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F.N.B. Corp (FNB)
NYSE:FNB
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F.N.B.
(NYSE:FNB)
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Rating:71Outperform
Price Target:
$19.50
â–²(14.77% Upside)
Action:ReiteratedDate:02/25/26
The score is driven primarily by solid fundamentals (profitability, improving leverage, steady balance-sheet growth) and a constructive earnings-call outlook with clear efficiency and growth targets. Valuation is supportive (P/E ~11 and ~2.74% yield). Offsetting factors are choppy cash-flow consistency and softer near-term technicals with below-neutral momentum.
Positive Factors
Revenue and balance-sheet growth
F.N.B. has roughly doubled revenue over five years alongside asset growth to $50.2B and rising equity, providing durable scale. Steady balance-sheet expansion supports diversified lending, deposit funding, and fee cross-sell, underpinning sustainable growth over the medium term.
Strong core NII, margins and capital buffers
Record net interest income, expanding margin and healthy CET1/TCE ratios give F.N.B. durable earnings capacity and capital flexibility. These structural strengths support lending, absorb shocks, and enable consistent capital return or strategic investments over the coming quarters.
Diversified fee income and wealth momentum
Growing fee businesses and a 15% jump in wealth revenues reduce reliance on interest margins. Recurring, fee-based streams and multiple fee businesses at all-time highs increase earnings stability and provide a durable offset to interest-rate sensitivity over the medium term.
Negative Factors
Volatile cash flow conversion
Operating and free cash flow have been uneven across the multi-year period, with 2025 declines versus 2024. That variability weakens predictability for funding buybacks, investments, or loss absorption, increasing execution risk if earnings or loan performance slip.
Margin compression and rate sensitivity
Margins have materially compressed from 2021–22 peaks and guidance relies on an assumed rate path. Continued sensitivity of NIM to deposit beta and Fed moves creates a structural earnings risk that could limit sustainable margin recovery absent clear rate stability or pricing power gains.
Loan growth headwinds and rising expense categories
Payoffs, secondary-market exits and lower line utilization have trimmed loan balances, constraining NII growth unless production offsets attrition. At the same time higher tech/third-party and wage costs raise the fixed cost base, making efficiency targets harder to achieve consistently.
F.N.B. (FNB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.07B
Dividend Yield2.73%
Average Volume (3M)6.97M
Price to Earnings (P/E)10.9
Beta (1Y)1.16
Revenue Growth4.54%
EPS Growth27.56%
CountryUS
Employees4,104
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.50
Shares Outstanding357,389,000
10 Day Avg. Volume7,991,057
30 Day Avg. Volume6,974,880
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)0.91
Price to Sales (P/S)2.28
P/FCF Ratio16.33
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue2.78
Enterprise Value/Gross Profit4.47
Enterprise Value/Ebitda10.36
Forecast
1Y Price Target
$19.63Price Target Upside15.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.72
Revenue Forecast (FY)$1.90B
F.N.B. Business Overview & Revenue Model
Company DescriptionF.N.B. Corporation, a financial holding company, provides a range of financial services primarily to consumers, corporations, governments, and small- to medium-sized businesses. The company operates through three segments: Community Banking, Wealth Management, and Insurance. It offers commercial banking solutions, including corporate and small business banking, investment real estate financing, business credit, capital market, and lease financing services. The company also provides consumer banking products and services, such as deposit products, mortgage and consumer lending services, and mobile and online banking services; and wealth management services comprising personal and corporate fiduciary services comprising administration of decedent and trust estates; securities brokerage and investment advisory services, mutual funds, and annuities; and commercial and personal insurance, and reinsurance products, as well as mezzanine financing options for small- to medium-sized businesses. As of December 31, 2021, it operated 334 banking offices in Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C., and Virginia. F.N.B. Corporation was founded in 1864 and is headquartered in Pittsburgh, Pennsylvania.
How the Company Makes MoneyF.N.B. generates revenue through several key streams. The primary source of income is net interest income, which comes from the difference between the interest earned on loans and the interest paid on deposits. Additionally, the company earns non-interest income from fees associated with its banking services, such as account maintenance fees, transaction fees, and wealth management services. FNB also engages in mortgage banking activities, which contribute to its earnings through origination and servicing fees. Strategic partnerships with other financial institutions and businesses enhance its service offerings and expand its customer base, further driving revenue growth.
F.N.B. Earnings Call Summary
Earnings Call Date:Jan 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive momentum: record annual revenue, earnings, net interest income, margin expansion, improved capital metrics, robust deposit growth, and solid asset quality with high coverage ratios. Management highlighted digital and AI investments, expected cost savings and positive guidance for 2026 (mid-single-digit loan/deposit growth, modest margin improvement, and targeted efficiency improvement to low 50s). Lowlights were largely tactical or one-time (mortgage portfolio transfer, discrete charitable and impairment items), sensitivity to assumed Fed rate cuts, and near-term loan balance pressure from payoffs and secondary market exits. Overall, the highlights materially outweigh the lowlights, leaving a constructive outlook but with execution and macro risks to monitor.Q4-2025 Updates
Positive Updates
Record Annual Revenue and Earnings
Full year 2025 operating revenue of $1.8 billion, operating net income available to common shareholders of $577 million, and operating EPS of $1.59 (full-year operating EPS grew 14% year-over-year).
