Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
☒ | Accelerated Filer | ☐ | |||||||||
Non-accelerated Filer | ☐ | Smaller reporting company | |||||||||
Emerging Growth Company |
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||
Class | Outstanding at | April 30, 2024 | ||||||
Common Stock, $0.01 Par Value | Shares |
PAGE | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | Financial Statements | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II – OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Acronym | Description | Acronym | Description | |||||||||||
ACL | Allowance for credit losses | FTE | Fully taxable equivalent | |||||||||||
AFS | Available for sale | GAAP | U.S. generally accepted accounting principles | |||||||||||
ALCO | Asset/Liability Committee | HTM | Held to maturity | |||||||||||
AOCI | Accumulated other comprehensive income | LGD | Loss given default | |||||||||||
ASU | Accounting Standards Update | LIHTC | Various partnerships of affordable housing | |||||||||||
AULC | Allowance for unfunded loan commitments | MBS | Mortgage-backed securities | |||||||||||
CECL | Current expected credit losses | MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||
CET1 | Common equity tier 1 | MSRs | Mortgage servicing rights | |||||||||||
CFPB | Consumer Financial Protection Bureau | OCC | Office of the Comptroller of the Currency | |||||||||||
DOJ | U.S. Department of Justice | OREO | Other real estate owned | |||||||||||
EVE | Economic value of equity | R&S | Reasonable and Supportable | |||||||||||
FASB | Financial Accounting Standards Board | SBA | Small Business Administration | |||||||||||
FDIC | Federal Deposit Insurance Corporation | SEC | Securities and Exchange Commission | |||||||||||
FHLB | Federal Home Loan Bank | SOFR | Secured Overnight Financing Rate | |||||||||||
FICO | Fair Isaac Corporation | TPS | Trust preferred securities | |||||||||||
FNB | F.N.B. Corporation | U.S. | United States of America | |||||||||||
FNBPA | First National Bank of Pennsylvania | UST | U.S. Department of the Treasury | |||||||||||
FOMC | Federal Open Market Committee | VIE | Variable interest entity | |||||||||||
FRB | Board of Governors of the Federal Reserve System | |||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Interest-bearing deposits with banks | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Debt securities available for sale (amortized cost of $ | ||||||||||||||
Debt securities held to maturity (fair value of $ | ||||||||||||||
Loans held for sale (includes $ | ||||||||||||||
Loans and leases, net of unearned income of $ | ||||||||||||||
Allowance for credit losses on loans and leases | ( | ( | ||||||||||||
Net Loans and Leases | ||||||||||||||
Premises and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Core deposit and other intangible assets, net | ||||||||||||||
Bank owned life insurance | ||||||||||||||
Other assets | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest-bearing demand | $ | $ | ||||||||||||
Interest-bearing demand | ||||||||||||||
Savings | ||||||||||||||
Certificates and other time deposits | ||||||||||||||
Total Deposits | ||||||||||||||
Short-term borrowings | ||||||||||||||
Long-term borrowings | ||||||||||||||
Other liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Stockholders’ Equity | ||||||||||||||
Preferred stock | ||||||||||||||
Issued – | ||||||||||||||
Common stock - $ | ||||||||||||||
Authorized – | ||||||||||||||
Issued – | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Treasury stock – | ( | ( | ||||||||||||
Total Stockholders’ Equity | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest Income | |||||||||||
Loans and leases, including fees | $ | $ | |||||||||
Securities: | |||||||||||
Taxable | |||||||||||
Tax-exempt | |||||||||||
Other | |||||||||||
Total Interest Income | |||||||||||
Interest Expense | |||||||||||
Deposits | |||||||||||
Short-term borrowings | |||||||||||
Long-term borrowings | |||||||||||
Total Interest Expense | |||||||||||
Net Interest Income | |||||||||||
Provision for credit losses | |||||||||||
Net Interest Income After Provision for Credit Losses | |||||||||||
Non-Interest Income | |||||||||||
Service charges | |||||||||||
Interchange and card transaction fees | |||||||||||
Trust services | |||||||||||
Insurance commissions and fees | |||||||||||
Securities commissions and fees | |||||||||||
Capital markets income | |||||||||||
Mortgage banking operations | |||||||||||
Dividends on non-marketable equity securities | |||||||||||
Bank owned life insurance | |||||||||||
Other | |||||||||||
Total Non-Interest Income | |||||||||||
Non-Interest Expense | |||||||||||
Salaries and employee benefits | |||||||||||
Net occupancy | |||||||||||
Equipment | |||||||||||
Amortization of intangibles | |||||||||||
Outside services | |||||||||||
Marketing | |||||||||||
FDIC insurance | |||||||||||
Bank shares and franchise taxes | |||||||||||
Merger-related | |||||||||||
Other | |||||||||||
Total Non-Interest Expense | |||||||||||
Income Before Income Taxes | |||||||||||
Income taxes | |||||||||||
Net Income | |||||||||||
Preferred stock dividends | |||||||||||
Net Income Available to Common Stockholders | $ | $ | |||||||||
Earnings per Common Share | |||||||||||
Basic | $ | $ | |||||||||
Diluted |
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
Net income | $ | $ | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $( | ( | ||||||||||||||||
Derivative instruments: | |||||||||||||||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $( | ( | ||||||||||||||||
Reclassification adjustment for gains included in net income, net of tax expense of $ | |||||||||||||||||
Pension and postretirement benefit obligations: | |||||||||||||||||
Unrealized gains arising during the period, net of tax expense of $ | |||||||||||||||||
Other Comprehensive Income (Loss) | ( | ||||||||||||||||
Comprehensive Income (Loss) | $ | $ |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Preferred stock: $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Common stock: $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | |||||||||||||||||||||||||||||||||||||||
Restricted stock compensation | |||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||
Preferred stock: $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Common stock: $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Restricted stock compensation | |||||||||||||||||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | |||||||||||
Depreciation, amortization and accretion | |||||||||||
Provision for credit losses | |||||||||||
Deferred tax expense (benefit) | |||||||||||
