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Couchbase Announces Second Quarter Fiscal 2025 Financial Results

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SANTA CLARA, Calif., Sept. 4, 2024 /PRNewswire/ — Couchbase, Inc. (NASDAQ: BASE), the cloud database platform company, today announced financial results for its second quarter ended July 31, 2024.

“I’m pleased with our hard work and execution in the quarter,” said Matt Cain, Chair, President and CEO of Couchbase. “We delivered revenue and operating loss results that exceeded the high end of our outlook, generated strong new business and new logos, and saw a meaningful increase in our Capella mix. I remain highly confident in our outlook and ability to achieve our objectives in fiscal 2025.”

Second Quarter Fiscal 2025 Financial Highlights

Revenue: Total revenue for the quarter was $51.6 million, an increase of 20% year-over-year. Subscription revenue for the quarter was $49.3 million, an increase of 20% year-over-year.Annual recurring revenue (ARR): Total ARR as of July 31, 2024 was $214.0 million, an increase of 18% year-over-year, or 19% on a constant currency basis. See the section titled “Key Business Metrics” below for details.Gross margin: Gross margin for the quarter was 87.5%, compared to 86.3% for the second quarter of fiscal 2024. Non-GAAP gross margin for the quarter was 88.3%, compared to 87.2% for the second quarter of fiscal 2024. See the section titled “Use of Non-GAAP Financial Measures” and the tables titled “Reconciliation of GAAP to Non-GAAP Results” below for details.Loss from operations: Loss from operations for the quarter was $21.0 million, compared to $21.9 million for the second quarter of fiscal 2024. Non-GAAP operating loss for the quarter was $4.1 million, compared to $9.2 million for the second quarter of fiscal 2024.Cash flow: Cash flow used in operating activities for the quarter was $4.9 million, compared to cash flow used in operating activities of $0.5 million in the second quarter of fiscal 2024. Capital expenditures were $1.0 million during the quarter, leading to negative free cash flow of $5.9 million, compared to negative free cash flow of $1.6 million in the second quarter of fiscal 2024.Remaining performance obligations (RPO): RPO as of July 31, 2024 was $215.8 million, an increase of 27% year-over-year.

Recent Business Highlights

Announced the general availability of Capella Columnar, an exciting milestone for Couchbase with strong uptake and positive feedback from early adopters across various industries. Columnar helps organizations streamline the development of adaptive applications by enabling real-time data analysis alongside operational workloads within a single database platform.Announced the general availability of Couchbase Mobile with vector search, which makes it possible for businesses to offer similarity and hybrid search in their applications on mobile and at the edge. With Capella Columnar and vector search capabilities in one cloud database platform, Couchbase helps businesses reduce cost and simplify operations, while enabling developers to create trustworthy adaptive applications.Introduced Capella Free Tier, a workspace which empowers developers to work faster by enabling the development of next generation, production-ready applications on Couchbase. Developers now have the access and convenience they need to build on applications without worrying about an end date.Announced the appointment of Josh Harbert as senior vice president and chief marketing officer. In this role, Harbert will lead all marketing and sales development efforts, driving brand momentum, demand creation, market leadership and growth initiatives. He brings over 20 years’ experience in the enterprise software industry and a proven track record of accelerating growth and achieving strategic outcomes in both private and public companies.

Financial Outlook

For the third quarter and full year of fiscal 2025, Couchbase expects:

Q3 FY2025 Outlook

FY2025 Outlook

Total Revenue

$50.3-51.1  million

$205.1-209.1 million

Total ARR

$218.5-221.5 million

$235.5-240.5 million

Non-GAAP Operating Loss

$5.5-4.5 million

$24.5-19.5 million

The guidance provided above is based on several assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

Couchbase is not able, at this time, to provide GAAP targets for operating loss for the third quarter or full year of fiscal 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating loss that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

Conference Call Information

Couchbase will host a live webcast at 1:30 p.m. Pacific Time (or 4:30 p.m. Eastern Time) on Wednesday, September 4, 2024, to discuss its financial results and business highlights. The conference call can be accessed by dialing 877-407-8029 from the United States, or +1 201-689-8029 from international locations. The live webcast and a webcast replay can be accessed from the investor relations page of Couchbase’s website at investors.couchbase.com.

About Couchbase

Modern customer experiences need a flexible database platform that can power applications spanning from cloud to edge and everything in between. Couchbase’s mission is to simplify how developers and architects develop, deploy and run modern applications wherever they are. We have reimagined the database with our fast, flexible and affordable cloud database platform Couchbase Capella, allowing organizations to quickly build applications that deliver premium experiences to their customers – all with best-in-class price performance. 30% of the Fortune 100 trust Couchbase to power their modern applications. For more information, visit www.couchbase.com and follow us on X (formerly Twitter) @couchbase.

Couchbase has used, and intends to continue using, its investor relations website and the corporate blog at blog.couchbase.com to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the corporate blog in addition to following our press releases, SEC filings and public conference calls and webcasts.

Use of Non-GAAP Financial Measures

In addition to our financial information presented in accordance with GAAP, we believe certain non-GAAP financial measures are useful to investors in evaluating our operating performance. We use certain non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. Non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures (provided in the financial statement tables included in this press release), and not to rely on any single financial measure to evaluate our business.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss and non-GAAP net loss per share: We define these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense, employer payroll taxes on employee stock transactions, restructuring charges and impairment of capitalized internal-use software. We use these non-GAAP financial measures in conjunction with GAAP measures to assess our performance, including in the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance.

For the fourth quarter of fiscal 2024, we excluded the impairment of capitalized internal-use software, a non-cash operating expense, from our non-GAAP results as it is not reflective of ongoing operating results. This impairment charge related to certain previously capitalized internal-use software that we determined would no longer be placed into service. Prior period non-GAAP financial measures have not been adjusted to reflect this change as we did not incur impairment of capitalized internal-use software in any prior period presented.

Free cash flow: We define free cash flow as cash used in operating activities less additions to property and equipment, which includes capitalized internal-use software costs. We believe free cash flow is a useful indicator of liquidity that provides our management, board of directors and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives. 

Please see the reconciliation tables at the end of this press release for the reconciliation of GAAP and non-GAAP results.

Key Business Metrics

We review a number of operating and financial metrics, including ARR, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions.

We define ARR as of a given date as the annualized recurring revenue that we would contractually receive from our customers in the month ending 12 months following such date. Based on historical experience with customers, we assume all contracts will be renewed at the same levels unless we receive notification of non-renewal and are no longer in negotiations prior to the measurement date. For Capella products, ARR in a customer’s initial year is calculated as the greater of: (i) initial year contract revenue as described above or (ii) annualized prior 90 days of actual consumption; and ARR for subsequent years is calculated with method (ii). ARR excludes services revenue.

Prior to fiscal 2025, ARR excluded on-demand revenue and, for Capella products in a customer’s initial year, ARR was calculated solely on the basis of initial year contract revenue. The reason for these changes is to better reflect ARR where usage rates or timing of purchases may be uneven and to better align with how ARR is used to measure the performance of the business. ARR for prior periods has not been adjusted to reflect this change as it is not material to any period previously presented.

ARR should be viewed independently of revenue, and does not represent our revenue under GAAP on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal dates. ARR is not intended to be a replacement for forecasts of revenue. Although we seek to increase ARR as part of our strategy of targeting large enterprise customers, this metric may fluctuate from period to period based on our ability to acquire new customers, expand within our existing customers and consumption dynamics. We believe that ARR is an important indicator of the growth and performance of our business.

We also attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates within the current period. We calculate constant currency growth rates by applying the applicable prior period exchange rates to current period results.

Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, quotations of management, the section titled “Financial Outlook” above and statements about Couchbase’s market position, strategies and potential market opportunities. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “continue,” “could,” “potential,” “remain,” “may,” “might,” “will,” “would” or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including factors beyond our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to: our history of net losses and ability to achieve or maintain profitability in the future; our ability to continue to grow on pace with historical rates; our ability to manage our growth effectively; intense competition and our ability to compete effectively; cost-effectively acquiring new customers or obtaining renewals, upgrades or expansions from our existing customers; the market for our products and services being highly competitive and evolving, and our future success depending on the growth and expansion of this market; our ability to innovate in response to changing customer needs, new technologies or other market requirements, including new capabilities, programs and partnerships and their impact on our customers and our business; our limited operating history, which makes it difficult to predict our future results of operations; the significant fluctuation of our future results of operations and ability to meet the expectations of analysts or investors; our significant reliance on revenue from subscriptions, which may decline and, the recognition of a significant portion of revenue from subscriptions over the term of the relevant subscription period, which means downturns or upturns in sales are not immediately reflected in full in our results of operations; and the impact of geopolitical and macroeconomic factors. Further information on risks that could cause actual results to differ materially from forecasted results are included in our filings with the Securities and Exchange Commission that we may file from time to time, including those more fully described in our Annual Report on Form 10-K for the fiscal year ended January 31, 2024. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended July 31, 2024 that will be filed with the Securities and Exchange Commission, which should be read in conjunction with this press release and the financial results included herein. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

 

Couchbase, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Revenue:

License

$                  5,242

$                  4,798

$                12,101

$                  9,741

Support and other

44,051

36,156

86,230

69,755

Total subscription revenue

49,293

40,954

98,331

79,496

Services

2,296

2,185

4,585

4,639

Total revenue

51,589

43,139

102,916

84,135

Cost of revenue:

Subscription(1)

4,455

3,845

8,412

7,518

Services(1)

2,008

2,064

3,733

4,313

Total cost of revenue

6,463

5,909

12,145

11,831

Gross profit

45,126

37,230

90,771

72,304

Operating expenses:

Research and development(1)

17,370

16,292

35,217

31,675

Sales and marketing(1)

36,168

32,348

73,923

64,901

General and administrative(1)

12,636

10,459

25,219

20,084

Restructuring(1)

—

—

—

46

Total operating expenses

66,174

59,099

134,359

116,706

Loss from operations

(21,048)

(21,869)

(43,588)

(44,402)

Interest expense

(29)

(18)

(29)

(43)

Other income, net

1,741

1,255

3,272

2,688

Loss before income taxes

(19,336)

(20,632)

(40,345)

(41,757)

Provision for income taxes

559

19

545

769

Net loss

$              (19,895)

$              (20,651)

$              (40,890)

$              (42,526)

Net loss per share, basic and diluted

$                  (0.39)

$                  (0.44)

$                  (0.81)

$                  (0.92)

Weighted-average shares used in computing
     net loss per share, basic and diluted

50,822

46,714

50,311

46,285

_______________________________

(1)

Includes stock-based compensation expense as follows:

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Cost of revenue—subscription

$                     301

$                     236

$                     567

$                     429

Cost of revenue—services

109

149

250

294

Research and development

4,214

3,614

8,207

6,382

Sales and marketing

6,162

4,032

11,385

7,273

General and administrative

5,370

4,086

10,374

7,014

Restructuring

—

—

—

1

Total stock-based compensation expense

$                16,156

$                12,117

$                30,783

$                21,393

 

Couchbase, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

As of July 31,
2024

As of January 31,
2024

Assets

Current assets

Cash and cash equivalents

$                62,607

$                41,351

Short-term investments

93,526

112,281

Accounts receivable, net

31,263

44,848

Deferred commissions

13,187

15,421

Prepaid expenses and other current assets

10,092

10,385

Total current assets

210,675

224,286

Property and equipment, net

7,053

5,327

Operating lease right-of-use assets

3,497

4,848

Deferred commissions, noncurrent

13,603

11,400

Other assets

1,119

1,891

Total assets

$              235,947

$              247,752

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$                  5,031

$                  4,865

Accrued compensation and benefits

14,123

18,116

Other accrued expenses

3,373

4,581

Operating lease liabilities

2,670

3,208

Deferred revenue

81,906

81,736

Total current liabilities

107,103

112,506

Operating lease liabilities, noncurrent

1,170

2,078

Deferred revenue, noncurrent

1,031

2,747

Total liabilities

109,304

117,331

Stockholders’ equity

Preferred stock

—

—

Common stock

—

—

Additional paid-in capital

658,165

621,024

Accumulated other comprehensive income

27

56

Accumulated deficit

(531,549)

(490,659)

Total stockholders’ equity

126,643

130,421

Total liabilities and stockholders’ equity

$              235,947

$              247,752

 

Couchbase, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Cash flows from operating activities

Net loss

$                (19,895)

$                (20,651)

$                (40,890)

$                (42,526)

Adjustments to reconcile net loss to net cash used
      in operating activities

  Depreciation and amortization

363

745

763

1,635

  Stock-based compensation, net of amounts
  capitalized

16,156

12,117

30,783

21,393

  Amortization of deferred commissions

4,184

4,702

8,280

9,242

  Non-cash lease expense

765

776

1,530

1,548

  Foreign currency transaction losses (gains)

8

249

291

165

  Other

(589)

(1,030)

(1,413)

(1,776)

  Changes in operating assets and liabilities

Accounts receivable

3,130

9,811

13,295

7,537

Deferred commissions

(5,179)

(4,322)

(8,249)

(9,146)

Prepaid expenses and other assets

412

(1,523)

443

(118)

Accounts payable

938

(3,713)

146

1,745

Accrued compensation and benefits

5,188

2,306

(3,991)

(1,754)

Other Accrued Expenses

(294)

(615)

(1,107)

(1,871)

Operating lease liabilities

(782)

(897)

(1,625)

(1,723)

Deferred revenue

(9,255)

1,526

(1,547)

7,949

Net cash used in operating activities

(4,850)

(519)

(3,291)

(7,700)

Cash flows from investing activities

Purchases of short-term investments

(18,351)

(56,494)

(37,805)

(64,315)

Maturities of short-term investments

34,000

50,697

58,144

70,120

Additions to property and equipment

(1,067)

(1,071)

(2,062)

(2,359)

Net cash provided by (used in) investing
activities

14,582

(6,868)

18,277

3,446

Cash flows from financing activities

Proceeds from exercise of stock options

842

2,733

4,136

4,650

Proceeds from issuance of common stock under
ESPP

—

—

1,795

847

Net cash provided by financing activities

842

2,733

5,931

5,497

Effect of exchange rate changes on cash,
cash equivalents and restricted cash

58

(149)

(204)

(252)

Net increase in cash, cash equivalents and
restricted cash

10,632

(4,803)

20,713

991

Cash, cash equivalents, and restricted cash at
beginning of period

51,975

46,783

41,894

40,989

Cash, cash equivalents, and restricted cash at end
of period

$                  62,607

$                  41,980

$                  62,607

$                  41,980

Reconciliation of cash, cash equivalents, and
restricted cash within the consolidated balance
sheets to the amounts shown above:

Cash and cash equivalents

$                  62,607

$                  41,437

$                  62,607

$                  41,437

Restricted cash included in other assets

—

543

—

543

Total cash, cash equivalents and restricted cash

$                  62,607

$                  41,980

$                  62,607

$                  41,980

 

Couchbase, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except per share data)
(unaudited)

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Reconciliation of GAAP gross profit to
non-GAAP gross profit:

Total revenue

$               51,589

$               43,139

$            102,916

$               84,135

Gross profit

$               45,126

$               37,230

$               90,771

$               72,304

Add: Stock-based compensation expense

410

385

817

723

Add: Employer taxes on employee stock
transactions

28

21

98

31

Non-GAAP gross profit

$               45,564

$               37,636

$               91,686

$               73,058

Gross margin

87.5 %

86.3 %

88.2 %

85.9 %

Non-GAAP gross margin

88.3 %

87.2 %

89.1 %

86.8 %

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Reconciliation of GAAP operating
expenses to non-GAAP operating
expenses:

GAAP research and development

$                17,370

$                16,292

$                35,217

$                31,675

Less: Stock-based compensation expense

(4,214)

(3,614)

(8,207)

(6,382)

Less: Employer taxes on employee stock
transactions

(170)

(123)

(479)

(231)

Non-GAAP research and development

$                12,986

$                12,555

$                26,531

$                25,062

GAAP sales and marketing

$                36,168

$                32,348

$                73,923

$                64,901

Less: Stock-based compensation expense

(6,162)

(4,032)

(11,385)

(7,273)

Less: Employer taxes on employee stock
transactions

(421)

(330)

(1,103)

(450)

Non-GAAP sales and marketing

$                29,585

$                27,986

$                61,435

$                57,178

GAAP general and administrative

$                12,636

$                10,459

$                25,219

$                20,084

Less: Stock-based compensation expense

(5,370)

(4,086)

(10,374)

(7,014)

Less: Employer taxes on employee stock
transactions

(172)

(59)

(327)

(88)

Non-GAAP general and administrative

$                  7,094

$                  6,314

$                14,518

$                12,982

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Reconciliation of GAAP operating loss to
non-GAAP operating loss:

Total revenue

$               51,589

$               43,139

$             102,916

$               84,135

Loss from operations

$              (21,048)

$              (21,869)

$              (43,588)

$              (44,402)

Add: Stock-based compensation expense

16,156

12,117

30,783

21,392

Add: Employer taxes on employee stock
transactions

791

533

2,007

800

Add: Restructuring(2)