Strong Q4 Operating Results
Fourth quarter operating net income available to common shareholders of $181.8 million ($0.50 per diluted share) and record total revenues for the quarter of nearly $458 million, up 12.4% on an operating basis year-over-year.
Record Net Interest Income and Margin Expansion
Q4 net interest income of $365.4 million (record), up 1.7% linked quarter and 13.4% year-over-year; net interest margin of 3.28%, up 3 basis points linked quarter and up 24 basis points year-over-year.
Improved Capital and Book Value
Total assets exceeded $50 billion for the first time; CET1 ratio of 11.4%, tangible common equity ratio of 8.9%, and tangible book value per share of $11.87, an increase of 13.2% year-over-year.
Strong Asset Quality Metrics and Coverage
Total delinquency 71 bps (up 6 bps sequentially), NPLs and OREO at a multiyear low of 31 bps (down 6 bps), net charge-offs 19 bps for Q4 and 20 bps for the year; ending fund reserve $440 million (1.26%, 1 bp up sequentially) and NPL coverage at 438% inclusive of discounts.
Fee Income and Wealth Momentum
Operating noninterest income of $92.3 million, up 8.8% year-over-year; Wealth Management revenues grew 15% from 2024 levels and seven fee-based businesses reached all-time highs for the full year.
Deposit Growth and Improved Loan-to-Deposit Ratio
Q4 average deposits $38.6 billion, up $740 million (7.7% linked-quarter annualized); average noninterest-bearing deposits exceeded $10 billion (up 4.5% linked-quarter annualized); loan-to-deposit ratio improved to 89.7% (sub-90%).
Efficiency and Cost Management Progress
Fourth quarter efficiency ratio improved to 53.8%, 307 basis points better than Q4 2024; ongoing disciplined expense management has delivered $10–$20 million annual cost savings since 2019 and management expects higher run-rate savings in 2026 through automation and AI.
Negative Updates
Mortgage Portfolio Actions and MSR Headwinds
Transferred approximately $200 million of performing residential mortgage loans to held-for-sale in Q4 (sale expected Q1 2026) and mortgage banking income declined due to higher MSR amortization and a net MSR fair value recovery in Q4 2024, tempering mortgage-related fee income.
Earnings Impact from Discrete Items
Q4 included a discretionary $20 million charitable contribution that reduced operating net income, plus a $4.4 million pre-tax noncredit impairment on a renewable energy financing receivable (offset in part by $37.2 million of investment tax credits).
Sequential Pressure on Earning Asset Yield
Yield on earning assets declined 11 basis points sequentially as variable-rate loans were impacted by 75 basis points of Fed cuts since September 2025; deposit beta since cuts is 25%, requiring ongoing management to protect margin.
CRE and Secondary Market Exits Reduced Loan Balances
Average commercial real estate loans declined $158 million sequentially due to payoffs and secondary market exits; while this reduced concentration (now 197% of capital), it also created near-term headwinds to commercial loan balances.
Rising Operating Expenses in Specific Categories
Operating noninterest expense rose 3.4% year-over-year (to $256.5 million); salaries and employee benefits up 4.5%, output services up 15.3% (higher tech/third-party costs), and occupancy/equipment up 7.3%—offsetting some operating leverage gains.
Guidance Sensitive to Rate-Cut Assumptions
2026 guidance assumes two 225-basis-point Fed rate cuts (April and October). Results (NII, margin, and provision expectations) are sensitive to timing/size of actual rate moves and to loan growth/charge-off variability.
Loan Payoffs and Line Utilization Pressure
Linked-quarter decreases from payoff activity and lower line utilization limited average commercial loan growth (average commercial loans and leases slightly decreased $54 million sequentially) and required strong production to offset attrition.