Loans originated for sale | ( | ( | |||||||||
Loans sold | |||||||||||
Net (gain) loss on sale of loans | ( | ||||||||||
Net change in: | |||||||||||
Interest receivable | ( | ( | |||||||||
Interest payable | ( | ||||||||||
Bank owned life insurance, excluding purchases | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash flows provided by operating activities | |||||||||||
Investing Activities | |||||||||||
Net change in loans and leases, excluding sales and transfers | ( | ( | |||||||||
Debt securities available for sale: | |||||||||||
Purchases | ( | ||||||||||
Maturities/payments | |||||||||||
Debt securities held to maturity: | |||||||||||
Purchases | ( | ( | |||||||||
Maturities/payments | |||||||||||
Increase in premises and equipment | ( | ( | |||||||||
Net proceeds from sales of portfolio loans | |||||||||||
Net cash flows provided by (used in) investing activities | ( | ||||||||||
Financing Activities | |||||||||||
Net change in: | |||||||||||
Demand (non-interest bearing and interest bearing) and savings accounts | ( | ( | |||||||||
Time deposits | |||||||||||
Short-term borrowings | ( | ||||||||||
Proceeds from issuance of long-term borrowings | |||||||||||
Repayment of long-term borrowings | ( | ( | |||||||||
Redemption of preferred stock | ( | ||||||||||
Repurchases of common stock | ( | ||||||||||
Cash dividends paid: | |||||||||||
Preferred stock | ( | ( | |||||||||
Common stock | ( | ( | |||||||||
Other, net | |||||||||||
Net cash flows provided by (used in) financing activities | ( | ||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and Cash Equivalents at End of Period | $ | $ |
Standard | Description | Financial Statements Impact | ||||||||||||
Income Taxes | ||||||||||||||
ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures | This Update requires public business entities to disclose additional categories of information about federal, state, and foreign income taxes in the tabular rate reconciliation table. Additionally, entities must provide more details regarding reconciling items in some categories if the items are equal to or greater than a specified quantitative threshold. This Update also requires all entities to annually disclose income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and further disaggregated by jurisdiction based on a specified quantitative threshold. | This Update is to be applied using a prospective method with an option to apply it retrospectively for each period presented and will be effective as of January 1, 2025. Early adoption is permitted. We are currently evaluating the effect this Update will have on our consolidated financial statements, the related disclosures and our processes, systems, and controls related to disclosures. |
Standard | Description | Financial Statements Impact | ||||||||||||
Segment Reporting | ||||||||||||||
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure | This Update requires all public entities to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required in annual disclosures. | This Update is to be applied using a retrospective method to all prior periods presented and is effective for annual periods beginning on January 1, 2024, and will be effective for interim periods beginning on January 1, 2025. Early adoption is permitted. We do not expect the adoption of this Update to materially impact our consolidated financial statements and we are currently evaluating the effect this Update will have on the related disclosures. | ||||||||||||
Tax Equity Investments | ||||||||||||||
This Update expands the use of the proportional amortization method of accounting, previously only allowable for LIHTC investments, to equity investments in other tax credit structures that meet certain criteria. The Update also removed the specialized guidance for LIHTC investments that are not accounted for using the proportional amortization method or equity method and require that those investments are accounted for using Topic 321 regarding equity investments. | This Update is to be applied using either a modified retrospective or a retrospective method and is effective as of January 1, 2024. Early adoption of this Update is permitted. We adopted this Update on January 1, 2024 on a modified retrospective basis for tax credit programs that are eligible to apply proportional amortization. As a result, we recorded a reduction of $ |
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Debt Securities AFS: | |||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||
U.S. government-sponsored entities | ( | ||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||
Agency MBS | ( | ||||||||||||||||||||||
Agency collateralized mortgage obligations | ( | ||||||||||||||||||||||
Agency commercial MBS | ( | ||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | ( | ||||||||||||||||||||||
Other debt securities | ( | ||||||||||||||||||||||
Total debt securities AFS | $ | $ | $ | ( | $ | ||||||||||||||||||
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Debt Securities AFS: | |||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||
U.S. government-sponsored entities | ( | ||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||
Agency MBS | ( | ||||||||||||||||||||||
Agency collateralized mortgage obligations | ( | ||||||||||||||||||||||
Agency commercial MBS | ( | ||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | ( | ||||||||||||||||||||||
Other debt securities | ( | ||||||||||||||||||||||
Total debt securities AFS | $ | $ | $ | ( | $ |
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Debt Securities HTM: | |||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||
U.S. government-sponsored entities | |||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||
Agency MBS | ( | ||||||||||||||||||||||
Agency collateralized mortgage obligations | ( | ||||||||||||||||||||||
Agency commercial MBS | ( | ||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | ( | ||||||||||||||||||||||
Other debt securities | ( | ||||||||||||||||||||||
Total debt securities HTM | $ | $ | $ | ( | $ |
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Debt Securities HTM: | |||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
U.S. government agencies | $ | $ | $ | $ | |||||||||||||||||||
U.S. government-sponsored entities | |||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||
Agency MBS | ( | ||||||||||||||||||||||
Agency collateralized mortgage obligations | ( | ||||||||||||||||||||||
Agency commercial MBS | ( | ||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | ( | ||||||||||||||||||||||
Other debt securities | ( | ||||||||||||||||||||||
Total debt securities HTM | $ | $ | $ | ( | $ |