—

—

—

46

Non-GAAP operating loss

$                (4,101)

$                (9,219)

$             (10,798)

$             (22,164)

Operating margin

(41) %

(51) %

(42) %

(53) %

Non-GAAP operating margin

(8) %

(21) %

(10) %

(26) %

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Reconciliation of GAAP net loss to non-
GAAP net loss:

Net loss

$              (19,895)

$              (20,651)

$              (40,890)

$              (42,526)

Add: Stock-based compensation expense

16,156

12,117

30,783

21,392

Add: Employer taxes on employee stock
transactions

791

533

2,007

800

Add: Restructuring(2)

—

—

—

46

Non-GAAP net loss

$                (2,948)

$                (8,001)

$                (8,100)

$              (20,288)

GAAP net loss per share

$                  (0.39)

$                  (0.44)

$                  (0.81)

$                  (0.92)

Non-GAAP net loss per share

$                  (0.06)

$                  (0.17)

$                  (0.16)

$                  (0.44)

Weighted average shares outstanding, basic
and diluted

50,822

46,714

50,311

46,285

 _______________________________

(2)

For the six months ended July 31, 2023, an immaterial amount of stock-based compensation expense related to restructuring charges was included in the restructuring expense line.

The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, for each of the periods indicated (in thousands, unaudited):

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Net cash used in operating activities

$                (4,850)

$                   (519)

$                (3,291)

$                (7,700)

Less: Additions to property and equipment

(1,067)

(1,071)

(2,062)

(2,359)

Free cash flow

$                (5,917)

$                (1,590)

$                (5,353)

$              (10,059)

Net cash provided by (used in) investing
activities

$                14,582

$                (6,868)

$                18,277

$                  3,446

Net cash provided by financing activities

$                     842

$                  2,733

$                  5,931

$                  5,497

 

Couchbase, Inc.
Key Business Metrics
(in millions)
(unaudited)

As of

Oct. 31,

Jan. 31,

April 30,

July 31,

Oct. 31,

Jan. 31,

April 30,

July 31,

2022

2023

2023

2023

2023

2024

2024

2024

Annual Recurring
Revenue

$     151.7

$     163.7

$     172.2

$     180.7

$     188.7

$     204.2

$     207.7

$     214.0

 

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SOURCE Couchbase, Inc.

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OppFi Announces its Third Quarter 2026 Earnings Conference Call

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CHICAGO, Oct. 19, 2026 /PRNewswire/ — OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a leading tech-enabled digital finance platform that works with banks to provide financial products and services for everyday Americans, will report financial results for its third quarter 2026 before the market opens on Wednesday, October 28, 2026.

Management will host a conference call on Wednesday, October 28, 2026, at 8:30 a.m. ET to discuss OppFi’s financial results and business outlook. The conference call webcast will be available on the Investor Relations section of the Company’s website at investors.oppfi.com.

The conference call can also be accessed with the following dial-in information:

Domestic: (833) 354-6854
International: (785) 838-9343
Conference ID: OPPFI

An archived version of the webcast will be available on OppFi’s website.

About OppFi
OppFi (NYSE: OPFI) is a leading tech-enabled digital finance platform that works with banks to provide financial products and services for everyday Americans. Through a transparent and responsible platform, which includes financial inclusion and excellent customer experience, the Company supports consumers who are turned away by mainstream options to build better financial health. OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot with more than 5,400 reviews, making the Company one of the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC (“Bitty”), a credit access company that offers revenue-based financing and other working capital solutions to small businesses. For more information, please visit oppfi.com.

Investors:
investors@oppfi.com

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F.N.B. Corporation Reports Third Quarter 2026 Earnings

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Record Net Interest Income Driven by Net Interest Margin (non-GAAP) Expansion and Loan and Deposit Annualized Growth of 8.5% and 8.9%, Respectively

PITTSBURGH, Oct. 19, 2026 /PRNewswire/ — F.N.B. Corporation (NYSE: FNB) reported earnings for the third quarter of 2026 with net income of $152.9 million, or $0.43 per diluted common share. Comparatively, third quarter 2025 net income totaled $149.5 million, or $0.41 per diluted common share, and second quarter 2026 net income totaled $148.7 million, or $0.42 per diluted common share.

On an operating basis, there were no significant items impacting earnings for the third and second quarters of 2026. By comparison, third quarter of 2025 net income on an operating basis (non-GAAP) was $147.7 million, excluding $(2.3) million (pre-tax) of significant items impacting earnings.

“F.N.B. Corporation delivered another strong quarter with $0.43 earnings per diluted common share, bringing year-to-date earnings to $1.23 per diluted common share, a 13% increase over the same period in 2025. For the third quarter of 2026, we generated record net interest income, expanded net interest margin and increased tangible book value per common share (non-GAAP) 7% year over year, while continuing to return capital through share repurchase activity and an attractive dividend,” said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vince Delie. “FNB continues to leverage technology investments to gain market share throughout our diverse geographic footprint with 8.5% annualized loan growth and 8.9% annualized deposit growth, both of which align with our long-term organic growth trajectory. Our consistent underwriting standards contributed to solid credit quality results for the quarter. By strategically investing in innovative technology to grow primary relationships and low-cost deposits, while also maintaining a focus on expanding high-value fee-based businesses to diversify revenue streams, we are building a stronger, more resilient franchise. The investments in these initiatives contributed to a strong third quarter performance and create sustainable value for the future.”

Third Quarter 2026 Highlights
(All comparisons refer to the third quarter of 2025, except as noted)

Average loans and leases totaled $36.1 billion, an increase of $1.3 billion, or 3.7%, with growth of $1.2 billion in average consumer loans and $115.4 million in average commercial loans and leases.On a linked-quarter basis, period-end total loans and leases increased $768.0 million, or 8.5% annualized, with growth in consumer loans and commercial loans and leases of $435.3 million and $332.7 million, respectively.Average deposits totaled $38.8 billion, an increase of $914.1 million, or 2.4%, reflecting growth in average interest-bearing demand deposits of $640.6 million, average money market deposits of $443.8 million, average non-interest-bearing demand deposits of $134.0 million, and average savings deposits of $30.6 million more than offsetting the decline in average time deposits of $334.8 million.On a linked-quarter basis, period-end total deposits increased $870.6 million, or 8.9% annualized, driven by growth in money market deposits of $710.9 million, interest-bearing demand deposits of $239.0 million and non-interest-bearing demand deposits of $77.5 million more than offsetting the decline in time deposits of $121.4 million.The loan-to-deposit ratio was 92.4% at September 30, 2026, compared to 92.5% at June 30, 2026, and 90.9% at September 30, 2025.Net interest income totaled $376.5 million, a linked-quarter increase of $10.8 million, or 3.0%, primarily due to growth in earning assets, higher yields on earning assets (non-GAAP) and the impact of one more day in the current quarter more than offsetting a slight increase in the cost of funds. Net interest margin (FTE) (non-GAAP) equaled 3.29%, an increase of 4 basis points from the second quarter 2026 level with stable interest-bearing deposit costs and higher yields on earning assets. The Federal Open Market Committee (FOMC) increased the target federal funds rate by 25 basis points in September 2026.Pre-provision net revenue (non-GAAP) totaled $212.2 million, with the 1.3% increase from the prior quarter driven by record net interest income.Provision for credit losses was $19.6 million, a decrease of $1.7 million from the prior quarter, with net charge-offs of $11.0 million, or 0.12% annualized of total average loans, compared to $17.0 million, or 0.19% annualized, in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO increased 2 basis points from the prior quarter to 0.33%, and total delinquency increased 4 basis points from the prior quarter to 0.75%. The allowance for credit losses (ACL) to total loans and leases ratio remained stable at 1.25%. Overall asset quality metrics remain at satisfactory levels.The Common Equity Tier 1 (CET1) regulatory capital ratio ended the quarter at 11.3% (estimated), compared to 11.1% at September 30, 2025, and 11.4% at June 30, 2026. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.7%, compared to 8.7% at September 30, 2025, and 8.9% at June 30, 2026.Tangible book value per common share (non-GAAP) of $12.28 increased $0.80, or 7.0%, compared to September 30, 2025, and $0.04, or 0.3%, compared to June 30, 2026. Accumulated other comprehensive income/loss (AOCI) reduced the tangible book value per common share (non-GAAP) by $0.53 as of September 30, 2026, primarily due to the impact of higher interest rates on the fair value of available-for-sale (AFS) securities, compared to a reduction of $0.22 as of September 30, 2025, and $0.29 as of June 30, 2026.During the third quarter of 2026, the Company repurchased $51 million, or 2.7 million shares, of common stock at a weighted average share price of $18.69. Year-to-date, the Company repurchased $133 million, or 7.4 million shares, of common stock at a weighted average share price of $17.90, representing 2.1% of shares outstanding at the beginning of the year.

