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Earnings Presentation Second Quarter 2025 July 18, 2025 F.N.B.Corporation
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This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as “anticipates,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “likely,” “may,” “might,” “objective,” “plans,” “positioned,” “potential,” “projects,” “remains,” “should,” “target,” “trend,” “will,” “would,” or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to: • the credit risk associated with the substantial amount of commercial loans and leases in our loan portfolio; • the volatility of the mortgage banking business; • changes in market interest rates and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions; • the impact of changes in interest rates on the value of our investment securities portfolios; • changes in our ability to obtain liquidity as and when needed to fund our obligations as they come due, including as a result of adverse changes to our credit ratings; • the risk associated with uninsured deposit account balances; • regulatory limits on our ability to receive dividends from our subsidiaries and pay dividends to our shareholders; • our ability to recruit and retain qualified banking professionals; • the financial soundness of other financial institutions and the impact of volatility in the banking sector on us; • changes and instability in economic conditions and financial markets, in the regions in which we operate or otherwise, including a contraction of economic activity, economic downturn or uncertainty and international conflict; • our ability to continue to invest in technological improvements as they become appropriate or necessary; • any interruption in or breach in security of our information systems, or other cybersecurity risks; • risks associated with reliance on third-party vendors; • risks associated with the use of models, estimations and assumptions in our business; • the effects of adverse weather events and public health emergencies; • the risks associated with acquiring other banks and financial services businesses, including integration into our existing operations; • the extensive federal and state regulations, supervision and examination governing almost every aspect of our operations, and potential expenses associated with complying with such regulations; • our ability to comply with the consent orders entered into by First National Bank of Pennsylvania with the Department of Justice and the North Carolina State Department of Justice, and related costs and potential reputational harm; • changes in federal, state or local tax rules and regulations or interpretations, or accounting policies, standards and interpretations; • the effects of climate change and related legislative and regulatory initiatives; and • any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above. FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2024 Annual Report on Form 10-K (including the MD&A section), our subsequent 2025 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other 2025 filings with the Securities and Exchange Commission (SEC), which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC’s website at www.sec.gov. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings. You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to FNB. FNB does not undertake, and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law. Cautionary Statement Regarding Forward-Looking Information 2
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To supplement our Consolidated Financial Statements presented in accordance with GAAP , we use certain non-GAAP financial measures, such as operating net income available to common shareholders, operating earnings per diluted common share, return on average tangible equity, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, pre-provision net revenue (reported), operating pre-provision net revenue, operating non-interest expense, efficiency ratio, allowance for credit losses on loans and leases plus accretable discount of acquired loans to total loans and leases and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends. These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP . Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included later in this release under the heading “Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP .” Management believes certain items (e.g., FDIC special assessment) are not organic to running our operations and facilities. These items are considered significant items impacting earnings as they are deemed to be outside of ordinary banking activities. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction. To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2025 and 2024 were calculated using a federal statutory income tax rate of 21%. Use of Non-GAAP Financial Measures and Key Performance Indicators 3
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Second Quarter 2025 Highlights ❖ Net income available to common shareholders increased 12.1% linked-quarter to $130.7 million, or $0.36 per diluted common share. ❖ Revenue growth of 6.5% linked-quarter was driven by record levels of net interest income and non-interest income. o Net interest income totaled $347.2 million, with a 16 basis point increase in net interest margin (FTE)(1) to 3.19%. o Non-interest income of $91.0 million continued to reflect broad contributions from our diversified fee-based businesses. ❖ Pre-provision net revenue(1) totaled $192.0 million, a 16.5% increase from the prior quarter. ❖ Average total loans and leases increased $451.7 million, or 5.3% annualized, linked-quarter. ❖ Average total deposits increased $155.6 million, or 1.7% annualized, linked-quarter. o The mix of non-interest-bearing deposits to total deposits (period-end) was stable at 26%. ❖ Loan-to-deposit ratio was 92% at June 30, 2025, stable compared to 92% at March31, 2025, and meaningfully improved compared to 96% at June30, 2024. ❖ Asset quality metrics remain at solid levels, reflecting continued proactive management of the loan portfolio. o The ratio of non-performing loans and OREO to total loans and OREO decreased 14 basis points to 0.34% from the prior quarter. o The Allowance for Credit Losses totaled $432.1 million, or 1.25% of loans, stable with the prior quarter. ❖ Record tangible book value(1) (TBV) of $11.14 per share with year-over-year growth of $1.26, or 12.8%. ❖ Record capital metrics: CET1 ratio(2) of 10.8% and tangible common equity to tangible assets(1) (TCE/TA) of 8.5%. ❖ During the second quarter of 2025, the Company repurchased 0.7 million shares of common stock at a weighted average share price of $13.85 while maintaining capital above stated operating levels and supporting loan growth in the quarter. Financial Highlights 4(1) A non-GAAP measure. (2) Estimated for 2Q25.
