Additionally, the company's focus on digital transformation, enhanced customer experience, and a strong advisory team have contributed to the segment's growth.

Parent and Other

Expected Growth: 6.0%

F.N.B. Corporation's 6.0% growth in Parent and Other segments is driven by strategic acquisitions, expansion of commercial lending, and increased fee income from treasury management and capital markets services. Additionally, cost savings initiatives and a favorable interest rate environment contribute to the growth.

Insurance

Expected Growth: 10.5%

F.N.B. Corporation's 10.5% insurance growth driven by strategic acquisitions, expansion into new markets, and increased demand for commercial and personal insurance products. Additionally, investments in digital platforms and data analytics have enhanced customer experience, retention, and cross-selling opportunities, contributing to the segment's growth.

7. Detailed Products

Consumer Banking

Provides personal banking services, including checking and savings accounts, credit cards, loans, and investment services

Commercial Banking

Offers a range of commercial banking services, including cash management, treasury management, and commercial lending

Wealth Management

Provides investment management, trust services, and wealth planning to individuals, families, and institutions

Insurance

Offers a range of insurance products, including life insurance, disability insurance, and long-term care insurance

Mortgage Banking

Provides mortgage lending services, including residential and commercial mortgage loans

Capital Markets

Provides investment banking, equity and fixed income sales and trading, and research services

8. F.N.B. Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

F.N.B. Corporation operates in the banking industry, where customers have various alternatives for their financial needs. However, the company's diversified product offerings and strong brand presence mitigate the threat of substitutes.

Bargaining Power Of Customers

F.N.B. Corporation's customers have some bargaining power due to the availability of alternative banking services. However, the company's large customer base and diversified revenue streams reduce the bargaining power of individual customers.

Bargaining Power Of Suppliers

F.N.B. Corporation's suppliers, such as technology providers and vendors, have limited bargaining power due to the company's large scale and diversified operations.

Threat Of New Entrants

The banking industry has high barriers to entry, including regulatory hurdles and capital requirements. This limits the threat of new entrants and provides F.N.B. Corporation with a relatively stable competitive landscape.

Intensity Of Rivalry

The banking industry is highly competitive, with many established players competing for market share. F.N.B. Corporation faces intense rivalry from other regional banks and larger national banks.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 42.53%
Debt Cost 4.33%
Equity Weight 57.47%
Equity Cost 9.09%
WACC 7.07%
Leverage 74.00%

11. Quality Control: F.N.B. Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Regions Financial

A-Score: 6.5/10

Value: 6.2

Growth: 4.8

Quality: 7.6

Yield: 8.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

View Full Report
Stock-Card
First Horizon

A-Score: 6.0/10

Value: 4.3

Growth: 4.7

Quality: 6.4

Yield: 7.0

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
FNB

A-Score: 6.0/10

Value: 5.4

Growth: 5.3

Quality: 5.4

Yield: 7.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

View Full Report
Stock-Card
Zions Bank

A-Score: 5.9/10

Value: 7.0

Growth: 6.9

Quality: 6.2

Yield: 6.0

Momentum: 4.0

Volatility: 5.3

1-Year Total Return ->

View Full Report
Stock-Card
Comerica

A-Score: 5.8/10

Value: 4.3

Growth: 4.6

Quality: 6.2

Yield: 7.0

Momentum: 7.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Key

A-Score: 5.5/10

Value: 5.4

Growth: 2.7

Quality: 5.2

Yield: 8.0

Momentum: 5.0

Volatility: 7.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.33$

Current Price

18.33$

Potential

-0.00%

Expected Cash-Flows