Non-GAAP financial measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release. For more information regarding our use of non-GAAP measures, please refer to the discussion herein under the caption, “Use of Non-GAAP Financial Measures and Key Performance Indicators.”

 

Quarterly Results Summary

3Q26

2Q26

3Q25

Reported results

Net income available to common shareholders (millions)

$   152.9

$   148.7

$   149.5

Earnings per diluted common share

0.43

0.42

0.41

Book value per common share

19.42

19.34

18.52

Pre-provision net revenue (non-GAAP) (millions)

212.2

209.4

213.9

Operating results (non-GAAP)

Operating net income available to common shareholders (millions)

$   152.9

$   148.7

$   147.7

Operating earnings per diluted common share

0.43

0.42

0.41

Operating pre-provision net revenue (millions)

212.2

209.4

211.6

Average diluted common shares outstanding (thousands)

354,965

357,414

361,670

Significant items impacting earnings(a) (millions)

FDIC special assessment reduction (pre-tax)

$       —

$       —

$      2.3

FDIC special assessment reduction (after-tax)

—

—

1.8

Total significant items (pre-tax)

$       —

$       —

$      2.3

Total significant items (after-tax)

$       —

$       —

$      1.8

Capital measures

Common equity tier 1 (b)

11.3 %

11.4 %

11.1 %

Tangible common equity to tangible assets (non-GAAP)

8.69

8.93

8.69

Tangible book value per common share (non-GAAP)

$   12.28

$   12.24

$   11.48

(a) Favorable (unfavorable) impact on earnings.

(b) Estimated for 3Q26.

Third Quarter 2026 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the third quarter of 2025, except as noted.)

Net interest income totaled $376.5 million, an increase of $17.3 million, or 4.8%, reflecting growth in average earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 4 basis points to 3.29%. The yield on earning assets (non-GAAP) decreased 18 basis points to 5.18%, driven by a 23 basis point decline in yields on loans to 5.56%. Total cost of funds decreased 22 basis points to 2.01%, with a 47 basis point decrease in total borrowing costs to 4.17%, and a 29 basis point decrease in interest-bearing deposit costs to 2.37%.

Average loans and leases totaled $36.1 billion, an increase of $1.3 billion, or 3.7%, including growth of $1.2 billion in consumer loans and $115.4 million in commercial loans and leases. Average commercial and industrial loans increased $856.0 million, or 11.3%, more than offsetting the decline in average commercial real estate loans of $735.7 million, or 5.8%. Solid commercial and industrial loan growth benefited from strong equipment finance production and growth in the Charlotte, Pittsburgh and other Pennsylvania markets. Average consumer loans included an $877.8 million, or 10.0%, increase in residential mortgage loans largely due to the long-standing strategy of serving the purchase market, partially offset by the sale of approximately $200 million of performing residential mortgage loans in February 2026. Average consumer lines of credit increased $187.8 million, or 12.9%, and indirect auto loans increased $135.3 million, or 17.4%, both reflecting solid organic growth in the respective portfolios.

Average deposits totaled $38.8 billion, an increase of $914.1 million, or 2.4%, with growth in average interest-bearing demand deposits of $640.6 million, average money market deposits of $443.8 million, average non-interest-bearing demand deposits of $134.0 million, and average savings deposits of $30.6 million more than offsetting the decline in average time deposits of $334.8 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% at both September 30, 2026, and September 30, 2025. The loan-to-deposit ratio was 92.4% at September 30, 2026, compared to 90.9% at September 30, 2025.

Non-interest income totaled $92.6 million, a decrease of $5.6 million, or 5.7%. Service charges increased $1.3 million, or 5.7%, primarily from increased treasury management fee revenue and higher consumer transaction volumes. Wealth management revenues increased $0.8 million, or 3.7%, as trust services income and securities commissions and fees increased 4.3% and 2.9%, respectively, through continued strong contributions across the geographic footprint. Mortgage banking operations income decreased $3.6 million, or 39.4%, driven by tighter gain-on-sale margins and net fair value adjustments given the volatility of interest rates during the quarter. Capital markets income of $6.4 million reflected solid contributions from our numerous businesses while decreasing $1.5 million, or 18.4%, primarily due to the record debt capital markets and international banking income in the year-ago quarter. Other non-interest income decreased $5.5 million, or 59.5%, primarily due to a $5.4 million recovery in the year-ago quarter on an asset that was previously written off as part of a 2017 acquisition.

Non-interest expense totaled $256.9 million, increasing $13.4 million, or 5.5%. When adjusting for ($2.3) million1 of significant items in the third quarter of 2025, operating non-interest expense (non-GAAP) increased $11.1 million, or 4.5%. Net occupancy and equipment increased $6.2 million, or 13.9%, primarily due to technology-related investments and higher occupancy costs. Outside services increased $4.0 million, or 15.3%, driven by higher third-party legal and consulting costs.

The ratio of non-performing loans and OREO to total loans and OREO decreased 4 basis points to 0.33%, and total delinquency increased 10 basis points to 0.75%. Overall asset quality metrics remain at satisfactory levels.

The provision for credit losses was $19.6 million, compared to $24.0 million. The third quarter of 2026 reflected net charge-offs of $11.0 million, or 0.12% annualized of total average loans, compared to $19.7 million, or 0.22% annualized of total average loans. The ACL was $455.5 million, an increase of $18.2 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.

The effective tax rate was 20.6%, compared to 21.3% in the third quarter of 2025.

The CET1 regulatory capital ratio was 11.3% (estimated) at September 30, 2026, and 11.1% at September 30, 2025. Tangible book value per common share (non-GAAP) was $12.28 at September 30, 2026, an increase of $0.80, or 7.0%, from $11.48 at September 30, 2025. AOCI reduced tangible book value per common share (non-GAAP) by $0.53 as of September 30, 2026, primarily due to the impact of higher interest rates on the fair value of AFS securities, compared to a reduction of $0.22 at September 30, 2025.

1 

Third quarter 2025 non-interest expense significant items impacting earnings included a ($2.3) million (pre-tax) reduction in the estimated Federal Deposit Insurance Company (FDIC) special assessment related to the 2023 bank failures.

Third Quarter 2026 Results – Comparison to Prior Quarter
(All comparisons refer to the second quarter of 2026, except as noted.)

Net interest income totaled $376.5 million, an increase of $10.8 million, or 3.0%, primarily due to growth in earning assets, higher yields on earning assets (non-GAAP) and the impact of one more day in the current quarter more than offsetting the slightly higher cost of funds. Net interest margin (FTE) (non-GAAP) was 3.29%, an increase of 4 basis points. The total yield on earning assets (non-GAAP) increased 5 basis points to 5.18%, and the total cost of funds increased 2 basis points to 2.01%. The cost of interest-bearing deposits was stable with only a 1 basis point increase to 2.37%. The FOMC increased the target federal funds rate by 25 basis points in September 2026.

Average loans and leases totaled $36.1 billion, an increase of $613.4 million, or 6.9% annualized, as average consumer loans increased $550.7 million and average commercial loans and leases increased $62.7 million. For consumer lending, average residential mortgages increased $403.9 million driven by seasonal growth in mortgage originations. Average indirect auto loans increased $88.6 million and average consumer lines of credit increased $52.0 million, both reflecting solid organic growth. Average commercial loans and leases growth reflected an increase of $237.4 million in average commercial and industrial loans, partially offset by a decline of $175.2 million in average commercial real estate loans due to continued expected payoff activity. Commercial and industrial loan growth was primarily driven by lower risk-rated, high-quality lending in the Cleveland and Pennsylvania markets.

Average deposits totaled $38.8 billion, an increase of $146.1 million, due to organic growth in new and existing customer relationships. The growth was primarily driven by average money market deposits of $133.2 million, average non-interest-bearing demand deposits of $97.0 million, and average interest-bearing demand deposits of $57.0 million, partially offset by a decline in average time deposits of $151.6 million caused by shifts in customer preferences from higher interest rate expectations. Period-end total deposits increased $870.6 million, or 8.9% annualized. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% for both September 30, 2026, and June 30, 2026. The loan-to-deposit ratio was 92.4% at September 30, 2026, compared to 92.5% at June 30, 2026.