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Strong Financial Performance 5(1) A non-GAAP measure. (2) FTE basis. (3) Comparison to June 30, 2024. (4) Estimated for 2Q25. 13.6% 1.15% 54.8% 3.19% ROATCE(1) Efficiency Ratio(1)(2) Net Interest Margin(1)(2) ROATA(1) Solid Profitability Metrics Quarter Ended June 30, 2025 Significant Capital, Reserves & Liquidity as of June 30, 2025 Continued Balance Sheet Growth as of June 30, 2025 TCE/TA(1) 8.5% CET1(4) 10.8% 1.25% ACL Ratio Total Loan Growth(3) 2.7% 7.9% Total Deposit Growth(3) 26.2% Non-Interest Bearing Deposit to Total Deposit Ratio 12.8% TBV Per Share Growth(1)(3) 91.9% Loan-to-Deposit Ratio
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Second Quarter Financial Highlights 2Q25 1Q25 2Q24 Net income available to common shareholders (millions) $130.7 $116.5 $123.0 Earnings per diluted common share $0.36 $0.32 $0.34 Book value per common share $18.17 $17.86 $16.94 Operating net income available to common shareholders (millions)(1) $130.7 $116.5 $123.7 Operating earnings per diluted common share(1) $0.36 $0.32 $0.34 Total loan growth (ending balance)(2) 1.3% 0.9% 3.6% Total deposit growth (ending balance)(2) 1.4% 0.4% 0.7% Efficiency ratio(1)(3) 54.8% 58.5% 54.4% Tangible common equity / tangible assets(1)(4) 8.5% 8.4% 7.9% Common equity tier 1 risk-based capital ratio(5) 10.8% 10.7% 10.2% Tangible book value per common share(1)(4) $11.14 $10.83 $9.88 Reported Results Key Operating Results Capital Measures (1) A non-GAAP measure. (2) On a linked-quarter non-annualized basis. (3) FTE basis. (4) Includes negative AOCI impact of $0.26, $0.34, and $0.67 in 2Q25, 1Q25 and 2Q24, respectively. (5) Estimated for 2Q25. 6
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Asset Quality $ in millions, unless otherwise stated 2Q25 1Q25 2Q24 2Q25 Highlights Delinquency 0.62% 0.75% 0.63% NPLs+OREO/Total loans and leases + OREO 0.34% 0.48% 0.33% Provision for credit losses $25.6 $17.5 $20.2 Net charge-offs (NCOs) $21.8 $12.5 $7.8 NCOs (annualized)/Total average loans and leases 0.25% 0.15% 0.09% Allowance for credit losses/ Total loans and leases 1.25% 1.25% 1.24% Allowance for credit losses/ Total non-performing loans and leases 370.7% 266.9% 388.1% o Asset quality metrics remain at solid levels, reflecting continued proactive management of the loan portfolio. o Net charge-offs of $21.8 million, or 0.25% (annualized) of average loans and leases, remain near historically low levels. Year-to-date net charge- offs to total loans and leases are 0.20% (annualized). o Allowance for Credit Losses of $432.1 million, or 1.25% of loans and leases and 371% of NPLs. o NPLs+OREO ended the quarter at 0.34%, a meaningful decrease of 14 basis points from the prior quarter. 7
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0.63% 0.79% 0.83% 0.75% 0.62% 2Q24 3Q24 4Q24 1Q25 2Q25 1.24% 1.25% 1.25% 1.25% 1.25% 1.35% 1.34% 1.34% 1.34% 1.32% 2Q24 3Q24 4Q24 1Q25 2Q25 NCO’s (Annualized) to Average Loans NPL’s and OREO to Loans and OREO Delinquency to Period End Loans (1) A non-GAAP measure, refer to non-GAAP to GAAP Reconciliation for further information. ACL to Total Loans and Leases Asset Quality Ratios 8 Reflects ACL/ Total loans and leases, including the remaining accretable discount on acquired loans (1) 0.09% 0.25% 0.24% 0.15% 0.25% 2Q24 3Q24 4Q24 1Q25 2Q25 0.33% 0.39% 0.48% 0.48% 0.34% 2Q24 3Q24 4Q24 1Q25 2Q25 Asset quality metrics remain at solid levels and FNB will continue to manage risk proactively as part of our core credit philosophy.