Company Guidance
FNB guided to period‑end loans and deposits growing mid‑single digits in 2026, with full‑year net interest income of $1.495–$1.535 billion and first‑quarter NII of $355–$365 million (guidance assumes 225 bps of Fed cuts in April and October); full‑year noninterest income $370–$390 million (Q1 $90–$95 million) and full‑year noninterest expense $1.00–$1.02 billion (Q1 $255–$260 million), with provision expense expected $85–$105 million (dependent on net loan growth and charge‑offs) and an effective tax rate of 21–22% (excludes potential ITC). Management expects a relatively stable NIM in Q1 with modest quarter‑by‑quarter margin improvement into year‑end, total spot deposit beta falling toward ~30% by year‑end (mid‑30s terminal), continued cost‑savings (above the historical $10–20 million run‑rate), an efficiency ratio moving into the low‑50s by H2, continued capital flexibility (CET1 11.4%, tangible common equity 8.9%), and the potential for sustained buyback activity at least at 2025 levels.F.N.B. Financial Statement Overview
Summary
Strong multi-year revenue growth and solid profitability (2025 net margin ~21%, EBIT margin ~25%) supported by steady balance-sheet expansion and improving leverage (debt-to-equity ~0.58 in 2025). Score is tempered by margin compression versus 2021–2022 peaks and uneven cash-flow trends (operating and free cash flow down in 2025 vs. 2024 and volatile across years).Income Statement
Revenue expanded from $1.44B (2020) to $2.69B (2025), with growth accelerating again in 2025 (up ~2.3x vs. 2024). Profitability remains solid with a 2025 net margin of ~21% and EBIT margin of ~25%. However, margins have compressed versus the 2021–2022 peak (net margin ~30% in 2021 and ~27% in 2022), suggesting earnings quality is good but not improving on a margin basis.76
Positive
Balance Sheet
Leverage is moderate for a regional bank and has improved recently: debt-to-equity declined to ~0.58 in 2025 from ~0.68 in 2024 (though still above 2021–2022 levels). Equity has grown steadily ($5.15B in 2021 to $6.76B in 2025) alongside asset growth ($39.5B to $50.2B). Return on equity is stable-to-improving (~8.4% in 2025 vs. ~7.4% in 2024), but remains in a mid-range band rather than clearly strengthening.72
Positive
Cash Flow
Cash generation is positive but uneven. Operating cash flow fell to $482M in 2025 from $642M in 2024, and free cash flow declined to $482M (down ~13% year over year). The business still converted earnings to free cash flow well in 2025 (free cash flow matching net income), but the multi-year volatility in operating and free cash flow (notably the strong 2022 then lower 2023–2025 levels) reduces confidence in consistency.60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.69B | 2.57B | 2.23B | 1.61B | 1.33B |
| Gross Profit | 1.68B | 1.52B | 1.50B | 1.38B | 1.24B |
| EBITDA | 669.36M | 622.00M | 662.00M | 626.00M | 513.00M |
| Net Income | 565.39M | 465.00M | 485.00M | 439.00M | 405.00M |
Balance Sheet | |||||
| Total Assets | 50.23B | 48.63B | 46.16B | 43.73B | 39.51B |
| Cash, Cash Equivalents and Short-Term Investments | 6.22B | 5.39B | 4.83B | 4.95B | 6.92B |
| Total Debt | 3.92B | 4.27B | 4.48B | 2.46B | 2.22B |
| Total Liabilities | 43.47B | 42.32B | 40.11B | 38.07B | 34.36B |
| Stockholders Equity | 6.76B | 6.30B | 6.05B | 5.65B | 5.15B |
Cash Flow | |||||
| Free Cash Flow | 376.00M | 503.00M | 335.00M | 1.12B | 472.00M |
| Operating Cash Flow | 482.00M | 642.00M | 423.00M | 1.22B | 530.00M |
| Investing Cash Flow | -1.49B | -1.70B | -2.26B | -3.06B | -153.00M |
| Financing Cash Flow | 1.08B | 1.90B | 1.74B | 18.00M | 1.73B |
F.N.B. Technical Analysis
Negative
16.99
Price Trends
17.73
Negative
16.87
Positive
15.98
Positive
Market Momentum
-0.03
Positive
38.61
Neutral
39.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FNB, the sentiment is Negative. The current price of 16.99 is below the 20-day moving average (MA) of 18.12, below the 50-day MA of 17.73, and above the 200-day MA of 15.98, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 38.61 is Neutral, neither overbought nor oversold. The STOCH value of 39.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FNB.
F.N.B. Risk Analysis
F.N.B. disclosed 39 risk factors in its most recent earnings report. F.N.B. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
F.N.B. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $6.07B | 10.88 | 8.66% | 2.73% | 4.54% | 27.56% | |
70 Outperform | $5.28B | 7.54 | 12.09% | 3.68% | 2.79% | 2.11% | |
69 Neutral | $5.40B | 11.42 | 11.51% | 2.85% | 1.43% | 19.58% | |
69 Neutral | $7.03B | 12.50 | 7.85% | 3.69% | -1.94% | 41.35% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $5.91B | 22.82 | 6.43% | 2.89% | 8.73% | 26.19% | |
61 Neutral | $5.80B | 12.64 | 8.84% | 3.77% | 8.83% | 15.49% |
* Financial Sector Average
FNB
F.N.B.
16.99
2.82
19.92%
OZK
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46.56
1.24
2.74%
GBCI
Glacier Bancorp
45.49
-1.13
-2.42%
HOMB
Home Bancshares
27.46
-1.73
-5.92%
UBSI
United Bankshares
41.30
6.66
19.24%
VLY
Valley National Bancorp
12.61
3.43
37.39%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.