Available for Sale | Held to Maturity | ||||||||||||||||||||||
(in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after one year but within five years | |||||||||||||||||||||||
Due after five years but within ten years | |||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||
Agency MBS | |||||||||||||||||||||||
Agency collateralized mortgage obligations | |||||||||||||||||||||||
Agency commercial MBS | |||||||||||||||||||||||
Total debt securities | $ | $ | $ | $ |
(dollars in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Securities pledged (carrying value): | |||||||||||
To secure public deposits, trust deposits and for other purposes as required by law | $ | $ | |||||||||
As collateral for short-term borrowings | |||||||||||
Securities pledged as a percent of total securities | % | % |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||
Debt Securities AFS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency MBS | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial MBS | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||
Debt Securities AFS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored entities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency MBS | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Agency collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Agency commercial MBS | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ | ( |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Commercial real estate | $ | $ | |||||||||
Commercial and industrial | |||||||||||
Commercial leases | |||||||||||
Other | |||||||||||
Total commercial loans and leases | |||||||||||
Direct installment | |||||||||||
Residential mortgages | |||||||||||
Indirect installment | |||||||||||
Consumer lines of credit | |||||||||||
Total consumer loans | |||||||||||
Total loans and leases, net of unearned income | $ | $ |
(dollars in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Commercial real estate: | |||||||||||
Percent owner-occupied | % | % | |||||||||
Percent non-owner-occupied |
Rating Category | Definition | ||||
Pass | in general, the condition of the borrower and the performance of the loan is satisfactory or better | ||||
Special Mention | in general, the condition of the borrower has deteriorated, requiring an increased level of monitoring | ||||
Substandard | in general, the condition of the borrower has significantly deteriorated and the performance of the loan could further deteriorate if deficiencies are not corrected | ||||
Doubtful | in general, the condition of the borrower has significantly deteriorated and the collection in full of both principal and interest is highly questionable or improbable |
March 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
COMMERCIAL | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Leases: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial leases | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial leases current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Other Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Total other commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Other commercial current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
CONSUMER | |||||||||||||||||||||||||||||||||||||||||||||||
Direct Installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||||||||||||||||
Past due | |||||||||||||||||||||||||||||||||||||||||||||||
Total direct installment | |||||||||||||||||||||||||||||||||||||||||||||||
Direct installment current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgages: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||||||||||||||||
Past due | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgages | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Indirect Installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||||||||||||||||
Past due | |||||||||||||||||||||||||||||||||||||||||||||||
Total indirect installment | |||||||||||||||||||||||||||||||||||||||||||||||
Indirect installment current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer Lines of Credit: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||||||||||||||||
Past due | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer lines of credit current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
COMMERCIAL | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Leases: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial leases | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial leases current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Other Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Total other commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Other commercial current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
CONSUMER | |||||||||||||||||||||||||||||||||||||||||||||||
Direct Installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||||||||||||||||
Past due | |||||||||||||||||||||||||||||||||||||||||||||||
Total direct installment | |||||||||||||||||||||||||||||||||||||||||||||||
Direct installment current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgages: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||||||||||||||||
Past due | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgages | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Indirect Installment: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||||||||||||||||
Past due | |||||||||||||||||||||||||||||||||||||||||||||||
Total indirect installment | |||||||||||||||||||||||||||||||||||||||||||||||
Indirect installment current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer Lines of Credit: | |||||||||||||||||||||||||||||||||||||||||||||||
Current | |||||||||||||||||||||||||||||||||||||||||||||||
Past due | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer lines of credit current period gross charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
(in millions) | 30-89 Days Past Due | > 90 Days Past Due and Still Accruing | Non- Accrual | Total Past Due | Current | Total Loans and Leases | Non-accrual with No ACL | ||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||
Commercial leases | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | |||||||||||||||||||||||||||||||||||||||||
Direct installment | |||||||||||||||||||||||||||||||||||||||||
Residential mortgages | |||||||||||||||||||||||||||||||||||||||||
Indirect installment | |||||||||||||||||||||||||||||||||||||||||
Consumer lines of credit | |||||||||||||||||||||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