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C&I 20% Owner-Occupied 11% Non-Owner CRE 26% Residential Mortgage 24% Home Equity 7% HELOC 4% Indirect 2% Equip Finance/Commercial Leasing Group 4% Other 2% Total Loan Portfolio: $34.7 billion Total Commercial (including Leases): 61% Total Consumer: 39% Highly diversified, commercial-focused loan portfolio. Loan Portfolio (as of June 30, 2025) Loan Portfolio Mix 9
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Retail 20.7% Office 18.4% Residential: Multifamily 26.8% Residential: 1‐4 Family 6.8% Industrial / Warehouse 13.9% Lodging 2.5% Senior Care 5.2% Other 5.7% CRE - Office Loan Statistics as of June 30, 2025 Non-Owner Occupied CRE Portfolio(1) ❖ Long history of working with well-established sponsors with a focus on strong global cash flows. ❖ The top 25 loans average $23 million in exposure. o No outsized risk to any one property. o Spread throughout the FNB footprint. CRE - Office Loans by Funding Size ($) 43% 16% 11% 10% 6% 13% < $5 million $5-10 million $10-15 million $15-20 million $20-25 million > $25 million 8% 19% 12% 14% 11% 16% 19% 2025 2026 2027 2028 2029 2030 > 2030 $8.9 Billion of Non-Owner Occupied CRE Loans CRE Office Loans Delinquency 1.44% Non-performing loans 1.43% Criticized loans 10% (1) Totals may not sum due to rounding. Non-Owner Occupied CRE Portfolio 10 CRE - Office Maturity Walls as % of CRE - Office Portfolio ($)
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Non-Owner Occupied CRE Portfolio(1) 11 NOO-CRE Loans1 to Capital (1) NOO CRE reflects Call Report Methodology using lines BHCKF159, BHDM1460 and BHCKF161. NOO-CRE Loan Statistics as of June 30, 2025 150% 175% 200% 225% 250% 275% NOO-CRE/TCE NOO-CRE/Tier 1 Capital+Allowance for Loan Losses ❖ Strong diversification across property types and geographies. ❖ No outsized risk to any one property. o Average loan size is $1 million. o One funded loan over $50 million. ❖ Since 2014, low average net-charge offs of 14 basis points through multiple credit cycles. ❖ Proactively addressing upcoming maturities. o Minimal credit migration at maturity. o Higher than historical rate of pay-offs. o Successfully re-underwriting renewals at current market rates and values. ❖ Conducted targeted reviews and portfolio stress tests.
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Average, $ in millions 2Q25 1Q25 2Q24 QoQ ∆(1) YoY ∆ 2Q25 Highlights Securities $7,592 $7,448 $7,188 1.9% 5.6% Total Loans 34,502 34,051 33,256 1.3% 3.7% Commercial Loans and Leases 21,294 21,208 20,936 0.4% 1.7% Consumer Loans 13,209 12,843 12,320 2.8% 7.2% Earning Assets 44,043 43,443 41,423 1.4% 6.3% Total Deposits 37,125 36,969 34,590 0.4% 7.3% Non-Interest Bearing Deposits 9,812 9,648 9,921 1.7% (1.1%) Interest Bearing Deposits 27,312 27,321 24,669 (0.0%) 10.7% o Total securities duration remained at 3.8 years with AFS comprising ~48% of the portfolio. o Average consumer loan growth year-over-year included a $1.2 billion increase in residential mortgages largely due to successful execution in key markets and long-standing strategy of serving the purchase market. o Average deposit growth year-over- year of $2.5 billion was due to organic growth in new and existing customer relationships which contributed to a meaningful decline in the loan-to-deposit ratio to 92% as of June 30, 2025. o The mix of non-interest-bearing deposits to total deposits was 26%, stable to the prior quarter. (1) Not Annualized. Balance Sheet Highlights 12