Non-interest income totaled $92.6 million, a decrease of $4.4 million, or 4.5%, from the prior quarter. Service charges increased $0.8 million, or 3.2%, and interchange and card transaction fees increased $0.2 million, or 1.4%, both driven by strong treasury management activity and seasonally higher consumer transactions. Capital markets income of $6.4 million reflected solid contributions from our numerous businesses, while decreasing $1.6 million, or 19.9%, primarily due to strong debt capital markets income in the prior quarter. Other non-interest income decreased $3.3 million, or 46.8%, primarily due to higher residual gains on equipment leases in the prior quarter.

Non-interest expense totaled $256.9 million, an increase of $3.7 million, or 1.5%, compared to the prior quarter. Salaries and employee benefits expense declined $2.8 million, or 2.0%, primarily due to lower variable compensation in the current quarter. Outside services increased $1.8 million, or 6.3%, primarily due to higher third-party legal costs. Net occupancy and equipment increased $1.3 million, or 2.7%, primarily due to technology-related investments. The increase in linked-quarter other non-interest expense of $2.6 million, or 11.2%, reflected higher costs largely related to fraud losses. The efficiency ratio (non-GAAP) totaled 53.7%, stable to the prior quarter.

The ratio of non-performing loans and OREO to total loans and OREO increased 2 basis points to 0.33%, and delinquency increased 4 basis points to 0.75%. Overall asset quality metrics remain at satisfactory levels.

The provision for credit losses was $19.6 million, compared to $21.4 million. The third quarter of 2026 reflected net charge-offs of $11.0 million, or 0.12% annualized of total average loans, compared to $17.0 million, or 0.19% annualized. The ACL was $455.5 million, an increase of $8.1 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.

The effective tax rate was 20.6%, compared to 20.9%.

The CET1 regulatory capital ratio was 11.3% (estimated), stable to 11.4% at June 30, 2026. Tangible book value per common share (non-GAAP) was $12.28 at September 30, 2026, an increase of $0.04 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.53 as of September 30, 2026, primarily due to the impact of higher interest rates on the fair value of AFS securities, compared to $0.29 at June 30, 2026.

Use of Non-GAAP Financial Measures and Key Performance Indicators
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 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, efficiency ratio, 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 financial 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 2026 and 2025 were calculated using a federal statutory income tax rate of 21%.

Cautionary Statement Regarding Forward-Looking Information
This release 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,” “enables,” “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 and real estate values, which can be influenced by economic conditions or trends, interest rates, and local market trends;changes in market interest rates, U.S. federal government shutdowns and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition and enforceability of tariffs, trade wars, barriers or restrictions, threats of such actions or related uncertainties;the impact of changes in interest rates on the value of our investment securities portfolios;the impact that shifts in local and regional commercial real estate market conditions, interest rate fluctuations, geographic commercial office space availability and tenant demand and independent appraisal revisions and other factors beyond our control may have on our branch and headquarters properties and other real estate we own;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, including in the Middle East, disruption of supply chain and energy supply markets and capital markets, changes to inflation expectations and other related uncertainties;our ability to continue to invest in technological improvements and artificial intelligence solutions 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 and related to our use of artificial intelligence in connection with business and operations;our capability to effectively deploy multi-layered defense strategies to mitigate risks associated with evolving artificial intelligence sourced fraud schemes;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; andany 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 2025 Annual Report on Form 10-K (including the MD&A section), our subsequent 2026 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other 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.

Conference Call
F.N.B. Corporation (NYSE: FNB) announced the financial results for the third quarter of 2026 after the market close on Monday, October 19, 2026. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company’s financial results on Tuesday, October 20, 2026, at 8:30 AM ET.

A live listen-only webcast of the conference call will be available under the Investor Relations section of the Corporation’s website at www.fnbcorporation.com. Participants can access the link under the “About Us” tab and clicking on “Investor Relations” then “Investor Conference Calls.” The live webcast will open approximately 30 minutes prior to the start of the call.

To participate in the Q&A portion of the call, dial 844-802-2440 (for domestic callers) or 412-317-5133 (for international callers). Pre-registration can be accessed at https://dpregister.com/sreg/10212076/104ea4927f4. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call.

Presentation slides and the earnings release will also be available under the Investor Relations section of the Corporation’s website at www.fnbcorporation.com. 

Following the call, a replay of the conference call will be available via the webcast link under the Investor Relations section of the Corporation’s website at www.fnbcorporation.com. 

About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), 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.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of $52 billion and more than 355 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 and advisory services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol “FNB” and is included in Standard & Poor’s MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com. 

 

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

% Variance

3Q26

3Q26

For the Nine Months Ended
September 30,

%

3Q26

2Q26

3Q25

2Q26

3Q25

2026

2025

Var.

Interest Income

Loans and leases, including fees

$ 509,020

$ 493,541

$ 511,045

3.1

(0.4)

$  1,488,474

$  1,492,386

(0.3)

Securities:

   Taxable

66,947

63,808

59,718

4.9

12.1

191,895

171,736

11.7

   Tax-exempt

6,646

6,685

6,923

(0.6)

(4.0)

20,234

20,781

(2.6)

Other

13,367

13,979

18,286

(4.4)

(26.9)

42,671

53,147

(19.7)

     Total Interest Income 

595,980

578,013

595,972

3.1

—

1,743,274

1,738,050

0.3

Interest Expense

Deposits

172,122

169,114

187,567

1.8

(8.2)

509,917

554,585

(8.1)

Short-term borrowings

24,999

19,522

17,764

28.1

40.7

62,455

51,999

20.1

Long-term borrowings

22,337

23,654

31,369

(5.6)

(28.8)

69,379

101,153

(31.4)

     Total Interest Expense

219,458

212,290

236,700

3.4

(7.3)

641,751

707,737

(9.3)

       Net Interest Income

376,522

365,723

359,272

3.0

4.8

1,101,523

1,030,313

6.9

Provision for credit losses

19,640

21,361

23,991

(8.1)

(18.1)

59,463

67,081

(11.4)

      Net Interest Income After

      Provision for Credit Losses

356,882

344,362

335,281

3.6

6.4

1,042,060

963,232

8.2

Non-Interest Income

Service charges

24,515

23,749

23,191

3.2

5.7

71,034

68,476

3.7

Interchange and card transaction fees

13,494

13,303

13,424

1.4

0.5

39,284

39,048

0.6

Trust services

12,151

12,574

11,647

(3.4)

4.3

37,556

35,638

5.4

Insurance commissions and fees

5,388

5,410

4,495

(0.4)

19.9

17,022

15,396

10.6

Securities commissions and fees

9,129

9,503

8,868

(3.9)

2.9

27,614

26,570

3.9

Capital markets income

6,423

8,014

7,875

(19.9)

(18.4)

21,238

20,095

5.7

Mortgage banking operations

5,569

5,319

9,183

4.7

(39.4)

17,233

22,482

(23.3)

Dividends on non-marketable equity
securities

7,489

6,733

6,110

11.2

22.6

20,467

17,838

14.7

Bank owned life insurance

4,668

5,331

4,208

(12.4)

10.9

14,109

13,396

5.3

Net securities gains (losses)

58

27

—

114.8

—

87

58

50.0

Other

3,715

6,988

9,169

(46.8)

(59.5)

14,891

17,954

(17.1)

     Total Non-Interest Income

92,599

96,951

98,170

(4.5)

(5.7)

280,535

276,951

1.3

Non-Interest Expense

Salaries and employee benefits

132,848

135,603

131,575

(2.0)

1.0

404,158

396,552

1.9

Net occupancy

20,700

20,755

19,161

(0.3)

8.0

64,092

58,218

10.1

Equipment

30,338

28,962

25,662

4.8

18.2

87,391

79,535

9.9

Outside services

30,024

28,246

26,033

6.3

15.3

84,731

77,691

9.1

Marketing

4,332

3,954

5,517

9.6

(21.5)

11,887

15,107

(21.3)

FDIC insurance

8,677

8,278

6,351

4.8

36.6

24,405

23,756

2.7

Bank shares tax

4,443

4,442

3,959

—

12.2

13,462

12,055

11.7

Other

25,581

23,009

25,277

11.2

1.2

77,931

73,657

5.8

     Total Non-Interest Expense

256,943

253,249

243,535

1.5

5.5

768,057

736,571

4.3

Income Before Income Taxes

192,538

188,064

189,916

2.4

1.4

554,538

503,612

10.1

Income tax expense (benefit)

39,676

39,343

40,407

0.8

(1.8)

115,909

106,918

8.4

Net Income

$ 152,862

$ 148,721

$ 149,509

2.8

2.2

$    438,629

$    396,694

10.6

Earnings per Common Share

Basic

$    0.43

$    0.42

$    0.41

2.4

4.9

$        1.23

$        1.10

11.8

Diluted

0.43

0.42

0.41

2.4

4.9

1.23

1.09

12.8

Cash Dividends per Common Share

0.13

0.13

0.12

—

8.3

0.38

0.36

5.6

 