(in millions) | 30-89 Days Past Due | > 90 Days Past Due and Still Accruing | Non- Accrual | Total Past Due | Current | Total Loans and Leases | Non-accrual with No ACL | ||||||||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||
Commercial leases | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | |||||||||||||||||||||||||||||||||||||||||
Direct installment | |||||||||||||||||||||||||||||||||||||||||
Residential mortgages | |||||||||||||||||||||||||||||||||||||||||
Indirect installment | |||||||||||||||||||||||||||||||||||||||||
Consumer lines of credit | |||||||||||||||||||||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | $ | $ | $ | $ | $ | $ |
(dollars in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Non-accrual loans | $ | $ | |||||||||
Total non-performing loans and leases | |||||||||||
Other real estate owned | |||||||||||
Total non-performing assets | $ | $ | |||||||||
Asset quality ratios: | |||||||||||
Non-performing loans and leases / total loans and leases | % | % | |||||||||
Non-performing assets plus |
(dollars in millions) | Amortized Cost Basis | % of Total Class of Financing Receivable | Financial Effect | ||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||
Term Extension | |||||||||||||||||
Direct installment | $ | % | The modified loans had an average increase in term of | ||||||||||||||
Residential mortgages | The modified loans had an average increase in term of | ||||||||||||||||
Consumer lines of credit | The modified loans had an average increase in term of | ||||||||||||||||
Total | |||||||||||||||||
Rate Reduction | |||||||||||||||||
Residential mortgages | The term was extended, with a weighted average yield reduction of | ||||||||||||||||
Total | |||||||||||||||||
Term Extension and Rate Reduction | |||||||||||||||||
Commercial real estate | Multiple modifications were made with no material financial effect. | ||||||||||||||||
Residential mortgages | Multiple modifications were made with no material financial effect. | ||||||||||||||||
Total | |||||||||||||||||
Balloon Payment | |||||||||||||||||
Commercial real estate | Multiple modifications were made with no material financial effect. | ||||||||||||||||
Total | |||||||||||||||||
Other | |||||||||||||||||
Commercial real estate | |||||||||||||||||
Commercial and industrial | Multiple modifications were made with no material financial effect. | ||||||||||||||||
Total | |||||||||||||||||
Total Outstanding Modified | $ | ||||||||||||||||
(dollars in millions) | Amortized Cost Basis | % of Total Class of Financing Receivable | Financial Effect | ||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||
Term Extension | |||||||||||||||||
Commercial and industrial | $ | % | The modified loans had an average increase in term of | ||||||||||||||
Direct installment | The repayment on the loans modified were extended, lowering the monthly repayment. | ||||||||||||||||
Residential mortgages | The repayment on the loans modified was extended, lowering the monthly repayment. | ||||||||||||||||
Consumer lines of credit | The repayment on the loans modified was extended, lowering the monthly repayment. | ||||||||||||||||
Total | |||||||||||||||||
Term Extension and Rate Reduction | |||||||||||||||||
Direct installment | The term was extended, with a weighted average yield reduction of | ||||||||||||||||
Residential mortgages | The term was extended, with a weighted average yield reduction of | ||||||||||||||||
Total | |||||||||||||||||
Other | |||||||||||||||||
Commercial real estate | Multiple modifications were made with no material financial effect. | ||||||||||||||||
Residential mortgages | Multiple modifications were made with no material financial effect. | ||||||||||||||||
Total | |||||||||||||||||
Total Outstanding Modified | $ |
Amortized cost basis of modified financing receivables that subsequently defaulted: | |||||||||||||||||||||||||||||
(in millions) | Term Extension | Term Extension and Rate Reduction | Balloon Payment | Other | Total Outstanding Modified | ||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Total commercial loans and leases | |||||||||||||||||||||||||||||
Residential mortgages | |||||||||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in millions) | Term Extension | Term Extension and Rate Reduction | Other | Total Outstanding Modified | |||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Total commercial loans and leases | |||||||||||||||||||||||
Residential mortgages | |||||||||||||||||||||||
Consumer lines of credit | |||||||||||||||||||||||
Total consumer loans | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Payment status - amortization cost basis: | |||||||||||||||||
(in millions) | Current | 30-89 Days Past Due | 90+ Days Past Due | ||||||||||||||
March 31, 2024 | |||||||||||||||||
Commercial real estate | $ | $ | $ | ||||||||||||||
Commercial and industrial | |||||||||||||||||
Total commercial loans and leases | |||||||||||||||||
Direct installment | |||||||||||||||||
Residential mortgages | |||||||||||||||||
Consumer lines of credit | |||||||||||||||||
Total consumer loans | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
(in millions) | Current | 30-89 Days Past Due | 90+ Days Past Due | ||||||||||||||
March 31, 2023 | |||||||||||||||||
Commercial real estate | $ | $ | $ | ||||||||||||||
Commercial and industrial | |||||||||||||||||
Total commercial loans and leases | |||||||||||||||||
Direct installment | |||||||||||||||||
Residential mortgages | |||||||||||||||||
Consumer lines of credit | |||||||||||||||||
Total consumer loans | |||||||||||||||||
Total | $ | $ | $ |
(in millions) | Balance at Beginning of Period | Charge- Offs | Recoveries | Net (Charge- Offs) Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Commercial and industrial | ( | ( | |||||||||||||||||||||||||||||||||
Commercial leases | ( | ( | |||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||
Total commercial loans and leases | ( | ( | |||||||||||||||||||||||||||||||||
Direct installment | ( | ( | |||||||||||||||||||||||||||||||||
Residential mortgages | |||||||||||||||||||||||||||||||||||
Indirect installment | ( | ( | |||||||||||||||||||||||||||||||||
Consumer lines of credit | ( | ( | |||||||||||||||||||||||||||||||||
Total consumer loans | ( | ( | |||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases | ( | ( | |||||||||||||||||||||||||||||||||
Allowance for unfunded loan commitments | |||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments | $ | $ | ( | $ | $ | ( | $ | $ |
(in millions) | Balance at Beginning of Period | Charge- Offs | Recoveries | Net (Charge- Offs) Recoveries | Provision for Credit Losses | Balance at End of Period | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | ( | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||
