Parent Company Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

The following is condensed financial information of F.N.B. Corporation (parent company only). In this information, the parent company’s investments in subsidiaries are stated at cost plus equity in undistributed earnings of subsidiaries since acquisition. This information should be read in conjunction with the Consolidated Financial Statements.

TABLE 25.1



Balance Sheets (in millions) December 31	2019		2018
Assets
Cash and cash equivalents	$	251	$	254
Other assets	18		19
Investment in bank subsidiary	5,072		4,754
Investments in and advances to non-bank subsidiaries	104		97
Total Assets	$	5,445	$	5,124
Liabilities
Other liabilities	$	34	$	32
Advances from affiliates	197		197
Long-term borrowings	323		279
Subordinated notes:
Short-term	7		7
Long-term	1		1
Total Liabilities	562		516
Stockholders’ Equity	4,883		4,608
Total Liabilities and Stockholders’ Equity	$	5,445	$	5,124

TABLE 25.2



Statements of Income (in millions) Year Ended December 31	2019		2018			2017
Income
Dividend income from subsidiaries:
Bank	$	179	$	162		$	149
Non-bank	2		8			9
	181		170			158
Interest income	—		4			5
Other income	—		5			—
Total Income	181		179			163
Expenses
Interest expense	19		20			18
Other expenses	18		15			10
Total Expenses	37		35			28
Income Before Taxes and Equity in Undistributed Income of Subsidiaries	144		144			135
Income tax benefit	7		6			3
	151		150			138
Equity in undistributed income (loss) of subsidiaries:
Bank	236		225			60
Non-bank	—		(2		)	1
Net Income	$	387	$	373		$	199

TABLE 25.3



Statements of Cash Flows (in millions) Year Ended December 31	2019			2018			2017
Operating Activities
Net income	$	387		$	373		$	199
Adjustments to reconcile net income to net cash flows from operating activities:
Undistributed earnings from subsidiaries	(236		)	(222		)	(61		)
Other, net	2			(13		)	6
Net cash flows provided by operating activities	153			138			144
Investing Activities
Proceeds from sale of securities available for sale	—			1			—
Net (increase) decrease in advances to subsidiaries	—			20			(10		)
Payment for further investment in subsidiaries	(47		)	(22		)	(4		)
Net cash received in business combinations	—			123			3
Net cash flows (used in) provided by investing activities	(47		)	122			(11		)
Financing Activities
Net decrease in advance from affiliate	—			(19		)	10
Net decrease in short-term borrowings	—			(1		)	—
Decrease in long-term debt	(77		)	(2		)	(2		)
Increase in long-term debt	121			1			1
Net proceeds from issuance of common stock	12			14			11
Cash dividends paid:
Preferred stock	(8		)	(8		)	(8		)
Common stock	(157		)	(157		)	(143		)
Net cash flows (used in) provided by financing activities	(109		)	(172		)	(131		)
Net (Decrease) Increase in Cash and Cash Equivalents	(3		)	88			2
Cash and cash equivalents at beginning of year	254			166			164
Cash and Cash Equivalents at End of Year	$	251		$	254		$	166
Cash paid during the year for:
Interest	$	20		$	17		$	16