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

% Variance

3Q26

3Q26

3Q26

2Q26

3Q25

2Q26

3Q25

Assets

Cash and due from banks

$      416

$      426

$      474

(2.3)

(12.2)

Interest-bearing deposits with banks

2,110

1,949

1,939

8.3

8.8

Cash and Cash Equivalents

2,526

2,375

2,413

6.4

4.7

Securities available for sale

3,747

3,758

3,620

(0.3)

3.5

Securities held to maturity

4,404

4,251

4,049

3.6

8.8

Loans held for sale

237

290

278

(18.3)

(14.7)

Loans and leases, net of unearned income

36,537

35,769

34,957

2.1

4.5

Allowance for credit losses on loans and leases

(456)

(447)

(437)

2.0

4.3

Net Loans and Leases

36,081

35,322

34,520

2.1

4.5

Premises and equipment, net

585

564

557

3.7

5.0

Goodwill

2,480

2,480

2,480

—

—

Core deposit and other intangible assets, net

27

30

40

(10.0)

(32.5)

Bank owned life insurance

676

674

668

0.3

1.2

Other assets

1,290

1,255

1,264

2.8

2.1

Total Assets

$  52,053

$  50,999

$  49,889

2.1

4.3

Liabilities

Deposits:

Non-interest-bearing

$  10,134

$  10,056

$    9,969

0.8

1.7

Interest-bearing

29,416

28,623

28,472

2.8

3.3

Total Deposits

39,550

38,679

38,441

2.3

2.9

Short-term borrowings

3,001

2,681

1,905

11.9

57.5

Long-term borrowings

1,803

2,002

2,099

(9.9)

(14.1)

Other liabilities

886

798

808

11.0

9.7

Total Liabilities

45,240

44,160

43,253

2.4

4.6

Shareholders’ Equity

Common stock

4

4

4

—

—

Additional paid-in capital

4,694

4,691

4,693

0.1

—

Retained earnings

2,646

2,539

2,218

4.2

19.3

Accumulated other comprehensive loss

(187)

(103)

(77)

81.6

142.9

Treasury stock

(344)

(292)

(202)

17.8

70.3

Total Shareholders’ Equity

6,813

6,839

6,636

(0.4)

2.7

Total Liabilities and Shareholders’ Equity

$  52,053

$  50,999

$  49,889

2.1

4.3

 

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in thousands)

(Unaudited)

3Q26

2Q26

3Q25

Interest

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-bearing deposits with
banks

$ 1,546,215

$ 13,367

3.43 %

$ 1,611,087

$ 13,979

3.48 %

$ 1,738,570

$ 18,286

4.17 %

Taxable investment securities (1)

7,094,947

66,751

3.76

7,011,619

63,611

3.63

6,611,222

59,506

3.60

Tax-exempt investment
securities (1) (2)

951,728

8,405

3.53

958,948

8,460

3.53

1,003,661

8,742

3.48

Loans held for sale

281,326

5,172

7.35

327,705

5,974

7.29

312,034

5,480

7.02

Loans and leases (2) (3)

36,114,741

505,434

5.56

35,501,370

489,113

5.52

34,814,280

507,107

5.79

Total Interest Earning
Assets (2)

45,988,957

599,129

5.18

45,410,729

581,137

5.13

44,479,767

599,121

5.36

Cash and due from banks

385,202

377,777

415,030

Allowance for credit losses

(459,294)

(452,987)

(440,868)

Premises and equipment

575,001

567,661

560,685

Other assets

4,488,218

4,490,908

4,504,231

Total Assets

$ 50,978,084

$  50,394,088

$ 49,518,845

Liabilities

Deposits:

Interest-bearing demand

$ 6,674,309

19,270

1.15

$ 6,617,287

18,393

1.11

$ 6,033,758

15,893

1.05

Money market

11,824,440

86,798

2.91

11,691,192

84,878

2.91

11,380,618

95,708

3.34

Savings

3,106,539

6,924

0.88

3,096,095

6,421

0.83

3,075,982

7,557

0.97

Certificates and other time

7,160,868

59,129

3.28

7,312,462

59,422

3.26

7,495,691

68,409

3.62

Total interest-bearing deposits

28,766,156

172,121

2.37

28,717,036

169,114

2.36

27,986,049

187,567

2.66

Short-term borrowings

2,644,489

24,999

3.75

2,106,129

19,522

3.71

1,682,747

17,764

4.16

Long-term borrowings

1,851,978

22,338

4.79

2,001,579

23,654

4.74

2,511,652

31,369

4.96

Total Interest-Bearing
Liabilities  

33,262,623

219,458

2.62

32,824,744

212,290

2.59

32,180,448

236,700

2.92

Non-interest-bearing demand
deposits

10,039,263

9,942,298

9,905,230

Total Deposits and
Borrowings

43,301,886

2.01

42,767,042

1.99

42,085,678

2.23

Other liabilities

814,313

806,700

856,542

Total Liabilities

44,116,199

43,573,742

42,942,220

Shareholders’ Equity

6,861,885

6,820,346

6,576,625

Total Liabilities and 
Shareholders’ Equity

$ 50,978,084

$ 50,394,088

$ 49,518,845

Net Interest Earning Assets

$ 12,726,334

$ 12,585,985

$ 12,299,319

Net Interest Income (FTE) (2)

379,671

368,847

362,421

Tax Equivalent Adjustment

(3,149)

(3,124)

(3,149)

Net Interest Income

$  376,522

$  365,723

$ 359,272

Net Interest Spread

2.56 %

2.54 %

2.44 %

Net Interest Margin  (2)

3.29 %

3.25 %

3.25 %

(1)

The average balances and yields earned on securities are based on historical cost.

(2)

The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).

(3)

Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

 

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in thousands)

(Unaudited)

Nine Months Ended September 30,

2026

2025

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-bearing deposits with banks

$ 1,634,508

$    42,671

3.49 %

$ 1,734,300

$   53,147

4.10 %

Taxable investment securities (1)

6,995,234

191,298

3.65

6,546,054

171,096

3.48

Tax-exempt investment securities (1) (2)

967,382

25,600

3.53

1,006,126

26,243

3.48

Loans held for sale

348,135

18,718

7.17

247,438

13,519

7.29

Loans and leases (2) (3)

35,509,872

1,474,405

5.55

34,458,648

1,483,204

5.75

Total Interest Earning Assets (2)

45,455,131

1,752,692

5.15

43,992,566

1,747,209

5.31

Cash and due from banks

378,783

401,509

Allowance for credit losses

(453,116)

(435,677)

Premises and equipment

570,226

551,738

Other assets

4,494,763

4,529,221

Total Assets

$ 50,445,787

$ 49,039,357

Liabilities

Deposits:

Interest-bearing demand

$ 6,611,504

55,837

1.13

$ 6,135,852

51,093

1.11

Money market

11,739,220

256,706

2.92

11,001,664

278,008

3.38

Savings

3,101,693

20,132

0.87

3,083,456

22,497

0.98

Certificates and other time

7,222,049

177,241

3.28

7,321,336

202,987

3.71

Total interest-bearing deposits

28,674,466

509,916

2.38

27,542,308

554,585

2.69

Short-term borrowings

2,245,532

62,455

3.71

1,645,644

51,999

4.21

Long-term borrowings

1,945,677

69,380

4.77

2,692,580

101,153

5.02

Total Interest-Bearing Liabilities  

32,865,675

641,751

2.61

31,880,532

707,737

2.97

Non-interest-bearing demand deposits

9,937,391

9,789,501

Total Deposits and Borrowings

42,803,066

2.00

41,670,033

2.27

Other liabilities

812,575

892,612

Total Liabilities

43,615,641

42,562,645

Shareholders’ Equity

6,830,146

6,476,712

Total Liabilities and Shareholders’ Equity

$ 50,445,787

$ 49,039,357

Net Interest Earning Assets

$ 12,589,456

$ 12,112,034

Net Interest Income (FTE) (2)

1,110,941

1,039,472

Tax Equivalent Adjustment

(9,418)

(9,159)

Net Interest Income

$ 1,101,523

$ 1,030,313

Net Interest Spread

2.54 %

2.34 %

Net Interest Margin (2)

3.26 %

3.16 %

(1)

The average balances and yields earned on securities are based on historical cost.

(2)

The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).