Commercial and industrial | ( | ( | |||||||||||||||||||||||||||||||||
Commercial leases | |||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||
Total commercial loans and leases | ( | ( | |||||||||||||||||||||||||||||||||
Direct installment | ( | ( | |||||||||||||||||||||||||||||||||
Residential mortgages | ( | ( | |||||||||||||||||||||||||||||||||
Indirect installment | ( | ( | |||||||||||||||||||||||||||||||||
Consumer lines of credit | ( | ( | |||||||||||||||||||||||||||||||||
Total consumer loans | ( | ( | |||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases | ( | ( | |||||||||||||||||||||||||||||||||
Allowance for unfunded loan commitments | ( | ||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments | $ | $ | ( | $ | $ | ( | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Balance at beginning of period | $ | $ | |||||||||
Provision for unfunded loan commitments and letters of credit: | |||||||||||
Commercial portfolio | ( | ||||||||||
Consumer portfolio | ( | ||||||||||
Balance at end of period | $ | $ |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Mortgage loans sold with servicing retained | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Mortgage loans sold with servicing retained | $ | $ | |||||||||
Pre-tax net gains (losses) resulting from above loan sales (1) | |||||||||||
Mortgage servicing fees (1) |
Three Months Ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Balance at beginning of period | $ | $ | |||||||||
Additions | |||||||||||
Payoffs and curtailments | ( | ( | |||||||||
Impairment (charge) / recovery | |||||||||||
Amortization / other | ( | ( | |||||||||
Balance at end of period | $ | $ | |||||||||
Fair value, beginning of period | $ | $ | |||||||||
Fair value, end of period |
(dollars in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Weighted average life (months) | |||||||||||
Constant prepayment rate (annualized) | % | % | |||||||||
Discount rate | % | % | |||||||||
Effect on fair value due to change in interest rates: | |||||||||||
+2.00% | $ | $ | |||||||||
+1.00% | |||||||||||
+0.50% | |||||||||||
+0.25% | |||||||||||
-0.25% | ( | ( | |||||||||
-0.50% | ( | ( | |||||||||
-1.00% | ( | ( | |||||||||
-2.00% | ( | ( | |||||||||
-3.00% | ( | ( |
Three Months Ended March 31, | |||||||||||
(dollars in millions) | 2024 | 2023 | |||||||||
Operating lease cost | $ | $ | |||||||||
Variable lease cost | |||||||||||
Finance lease cost | |||||||||||
Total lease cost | $ | $ |
Three Months Ended March 31, | |||||||||||
(dollars in millions) | 2024 | 2023 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
Operating cash flows from finance leases | $ | $ | |||||||||
Right-of-use assets obtained in exchange for lease obligations: | |||||||||||
Operating leases | $ | $ | |||||||||
Finance leases | $ | $ | |||||||||
Weighted average remaining lease term (years): | |||||||||||
Operating leases | |||||||||||
Finance leases | |||||||||||
Weighted average discount rate: | |||||||||||
Operating leases | % | % | |||||||||
Finance leases | % | % |
(in millions) | Operating Leases | Finance Leases | Total Leases | ||||||||||||||
March 31, 2024 | |||||||||||||||||
2024 | $ | $ | $ | ||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 | |||||||||||||||||
2028 | |||||||||||||||||
Later years | |||||||||||||||||
Total lease payments | |||||||||||||||||
Less: imputed interest | ( | ( | ( | ||||||||||||||
Present value of lease liabilities | $ | $ | $ |
(in millions) | Total Assets | Total Liabilities | Maximum Exposure to Loss | ||||||||||||||
March 31, 2024 | |||||||||||||||||
Trust preferred securities (1) | $ | $ | $ | ||||||||||||||
Tax credit partnerships | |||||||||||||||||
Other investments | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
December 31, 2023 | |||||||||||||||||
Trust preferred securities (1) | $ | $ | $ | ||||||||||||||
Tax credit partnerships | |||||||||||||||||
Other investments | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
(1) Represents our investment in unconsolidated subsidiaries. |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Tax credit investments included in other assets | $ | $ | |||||||||
Unfunded tax credit investments |
Three Months Ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Provision for income taxes: | |||||||||||
Amortization of tax credit investments under proportional method | $ | $ | |||||||||
Tax credits from tax credit investments | ( | ( | |||||||||
Other tax benefits related to tax credit investments | ( | ( | |||||||||
Total impact on provision for income taxes | $ | ( | $ | ( |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Securities sold under repurchase agreements | $ | $ | |||||||||
Federal Home Loan Bank advances | |||||||||||
Federal funds purchased | |||||||||||
Subordinated notes | |||||||||||
Total short-term borrowings | $ | $ |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Federal Home Loan Bank advances | $ | $ | |||||||||
Senior notes | |||||||||||
Subordinated notes | |||||||||||
Junior subordinated debt | |||||||||||
Other subordinated debt | |||||||||||
Total long-term borrowings | $ | $ |
(dollars in millions) | Aggregate Principal Amount Issued | Net Proceeds (5) | Carrying Value | Stated Maturity Date | Interest Rate | ||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||||
$ | $ | $ | 8/25/2025 | % | |||||||||||||||||||||||||
Total senior notes | |||||||||||||||||||||||||||||
Other Subordinated Debt: | |||||||||||||||||||||||||||||
2/14/2029 | % | ||||||||||||||||||||||||||||
10/2/2025 | % | ||||||||||||||||||||||||||||
12/6/2028 | % | ||||||||||||||||||||||||||||
5/29/2030 | % | ||||||||||||||||||||||||||||
Total other subordinated debt | |||||||||||||||||||||||||||||
Total | $ | $ | $ |
(dollars in millions) | Trust Preferred Securities | Common Securities | Junior Subordinated Debt | Stated Maturity Date | Interest Rate | Rate Reset Factor | |||||||||||||||||||||||||||||
F.N.B. Statutory Trust II | $ | $ | $ | 6/15/2036 | % | SOFR + | |||||||||||||||||||||||||||||
Yadkin Valley Statutory Trust I | 12/15/2037 | % | SOFR + | ||||||||||||||||||||||||||||||||
FNB Financial Services Capital Trust I | 9/30/2035 | % | SOFR + | ||||||||||||||||||||||||||||||||
Patapsco Statutory Trust I | 12/15/2035 | % | SOFR + | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||||||||||||||
(in millions) | Amount | Asset | Liability | Amount | Asset | Liability | |||||||||||||||||||||||||||||
Gross Derivatives | |||||||||||||||||||||||||||||||||||
Subject to master netting arrangements: | |||||||||||||||||||||||||||||||||||