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35% 32% 30% 28% 26% 23% 20% 16% 21% 22% 19% 13% 9% 10% 18% 20% 20%50% 52% 52% 53% 53% 54% 56% 58% 54% 52% 55% 56% 57% 56% 53% 54% 54% 16% 16% 18% 19% 22% 23% 24% 26% 26% 26% 26% 31% 34% 34% 29% 26% 26% $6.4 $6.6 $7.3 $9.1 $10.2 $11.4 $12.6 $16.1 $22.4 $23.5 $24.8 $29.1 $31.7 $34.8 $34.7 $37.1 $37.7 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 Time Deposits Interest-Bearing Deposits & Savings Non-Interest Bearing Deposits FNB Maintains a Favorable Deposit Mix while Continuing to Grow Deposits. Total Period-End Deposits(1) (2009 – 2Q25) 2009 2Q25 Δ NIB Deposits 16% 26% +10% Time Deposits 35% 20% -15% ($ amount in billions) (1) Totals may not sum due to rounding. Does not include Customer Repurchase Agreements. Deposit Composition 13
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$ in thousands, unless otherwise stated 2Q25 1Q25 2Q24 QoQ Δ(2) YoY Δ 2Q25 Highlights Total interest income $582,641 $559,437 $557,188 4.1% 4.6% Total interest expense 235,445 235,592 241,298 (0.1%) (2.4%) Net interest income $347,196 $323,845 $315,890 7.2% 9.9% Non-interest income 91,015 87,766 87,922 3.7% 3.5% Total revenue $438,211 $411,611 $403,812 6.5% 8.5% Net interest margin (FTE) (1) 3.19% 3.03% 3.09% 16 bps 10 bps Average earning asset yields (FTE) (1) 5.33% 5.23% 5.43% 10 bps (10) bps Average loan yield (FTE) (1) 5.79% 5.68% 5.96% 11 bps (17) bps Cost of funds 2.26% 2.32% 2.46% (6) bps (20) bps Cost of interest-bearing deposits 2.66% 2.76% 2.93% (10) bps (27) bps Cost of interest-bearing liabilities 2.96% 3.03% 3.29% (7) bps (33) bps o Record net interest income increased $23.4 million from the prior quarter primarily due to higher yields on earning assets(1), lower cost of funds and one more day in the quarter. o Record non-interest income totaled $91.0 million, benefitting from our diversified fee-based businesses. o Net interest margin (FTE)(1) equaled 3.19%, a meaningful expansion from the prior quarter. o Total cost of funds decreased 6 basis points linked-quarter while our overall average deposits and other funding sources grew nearly $600 million. o Second quarter net interest income included $2.2 million in purchase accounting accretion from the pay- off of a previously acquired loan resulting in a 2 basis point impact to net interest margin. Revenue Highlights 14(1) A non-GAAP measure. (2) Not annualized.
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Prime SOFR Other 37.3% 46.1% 1.5% 15.1% - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 Fixed ≤3 month 3-12 months > 12 months Other Balance Sheet Repricing Loan Repricing Frequency as of June 30, 2025 Cumulative Interest-Bearing and Total Deposit Betas(1) Other 15 Total Loans and Leases: $34.7 billion (1) The period end total-deposit beta for the up-cycle reflects the total cumulative beta between 2Q22 and August 31, 2024, and the period end total-deposit beta for the down cycle is the current rate cycle between 3Q24 and 2Q25. (2) Time deposit amount includes brokered deposits. (3) The loan swaps and collars are hedging 1M Term SOFR or 1M Fallback Rate SOFR exposure. ❖ ~46% of loans reprice within 3 months. ❖ ~$1.1 billion annual cash flow from the investment portfolio with a roll-off yield of ~3.22%. o Duration of investment portfolio is 3.8 years. ❖ $7.5 billion of time deposits have a weighted average maturity of 5 months. o ~95% of time deposits(2) mature over the next 12 months. ❖ ~$5.4 billion of non-maturity deposits have rates at or above 4.00%. ❖ ~$3.1 billion of floating rate borrowings or fixed rate borrowings maturing in the next 12 months. ❖ We continually evaluate our IRR position and utilize our asset/liability positioning and duration as natural balance sheet hedges, as well as synthetic derivatives on a limited basis to achieve desired