(3)

Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

 

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

For the Nine Months Ended
September 30,

3Q26

2Q26

3Q25

2026

2025

Performance Ratios

Return on average equity

8.84 %

8.75 %

9.02 %

8.59 %

8.19 %

Return on average tangible

common equity (1) 

14.15

14.07

14.94

13.81

13.74

Return on average assets

1.19

1.18

1.20

1.16

1.08

Return on average tangible assets (1) 

1.27

1.27

1.29

1.24

1.17

Net interest margin (FTE) (2)

3.29

3.25

3.25

3.26

3.16

Yield on earning assets (FTE) (2)

5.18

5.13

5.36

5.15

5.31

Cost of interest-bearing deposits

2.37

2.36

2.66

2.38

2.69

Cost of interest-bearing liabilities 

2.62

2.59

2.92

2.61

2.97

Cost of funds 

2.01

1.99

2.23

2.00

2.27

Efficiency ratio (1)

53.71

53.68

52.38

54.47

55.13

Effective tax rate

20.61

20.92

21.28

20.90

21.23

Capital Ratios

Equity / assets

13.09

13.41

13.30

Common equity tier 1 (3)

11.3

11.4

11.1

Leverage

9.26

9.24

8.92

Tangible common equity / tangible assets (1)

8.69

8.93

8.69

Common Stock Data

Average diluted common shares outstanding

354,965,353

357,413,941

361,669,618

357,521,422

362,329,469

Period end common shares outstanding

350,838,483

353,560,084

358,381,940

Book value per common share

$      19.42

$      19.34

$      18.52

Tangible book value per common share (1)

12.28

12.24

11.48

Dividend payout ratio (common)

30.14 %

31.23 %

29.05 %

31.00 %

33.02 %

(1)

See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.

(2)

The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. 

(3)

September 30, 2026 Common Equity Tier 1 Capital ratio is an estimate.

 

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

3Q26

3Q26

3Q26

2Q26

3Q25

2Q26

3Q25

Balances at period end

Loans and Leases:

Commercial real estate (1)

$  11,945

$  12,035

$  12,568

(0.7)

(5.0)

Commercial and industrial 

8,601

8,194

7,590

5.0

13.3

Commercial leases

799

802

829

(0.4)

(3.6)

Other

159

140

153

13.6

3.9

Commercial loans and leases

21,504

21,171

21,140

1.6

1.7

Direct installment

2,654

2,654

2,678

—

(0.9)

Residential mortgages

9,738

9,471

8,888

2.8

9.6

Indirect installment

964

852

767

13.1

25.7

Consumer LOC

1,677

1,621

1,484

3.5

13.0

Consumer loans

15,033

14,598

13,817

3.0

8.8

Total loans and leases

$  36,537

$  35,769

$  34,957

2.1

4.5

Note: Loans held for sale were $237, $290 and $278 at 3Q26, 2Q26, and 3Q25, respectively.

(1) Commercial real estate is made up of 67% non-owner occupied and 33% owner-occupied at September 30, 2026.

% Variance

Average balances

3Q26

3Q26

For the Nine Months
Ended
September 30,

%

Loans and Leases:

3Q26

2Q26

3Q25

2Q26

3Q25

2026

2025

Var.

Commercial real estate 

$  11,924

$  12,099

$  12,659

(1.4)

(5.8)

$  12,067

$  12,714

(5.1)

Commercial and industrial

8,429

8,192

7,573

2.9

11.3

8,168

7,581

7.7

Commercial leases

788

797

789

(1.1)

(0.2)

791

777

1.7

Other

149

140

153

6.8

(2.4)

145

153

(5.8)

Commercial loans and leases

21,290

21,227

21,174

0.3

0.5

21,170

21,225

(0.3)

Direct installment

2,655

2,649

2,671

0.2

(0.6)

2,657

2,667

(0.4)

Residential mortgages

9,614

9,210

8,736

4.4

10.0

9,251

8,381

10.4

Indirect installment

912

823

777

10.8

17.4

842

772

9.0

Consumer LOC

1,644

1,592

1,456

3.3

12.9

1,591

1,413

12.6

Consumer loans

14,825

14,274

13,640

3.9

8.7

14,340

13,234

8.4

Total loans and leases

$  36,115

$  35,501

$  34,814

1.7

3.7

$  35,510

$  34,459

3.1

 

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

3Q26

3Q26

Asset Quality Data

3Q26

2Q26

3Q25

2Q26

3Q25

Non-Performing Assets

Non-performing loans

$  119

$   110

$   125

8.2

(4.8)

Other real estate owned (OREO)

2

2

3

—

(33.3)

Non-performing assets

$  121

$   112

$   128

8.0

(5.5)

Non-performing loans / total loans and leases

0.33 %

0.31 %

0.36 %

Non-performing assets plus 90+ days past due / total loans and leases
plus OREO

0.47

0.46

0.40

Non-performing loans plus OREO / total loans and leases plus OREO

0.33

0.31

0.37

Delinquency

Loans 30-89 days past due

$  105

$    92

$    89

14.1

18.0

Loans 90+ days past due

52

51

13

2.0

300.0

Non-accrual loans

119

110

125

8.2

(4.8)

Past due and non-accrual loans

$  276

$   253

$   227

9.1

21.6

Past due and non-accrual loans / total loans and leases

0.75 %

0.71 %

0.65 %

 

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

% Variance

(Unaudited)

3Q26

3Q26

For the Nine Months
Ended
September 30,

%

Allowance on Loans and Leases and Allowance for Unfunded Loan
Commitments Rollforward

3Q26

2Q26

3Q25

2Q26

3Q25

2026

2025

Var.

Allowance for Credit Losses on Loans and Leases

Balance at beginning of period

$ 447.3

$ 443.0

$ 432.1

1.0

3.5

$ 439.5

$ 422.8

4.0

Provision for credit losses 

19.2

21.3

24.9

(10.0)

(23.0)

59.8

68.5

(12.6)

Net loan (charge-offs) / recoveries

(11.0)

(17.0)

(19.7)

(35.2)

(44.0)

(43.9)

(54.0)

(18.8)

Allowance for credit losses on loans and leases

$ 455.5

$ 447.3

$ 437.3

1.8

4.2

$ 455.5

$ 437.3

4.2

Allowance for Unfunded Loan Commitments

Allowance for unfunded loan commitments balance at beginning of period

$   19.1

$   19.2

$   21.0

(0.4)

(8.9)

$   20.1

$   21.4

(5.9)

Provision (reduction in allowance) for unfunded loan commitments / other
adjustments

0.4

(0.1)

(0.9)

546.3

142.6

(0.6)

(1.3)

49.7

Allowance for unfunded loan commitments

$   19.5

$   19.1

$   20.1

1.9

(3.1)

$   19.5

$   20.1

(3.1)

Total allowance for credit losses on loans and leases and allowance for
unfunded loan commitments

$ 475.0

$ 466.4

$ 457.4

1.8

3.8

$ 475.0

$ 457.4

3.8

Allowance for credit losses on loans and leases / total loans and leases

1.25 %

1.25 %

1.25 %

Allowance for credit losses on loans and leases / total non-performing loans

382.1

404.3

349.9

Net loan charge-offs (annualized) / total average loans and leases

0.12

0.19

0.22

0.17 %

0.21 %

 

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP

We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in our financial statements.

% Variance

3Q26

3Q26

For the Nine
Months Ended
September 30,

%

3Q26

2Q26

3Q25

2Q26

3Q25

2026

2025

Var.