Interest rate contracts – designated | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest rate swaps – not designated | |||||||||||||||||||||||||||||||||||
Total subject to master netting arrangements | |||||||||||||||||||||||||||||||||||
Not subject to master netting arrangements: | |||||||||||||||||||||||||||||||||||
Interest rate swaps – not designated | |||||||||||||||||||||||||||||||||||
Interest rate lock commitments – not designated | |||||||||||||||||||||||||||||||||||
Forward delivery commitments – not designated | |||||||||||||||||||||||||||||||||||
Credit risk contracts – not designated | |||||||||||||||||||||||||||||||||||
Total not subject to master netting arrangements | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Amount of Gain (Loss) Recognized in OCI on Derivatives | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||
(in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||
Interest rate contracts | $ | ( | $ | Interest income (expense) | $ | ( | $ | ( | |||||||||||||||||||||
Other income |
Three months ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions) | Interest Income - Loans and Leases | Interest Expense - Short-Term Borrowings | Interest Income - Loans and Leases | Interest Expense - Short-Term Borrowings | |||||||||||||||||||
Total amounts of income and expense line items presented in the Consolidated Statements of Income (the effects of cash flow hedges are included in these line items) | $ | $ | $ | $ | |||||||||||||||||||
The effects of cash flow hedging: | |||||||||||||||||||||||
Gain (loss) on cash flow hedging relationships: | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Amount of gain (loss) reclassified from AOCI into net income | ( | ( | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(in millions) | Consolidated Statements of Income Location | 2024 | 2023 | ||||||||||||||
Interest rate swaps | Non-interest income - other | $ | $ | ||||||||||||||
Interest rate lock commitments | Mortgage banking operations | ||||||||||||||||
Forward delivery contracts | Mortgage banking operations | ( | |||||||||||||||
Credit risk contracts | Non-interest income - other |
Amount Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||
(in millions) | Net Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Cash Collateral | Net Amount | |||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Not designated | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
Derivative Liabilities | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Designated | $ | $ | $ | $ | |||||||||||||||||||
Not designated | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Designated | $ | $ | $ | $ | |||||||||||||||||||
Not designated | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Derivative Liabilities | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Not designated | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Commitments to extend credit | $ | $ | |||||||||
Standby letters of credit |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Units | Weighted Average Grant Price per Share | Units | Weighted Average Grant Price per Share | ||||||||||||||||||||
Unvested units outstanding at beginning of period | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Net adjustment | |||||||||||||||||||||||
Vested | ( | ( | |||||||||||||||||||||
Forfeited/expired/canceled | ( | ( | |||||||||||||||||||||
Dividend reinvestment | |||||||||||||||||||||||
Unvested units outstanding at end of period |
(in millions) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Stock-based compensation expense | $ | $ | |||||||||
Tax benefit related to stock-based compensation expense | |||||||||||
Fair value of units vested |
(dollars in millions) | Service- Based Units | Performance- Based Units | Total | ||||||||||||||
Unvested restricted stock units | |||||||||||||||||
Unrecognized compensation expense | $ | $ | $ | ||||||||||||||
Intrinsic value | $ | $ | $ | ||||||||||||||
Weighted average remaining life (in years) |
Three Months Ended March 31, | |||||||||||
(dollars in millions) | 2024 | 2023 | |||||||||
Current income taxes: | |||||||||||
Federal taxes | $ | $ | |||||||||
State taxes | |||||||||||
Total current income taxes | |||||||||||
Deferred income taxes: | |||||||||||
Federal taxes | |||||||||||
State taxes | |||||||||||
Total deferred income taxes | |||||||||||
Total income taxes | $ | $ | |||||||||
Statutory federal tax rate | % | % | |||||||||
Effective tax rate |
(in millions) | Unrealized Net Gains (Losses) on Debt Securities Available for Sale | Unrealized Net Gains (Losses) on Derivative Instruments | Unrecognized Pension and Postretirement Obligations | Total | |||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Net current period other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||
Balance at end of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Three Months Ended March 31, | |||||||||||
(dollars in millions, except per share data) | 2024 | 2023 | |||||||||
Net income | $ | $ | |||||||||
Less: Preferred stock dividends | |||||||||||
Net income available to common stockholders | $ | $ | |||||||||
Basic weighted average common shares outstanding | |||||||||||
Net effect of dilutive stock options and restricted stock | |||||||||||
Diluted weighted average common shares outstanding | |||||||||||
Earnings per common share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
Three Months Ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Interest paid on deposits and other borrowings | $ | $ | |||||||||
Transfers of loans to other real estate owned | |||||||||||
Loans transferred to portfolio from held for sale |
(in millions) | Community Banking | Wealth Management | Insurance | Parent and Other | Consolidated | ||||||||||||||||||||||||
At or for the Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Net interest income | ( | ||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||
Non-interest income | ( | ||||||||||||||||||||||||||||
Non-interest expense (1) | |||||||||||||||||||||||||||||
Amortization of intangibles | |||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||
Total intangibles | |||||||||||||||||||||||||||||
At or for the Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Net interest income | ( | ||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||
Non-interest income | ( | ||||||||||||||||||||||||||||
Non-interest expense (1) | |||||||||||||||||||||||||||||
Amortization of intangibles | |||||||||||||||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||
Total intangibles |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
Assets Measured at Fair Value | |||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||