NII and capital levels. o $500 million of receive fixed swaps(3) at weighted average rate of 0.72% mature in July and October 2025. o $1.45 billion of receive fixed swaps (3) at weighted average rate of 3.83% mature between 2026 and 2030. o $200 million interest rate collar(3) with a floor of 2.85% and a cap of 5.50% maturing in 2026. Commentary 14% 18% 24% 32% 38% 44% 48% 51% 53% 54% 23% 38% 40% 10% 13% 17% 22% 27% 31% 34% 37% 38% 40% 16% 28% 28% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% 24% 25% 26% 27% 28% 29% 30% 31% 32% 33% 34% 35% 36% 37% 38% 39% 40% 41% 42% 43% 44% 45% 46% 47% 48% 49% 50% 51% 52% 53% 54% 55% 56% 57% 58% 59% 60% 61% 62% 63% 64% 65% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Aug 24 4Q24 1Q25 2Q25 Total IBD Beta (Up Cycle) Total IBD Beta (Down Cycle) Total Deposit Beta (Up Cycle) Total Deposit Beta (Down Cycle)
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$ in thousands, unless otherwise stated 2Q25 1Q25 2Q24 QoQ Δ(1) YoY Δ 2Q25 Highlights Service charges $22,930 $22,355 $23,332 2.6% (1.7%) Interchange and card transaction fees 13,254 12,370 13,005 7.1% 1.9% Trust services 11,591 12,400 11,475 (6.5%) 1.0% Insurance commissions and fees 5,108 5,793 5,973 (11.8%) (14.5%) Securities commissions and fees 8,882 8,820 7,980 0.7% 11.3% Capital markets income 6,897 5,323 5,143 29.6% 34.1% Mortgage banking operations 6,306 6,993 6,956 (9.8%) (9.3%) Dividends on non-marketable securities 6,168 5,560 6,895 10.9% (10.5%) Bank owned life insurance 3,838 5,350 3,419 (28.3%) 12.3% Net securities gains (losses) 58 0 (3) NM(2) NM(2) Other 5,983 2,802 3,747 113.5% 59.7% Total reported non-interest income $91,015 $87,766 $87,922 3.7% 3.5% Non-Interest Income (1) Not annualized. (2) Not meaningful. 16 o Non-interest income reached an all-time high of $91.0 million. o Interchange and card transaction fees increased linked-quarter due to higher customer transaction activity. o Wealth Management revenues increased $1.0 million year-over- year, through continued strong contributions across the footprint. o Capital markets income increased driven by record debt capital markets income and contributions from international banking, customer swap activity and syndications. o Bank-owned life insurance decreased linked-quarter due to higher life insurance claims in the prior quarter. o Other non-interest income increased linked-quarter primarily due to gains on the disposition of leased equipment.
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$162 $202 $249 $275 $300 $310 $330 $323 $321 $350 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Insurance Revenues Mortgage Banking Income Capital Markets Income Wealth Management Service Charges & Interchange and Card Transaction Fees Other ❖ Priority to continuously make strategic investments to develop and expand new high-value business units that complement our existing products and services. ❖ FNB has established or significantly expanded 8 business lines that are now multi-million-dollar revenue generators, leading to a 9% 10-year compounded annual growth rate (CAGR) for non-interest income. ❖ Capital Markets deep product set includes interest rate and commodities derivatives, international banking, syndications, debt capital markets, public finance and investment banking, allowing FNB to serve all our clients throughout their business’s life cycle and deepen our customer relationships. o Capital Markets revenue has more than doubled over the past 10 years. Total Operating Non-interest Income(1) with a 9% CAGR since 2015 (Chart in millions) Strategic Objective to Drive Diversified Fee Income Growth 17(1) A non-GAAP measure.