Operating net income available to common
shareholders

(dollars in thousands)

Net income available to common
shareholders

$ 152,862

$ 148,721

$ 149,509

$ 438,629

$ 396,694

FDIC special assessment

—

—

(2,272)

—

(2,272)

Tax expense (benefit) of FDIC special
assessment

—

—

477

—

477

Operating net income available to common
shareholders (non-GAAP)

$ 152,862

$ 148,721

$ 147,714

2.8

3.5

$ 438,629

$ 394,899

11.1

Operating earnings per diluted common
share

Earnings per diluted common share

$    0.43

$    0.42

$    0.41

$    1.23

$    1.09

FDIC special assessment

—

—

(0.01)

—

(0.01)

Tax expense (benefit) of FDIC special
assessment

—

—

—

—

—

Operating earnings per diluted common
share (non-GAAP)

$    0.43

$    0.42

$    0.41

2.4

4.9

$    1.23

$    1.09

12.8

 

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

For the Nine Months Ended
September 30,

3Q26

2Q26

3Q25

2026

2025

Return on average tangible common equity

(dollars in thousands)

Net income available to common shareholders
(annualized)

$    606,465

$    596,518

$    593,162

$    586,445

$    530,379

Amortization of intangibles, net of tax
(annualized)

9,552

9,761

12,507

10,012

12,578

Tangible net income available to common
shareholders (annualized) (non-GAAP)

$    616,017

$    606,279

$    605,669

$    596,457

$    542,957

Average total shareholders’ equity

$  6,861,885

$  6,820,346

$  6,576,625

$  6,830,146

$  6,476,712

Less: Average intangible assets (1)

(2,508,078)

(2,511,122)

(2,522,022)

(2,511,147)

(2,524,978)

Average tangible common equity (non-GAAP)

$  4,353,807

$  4,309,224

$  4,054,603

$  4,318,999

$  3,951,734

Return on average tangible common equity
(non-GAAP)

14.15 %

14.07 %

14.94 %

13.81 %

13.74 %

Return on average tangible assets

(dollars in thousands)

Net income (annualized)

$    606,465

$    596,518

$    593,162

$    586,445

$    530,379

Amortization of intangibles, net of tax
(annualized)

9,552

9,761

12,507

10,012

12,578

Tangible net income (annualized) (non-GAAP)

$    616,017

$    606,279

$    605,669

$    596,457

$    542,957

Average total assets

$ 50,978,084

$ 50,394,088

$ 49,518,845

$ 50,445,787

$ 49,039,357

Less: Average intangible assets (1)

(2,508,078)

(2,511,122)

(2,522,022)

(2,511,147)

(2,524,978)

Average tangible assets (non-GAAP)

$ 48,470,006

$ 47,882,966

$ 46,996,823

$ 47,934,640

$ 46,514,379

Return on average tangible assets (non-GAAP)

1.27 %

1.27 %

1.29 %

1.24 %

1.17 %

(1) Excludes loan servicing rights.

 

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

3Q26

2Q26

3Q25

Tangible book value per common share

(dollars in thousands, except per share data)

Total shareholders’ equity

$  6,813,263

$  6,838,456

$  6,635,620

Less:  Intangible assets (1)

(2,506,602)

(2,509,651)

(2,520,013)

Tangible common equity (non-GAAP)

$  4,306,661

$  4,328,805

$  4,115,607

Common shares outstanding

350,838,483

353,560,084

358,381,940

Tangible book value per common share (non-GAAP)

$       12.28

$       12.24

$       11.48

Tangible common equity to tangible assets

(dollars in thousands)

Total shareholders’ equity

$  6,813,263

$  6,838,456

$  6,635,620

Less:  Intangible assets (1)

(2,506,602)

(2,509,651)

(2,520,013)

Tangible common equity (non-GAAP)

$  4,306,661

$  4,328,805

$  4,115,607

Total assets

$ 52,053,325

$ 50,998,603

$ 49,888,522

Less:  Intangible assets (1)

(2,506,602)

(2,509,651)

(2,520,013)

Tangible assets (non-GAAP)

$ 49,546,723

$ 48,488,952

$ 47,368,509

Tangible common equity to tangible assets (non-GAAP)

8.69 %

8.93 %

8.69 %

(1) Excludes loan servicing rights.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

For the Nine Months
Ended
September 30,

3Q26

2Q26

3Q25

2026

2025

Pre-provision net revenue

(in thousands)

Net interest income

$  376,522

$  365,723

$  359,272

$ 1,101,523

$ 1,030,313

Non-interest income

92,599

96,951

98,170

280,535

276,951

Less: Non-interest expense

(256,943)

(253,249)

(243,535)

(768,057)

(736,571)

Pre-provision net revenue (reported) (non-GAAP)

$  212,178

$  209,425

$  213,907

$  614,001

$  570,693

Pre-provision net revenue (reported) (annualized)
(non-GAAP)

$  841,792

$  840,000

$  848,651

$  820,918

$  763,015

Adjustments:

Add (Less): FDIC special assessment (non-
interest expense)

—

—

(2,272)

—

(2,272)

Operating pre-provision net revenue (non-GAAP)

$  212,178

$  209,425

$  211,635

$  614,001

$  568,421

Operating pre-provision net revenue (annualized)
(non-GAAP)

$  841,792

$  840,000

$  839,637

$  820,918

$  759,977

Efficiency ratio (FTE)

(dollars in thousands)

Total non-interest expense

$  256,943

$  253,249

$  243,535

$  768,057

$  736,571

Less: Amortization of intangibles

(3,048)

(3,081)

(3,991)

(9,479)

(11,909)

Less: OREO expense

(251)

(147)

(578)

(634)

(1,209)

Add (Less): FDIC special assessment

—

—

2,272

—

2,272

Adjusted non-interest expense

$  253,644

$  250,021

$  241,238

$  757,944

$  725,725

Net interest income

$  376,522

$  365,723

$  359,272

$ 1,101,523

$ 1,030,313

Taxable equivalent adjustment

3,149

3,124

3,149

9,418

9,159

Non-interest income

92,599

96,951

98,170

280,535

276,951

Less:  Net securities losses (gains)

(58)

(27)

—

(87)

(58)

Adjusted net interest income (FTE) + non-interest
income

$  472,212

$  465,771

$  460,591

$ 1,391,389

$ 1,316,365

Efficiency ratio (FTE) (non-GAAP)

53.71 %

53.68 %

52.38 %

54.47 %

55.13 %

 

 

 

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SOURCE F.N.B. Corporation

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Expert Orthodontists Dr. Erik Higginbottom & Dr. Kyle Higginbottom Compare Braces & Invisalign in HelloNation

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The article explains how treatment needs, daily habits, appearance, and patient responsibilities can influence the choice between orthodontic options.

EASTON, Md., Oct. 19, 2026 /PRNewswire/ — What should you consider when choosing between braces and Invisalign?

HelloNation has published an article featuring insights from Expert Orthodontists Dr. Erik Higginbottom and Dr. Kyle Higginbottom of Higginbottom Orthodontics in Easton, MD. The article explains how patients can compare treatment methods based on orthodontic needs, personal preferences, and daily responsibilities.

The HelloNation article explains that braces use brackets and wires to guide teeth into new positions over time. Because braces remain attached throughout treatment, patients do not need to remember to replace them after meals or brushing. They do, however, require adjustments to eating and cleaning routines.

Invisalign works differently by using removable trays that gradually move teeth according to a treatment plan set up by the orthodontist. These clear aligners are changed as directed while progress is monitored during regular appointments. Patients must wear them consistently for the recommended amount of time to keep treatment progressing. Compliance is KEY.

The orthodontic problem is an important consideration when comparing these approaches. Different bite concerns and tooth positions can require different types of movement. An orthodontic evaluation allows an orthodontist to assess those needs and determine which options can produce the necessary movements.

Treatment goals also influence the decision. Some patients may need relatively straightforward teeth straightening, while others have more complex bite or positioning concerns. The article notes that braces can offer advantages for certain movements, while clear aligners can be appropriate for many other cases.

Daily habits are particularly important with Invisalign because the trays are removable. Patients need to keep track of the trays during meals and replace them afterward. Following the recommended wear schedule can play an important role in treatment progress.

Oral hygiene requires attention with either approach. Patients with fixed appliances must carefully clean around brackets and wires where food and plaque may collect. Removable trays allow patients to brush and floss normally, but the trays themselves also require cleaning. Maintaining good oral hygiene remains important throughout treatment.

Eating habits differ as well. Patients with fixed appliances may need to avoid hard, sticky, or chewy foods that could damage brackets or wires. Clear aligners are removed during meals, allowing patients to eat their usual foods before cleaning their teeth and replacing the trays.

The article also discusses comfort and appearance. Both methods apply controlled pressure to encourage tooth movement, so temporary soreness can occur. Removable trays are designed to be less noticeable, while some patients may prefer a fixed treatment that does not depend on remembering to wear an appliance.

Treatment time cannot be determined by the method alone. The length of orthodontic treatment depends on case complexity, required tooth movement, individual response, and patient cooperation. Regular appointments allow an orthodontist to monitor progress and determine whether adjustments are necessary.

Cost may also influence the decision, but the article recommends considering fees alongside treatment needs. Pricing can vary based on complexity, treatment length, and the method selected. Patients should understand what is included when comparing costs.

An orthodontic evaluation provides a foundation for making that comparison. Tooth position, bite alignment, treatment goals, and expected movement can all be reviewed before a suitable approach is selected. The article concludes that both methods can provide effective orthodontic treatment when chosen for appropriate cases.

Braces vs. Invisalign: What Should You Consider When Choosing? features insights from Dr. Erik Higginbottom and Dr. Kyle Higginbottom, Expert Orthodontists of Easton, MD, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/expert-orthodontists-dr-erik-higginbottom–dr-kyle-higginbottom-compare-braces–invisalign-in-hellonation-302913104.html

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