U.S. government-sponsored entities | |||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||
Agency MBS | |||||||||||||||||||||||
Agency collateralized mortgage obligations | |||||||||||||||||||||||
Agency commercial MBS | |||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | |||||||||||||||||||||||
Other debt securities | |||||||||||||||||||||||
Total debt securities available for sale | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Loans receivable | |||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||
Trading | |||||||||||||||||||||||
Not for trading | |||||||||||||||||||||||
Total derivative financial instruments | |||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | $ | $ | $ | |||||||||||||||||||
Liabilities Measured at Fair Value | |||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||
Trading | $ | $ | $ | $ | |||||||||||||||||||
Not for trading | |||||||||||||||||||||||
Total derivative financial instruments | |||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | $ | $ | $ |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Assets Measured at Fair Value | |||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||
U.S. government-sponsored entities | |||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||
Agency MBS | |||||||||||||||||||||||
Agency collateralized mortgage obligations | |||||||||||||||||||||||
Agency commercial MBS | |||||||||||||||||||||||
States of the U.S. and political subdivisions (municipals) | |||||||||||||||||||||||
Other debt securities | |||||||||||||||||||||||
Total debt securities available for sale | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||
Trading | |||||||||||||||||||||||
Not for trading | |||||||||||||||||||||||
Total derivative financial instruments | |||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | $ | $ | $ | |||||||||||||||||||
Liabilities Measured at Fair Value | |||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||
Trading | $ | $ | $ | $ | |||||||||||||||||||
Not for trading | |||||||||||||||||||||||
Total derivative financial instruments | |||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | $ | $ | $ |
(in millions) | Other Debt Securities | Loans Receivable | Interest Rate Lock Commitments | Total | |||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Purchases, issuances, sales and settlements: | |||||||||||||||||||||||
Issuances | |||||||||||||||||||||||
Settlements | ( | ( | |||||||||||||||||||||
Transfers into Level 3 | |||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Purchases, issuances, sales and settlements: | |||||||||||||||||||||||
Issuances | |||||||||||||||||||||||
Settlements | ( | ( | |||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | |||||||||||||||||||
Other assets - MSRs | |||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | |||||||||||||||||||
Indirect installment loans held for sale | |||||||||||||||||||||||
Other assets - MSRs | |||||||||||||||||||||||
Other assets - SBA servicing asset | |||||||||||||||||||||||
Other real estate owned |
Fair Value Measurements | |||||||||||||||||||||||||||||
(in millions) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||||||||
Net loans and leases, including loans held for sale | |||||||||||||||||||||||||||||
Loan servicing rights | |||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term borrowings | |||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
Accrued interest payable | |||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||
Debt securities held to maturity | |||||||||||||||||||||||||||||
Net loans and leases, including loans held for sale | |||||||||||||||||||||||||||||
Loan servicing rights | |||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term borrowings | |||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
Accrued interest payable |
Three Months Ended March 31, | |||||||||||
Quarterly Results Summary | 2024 | 2023 | |||||||||
Reported results | |||||||||||
Net income available to common stockholders (millions) | $ | 116.3 | $ | 144.5 | |||||||
Net income per diluted common share | 0.32 | 0.40 | |||||||||
Book value per common share (period-end) | 16.71 | 15.76 | |||||||||
Operating results (non-GAAP) | |||||||||||
Operating net income available to common stockholders (millions) | 122.7 | 146.1 | |||||||||
Operating net income per diluted common share | 0.34 | 0.40 | |||||||||
Average diluted common shares outstanding (thousands) | 362,619 | 364,930 | |||||||||
Significant items impacting earnings(1) (millions) | |||||||||||
Preferred dividend equivalent at redemption | $ | (4.0) | $ | — | |||||||
Pre-tax merger-related expenses | — | (2.1) | |||||||||
After-tax impact of merger-related expenses | — | (1.6) | |||||||||
Pre-tax branch consolidation costs | (1.2) | — | |||||||||
After-tax impact of branch consolidation costs | (0.9) | — | |||||||||
Pre-tax FDIC assessment | (4.4) | — | |||||||||
After-tax impact of FDIC assessment | (3.5) | — | |||||||||
Pre-tax loss on indirect auto loan sale | 2.6 | — | |||||||||
After-tax impact of loss on indirect auto loan sale | 2.1 | — | |||||||||
Total significant items after-tax | $ | (6.3) | $ | (1.6) | |||||||
Capital measures | |||||||||||
Common equity tier 1 | 10.21 | % | 10.04 | % | |||||||
Tangible common equity to tangible assets (period-end) (non-GAAP) | 7.99 | 7.50 | |||||||||
Tangible book value per common share (period-end) (non-GAAP) | $ | 9.64 | $ | 8.66 | |||||||
(1) Favorable (unfavorable) impact on earnings |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(in thousands, except per share data) | 2024 | 2023 | Change | Change | |||||||||||||||||||
Net interest income | $ | 319,008 | $ | 336,654 | $ | (17,646) | (5.2) | % | |||||||||||||||
Provision for credit losses | 13,890 | 14,061 | (171) | (1.2) | |||||||||||||||||||
Non-interest income | 87,862 | 79,389 | 8,473 | 10.7 | |||||||||||||||||||
Non-interest expense | 237,096 | 219,917 | 17,179 | 7.8 | |||||||||||||||||||
Income taxes | 33,553 | 35,560 | (2,007) | (5.6) | |||||||||||||||||||
Net income | 122,331 | 146,505 | (24,174) | (16.5) | |||||||||||||||||||
Less: Preferred stock dividends | 6,005 | 2,010 | 3,995 | 198.8 | |||||||||||||||||||
Net income available to common stockholders | $ | 116,326 | $ | 144,495 | $ | (28,169) | (19.5) | % | |||||||||||||||
Earnings per common share – Basic | $ | 0.32 | $ | 0.40 | $ | (0.08) | (20.0) | % | |||||||||||||||
Earnings per common share – Diluted | 0.32 | 0.40 | (0.08) | (20.0) | |||||||||||||||||||
Cash dividends per common share | 0.12 | 0.12 | — | — |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Return on average equity | 8.15 | % | 10.37 | % | |||||||