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$ in thousands, unless otherwise stated 2Q25 1Q25 2Q24 QoQ Δ(2) YoY Δ 2Q25 Highlights Salaries and employee benefits $129,842 $135,135 $120,917 (3.9%) 7.4% Occupancy and equipment 47,287 45,643 42,967 3.6% 10.1% Outside services 25,317 26,341 23,250 (3.9%) 8.9% Marketing 5,017 4,573 4,006 9.7% 25.2% FDIC insurance(1) 8,922 8,483 9,150 5.2% (2.5%) Bank shares tax and franchise taxes 3,960 4,136 3,930 (4.3%) 0.8% Other 25,880 22,500 21,588 15.0% 19.9% Non-interest expense, excluding significant items impacting earnings (1) $246,225 $246,811 $225,808 (0.2%) 9.0% Significant items impacting earnings 0 0 804 NM(3) NM(3) Total reported non-interest expense $246,225 $246,811 $226,612 (0.2%) 8.7% Non-Interest Expense 18(1) Excludes amounts related to significant items impacting earnings: FDIC special assessment of $0.8 million 2Q24. (2) Not annualized. (3) Not meaningful. o Salaries and employee benefits decreased linked-quarter primarily due to normal seasonal long-term compensation expense in the prior quarter, partially offset by normal annual merit increases and higher production-related compensation. o Occupancy and equipment increased year-over-year, largely from technology-related investments and de novo branch expansions. o Other non-interest expense increased primarily due to the impact of Community Uplift, a mortgage down payment assistance program that was enhanced and expanded in conjunction with our previously announced settlement agreement with the Department of Justice (DOJ). o The efficiency ratio (non-GAAP) totaled 54.8%, down from the seasonally higher 58.5% in the prior quarter.
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9.4% 9.8% 9.9% 9.8% 10.0% 10.6% 10.7% 10.8% 2019 2020 2021 2022 2023 2024 1Q25 2Q25 TCE Ratio(1) CET1 Ratio Strong Capital Position 19 (1) A non-GAAP measure, refer to Non-GAAP to GAAP Reconciliation for further information. (2) Hypothetical TCE calculation if FNB’s HTM unrealized losses were included as part of the calculation. (3) Hypothetical CET1 calculation if FNB’s AFS losses were included as part of this calculation. (4) Hypothetical CET1 calculation if FNB’s AFS and HTM unrealized losses were included as part of this calculation. (5) Estimated for 2Q25. FNB’s capital levels reached all-time highs, providing ample flexibility to grow the balance sheet and optimize shareholder returns while appropriately managing risk. (5) 7.6% 7.2% 7.4% 7.2% 7.8% 8.2% 8.4% 8.5% 2019 2020 2021 2022 2023 2024 1Q25 2Q25 TCE Ratio (non-GAAP)(1) 8.5% TCE Ratio, adjusted for HTM(2) 8.1% Second Quarter 2025 TCE Capital Levels CET1 Ratio(5) 10.8% CET1 Ratio, adjusted for AFS(3) 10.6% CET1 Ratio, adjusted for AFS & HTM(4) 10.1% Second Quarter 2025 CET1 Capital Levels
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2025 Financial Objectives 20(1) Targets are relative to December 31, 2024. 3Q25 Guidance FY 2025 Guidance Commentary Spot Loans Mid-single digit growth Loan growth driven by increasing market share across our diverse geographic footprint. Spot Deposits Mid-single digit growth Deposit growth driven by deepening customer relationships and leveraging our digital and data analytics capabilities. Net Interest Income (non-FTE) $345-$355 million $1.37-$1.39 billion Expect to be in the upper half of the 3Q25 guide. Assumes 25 basis point rate cuts in September and December 2025. Non-Interest Income $87.5-$92.5 million $355-$365 million Expect continued benefits from diversified strategy. Provision Expense $85-$100 million To support loan growth and charge-off activity. Non-Interest Expense $240-$250 million $975-$985 million Continue to manage expenses in a disciplined manner. Effective Tax Rate 21-22% Assumes no investment tax credit activity for 2025. Income Statement Balance Sheet(1)
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Ticker Institution Ticker Institution ASB Associated Banc-Corp. RF Regions Financial Corp. BKU BankUnited, Inc. SFNC Simmons First National Corp. BOKF BOK Financial Corp. SNV Synovus Financial Corp. CBSH Commerce Bancshares, Inc. SSB SouthState Corp. CFR Cullen/Frost Bankers, Inc. TCBI Texas Capital Bancshares, Inc. CMA Comerica Inc. UMBF UMB Financial Corp. FHN First Horizon Corp. VLY Valley National Bancorp. FULT Fulton Financial Corp. WBS Webster Financial Corp. HBAN Huntington Bancshares, Inc. WTFC Wintrust Financial Corp. HWC Hancock Whitney Corp. ZION Zions Bancorp. PNFP Pinnacle Financial Partners 2025 Peer Group Listing 21
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Non-GAAP to GAAP Reconciliation 22
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