Return on average tangible common equity (1) | 14.00 | 19.68 | |||||||||
Return on average assets | 1.08 | 1.37 | |||||||||
Return on average tangible assets (1) | 1.17 | 1.49 | |||||||||
Book value per common share | $ | 16.71 | $ | 15.76 | |||||||
Tangible book value per common share (1) | 9.64 | 8.66 | |||||||||
Equity to assets | 13.09 | % | 13.11 | % | |||||||
Average equity to average assets | 13.22 | 13.20 | |||||||||
Common equity to assets | 13.09 | 12.87 | |||||||||
Tangible common equity to tangible assets (1) | 7.99 | 7.50 | |||||||||
Common equity tier 1 capital ratio | 10.21 | 10.04 | |||||||||
Dividend payout ratio | 37.76 | 30.30 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 872,353 | $ | 9,178 | 4.23 | % | $ | 817,910 | $ | 6,653 | 3.30 | % | |||||||||||||||||||||||
Taxable investment securities (1) | 6,121,568 | 45,825 | 2.99 | 6,214,311 | 35,476 | 2.28 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (1)(2) | 1,041,224 | 8,971 | 3.45 | 1,055,189 | 9,159 | 3.47 | |||||||||||||||||||||||||||||
Loans held for sale | 237,106 | 4,287 | 7.25 | 116,164 | 1,594 | 5.51 | |||||||||||||||||||||||||||||
Loans and leases (2) (3) | 32,380,951 | 478,146 | 5.93 | 30,410,376 | 393,895 | 5.24 | |||||||||||||||||||||||||||||
Total interest-earning assets (2) | 40,653,202 | 546,407 | 5.40 | 38,613,950 | 446,777 | 4.68 | |||||||||||||||||||||||||||||
Cash and due from banks | 410,680 | 442,712 | |||||||||||||||||||||||||||||||||
Allowance for credit losses | (409,865) | (405,705) | |||||||||||||||||||||||||||||||||
Premises and equipment | 469,516 | 442,441 | |||||||||||||||||||||||||||||||||
Other assets | 4,554,056 | 4,328,511 | |||||||||||||||||||||||||||||||||
Total assets | $ | 45,677,589 | $ | 43,421,909 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 14,554,457 | 94,742 | 2.62 | $ | 14,596,006 | 52,278 | 1.45 | |||||||||||||||||||||||||||
Savings | 3,411,870 | 9,999 | 1.18 | 4,023,568 | 7,853 | 0.79 | |||||||||||||||||||||||||||||
Certificates and other time | 6,299,280 | 65,657 | 4.19 | 4,182,700 | 23,961 | 2.32 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 24,265,607 | 170,398 | 2.82 | 22,802,274 | 84,092 | 1.50 | |||||||||||||||||||||||||||||
Short-term borrowings | 2,400,104 | 27,701 | 4.63 | 1,561,343 | 9,744 | 2.53 | |||||||||||||||||||||||||||||
Long-term borrowings | 2,057,817 | 26,390 | 5.16 | 1,082,040 | 13,013 | 4.88 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 28,723,528 | 224,489 | 3.14 | 25,445,657 | 106,849 | 1.70 | |||||||||||||||||||||||||||||
Non-interest-bearing demand | 9,939,350 | 11,410,506 | |||||||||||||||||||||||||||||||||
Total deposits and borrowings | 38,662,878 | 2.33 | 36,856,163 | 1.18 | |||||||||||||||||||||||||||||||
Other liabilities | 975,138 | 834,106 | |||||||||||||||||||||||||||||||||
Total liabilities | 39,638,016 | 37,690,269 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 6,039,573 | 5,731,640 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 45,677,589 | $ | 43,421,909 | |||||||||||||||||||||||||||||||
Net interest-earning assets | $ | 11,929,674 | $ | 13,168,293 | |||||||||||||||||||||||||||||||
Net interest income (FTE) (2) | 321,918 | 339,928 | |||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | (2,910) | (3,274) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 319,008 | $ | 336,654 | |||||||||||||||||||||||||||||||
Net interest spread | 2.26 | % | 2.98 | % | |||||||||||||||||||||||||||||||
Net interest margin (2) | 3.18 | % | 3.56 | % |
(in thousands) | Volume | Rate | Net | ||||||||||||||
Interest Income (1) | |||||||||||||||||
Interest-bearing deposits with banks | $ | 477 | $ | 2,048 | $ | 2,525 | |||||||||||
Securities (2) | (667) | 10,828 | 10,161 | ||||||||||||||
Loans held for sale | 908 | 1,785 | 2,693 | ||||||||||||||
Loans and leases (2) | 27,899 | 56,352 | 84,251 | ||||||||||||||
Total interest income (2) | 28,617 | 71,013 | 99,630 | ||||||||||||||
Interest Expense (1) | |||||||||||||||||
Deposits: | |||||||||||||||||
Interest-bearing demand | 3,165 | 39,299 | 42,464 | ||||||||||||||
Savings | 264 | 1,882 | 2,146 | ||||||||||||||
Certificates and other time | 15,781 | 25,915 | 41,696 | ||||||||||||||
Short-term borrowings | 9,636 | 8,321 | 17,957 | ||||||||||||||
Long-term borrowings | 12,284 | 1,093 | 13,377 | ||||||||||||||
Total interest expense | 41,130 | 76,510 | 117,640 | ||||||||||||||
Net change (2) | $ | (12,513) | $ | (5,497) | $ | (18,010) |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Change | Change | |||||||||||||||||||
Provision for credit losses on loans and leases | $ | 13,509 | $ | 14,891 | $ | (1,382) | (9.3) | % | |||||||||||||||
Provision for unfunded loan commitments | 387 | (925) | 1,312 | 141.8 | |||||||||||||||||||
Total provision for credit losses on loans and leases | 13,896 | 13,966 | (70) | (0.5) | |||||||||||||||||||
Provision for securities | (7) | 95 | (102) | (107.4) | |||||||||||||||||||
Total provision for credit losses | $ | 13,889 | $ | 14,061 | $ | (172) | (1.2) | % | |||||||||||||||
Net loan charge-offs | $ | 12,776 | $ | 13,197 | $ | (421) | (3.2) | % | |||||||||||||||
Net loan charge-offs (annualized) / total average loans and leases | 0.16 | % | 0.18 | % |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Change | Change | |||||||||||||||||||
Service charges | $ | 20,569 | $ | 20,264 | $ | 305 | 1.5 | % | |||||||||||||||
Interchange and card transaction fees | 12,700 | 12,376 | 324 | 2.6 | |||||||||||||||||||
Trust services | 11,424 | 10,611 | 813 | 7.7 | |||||||||||||||||||
Insurance commissions and fees | 6,752 | 7,787 | (1,035) | (13.3) | |||||||||||||||||||
Securities commissions and fees | 8,155 | 7,382 | 773 | 10.5 | |||||||||||||||||||
Capital markets income | 6,331 | 6,793 | (462) | (6.8) | |||||||||||||||||||
Mortgage banking operations | 7,914 | 4,855 | 3,059 | 63.0 | |||||||||||||||||||
Dividends on non-marketable equity securities | 6,193 | 4,108 | 2,085 | 50.8 | |||||||||||||||||||
Bank owned life insurance | 3,343 | 2,825 | 518 | 18.3 | |||||||||||||||||||
Net securities gains (losses) | — | (17) | 17 | — | |||||||||||||||||||
Other | 4,481 | 2,405 | 2,076 | 86.3 | |||||||||||||||||||
Total non-interest income | $ | 87,862 | $ | 79,389 | $ | 8,473 | 10.7 | % |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Change | Change | |||||||||||||||||||
Salaries and employee benefits | $ | 129,126 | $ | 120,247 | $ | 8,879 | 7.4 | % | |||||||||||||||
Net occupancy | 19,595 | 17,370 | 2,225 | 12.8 | |||||||||||||||||||
Equipment | 23,772 | 22,072 | 1,700 | 7.7 | |||||||||||||||||||
Amortization of intangibles | 4,442 | 5,119 | (677) | (13.2) | |||||||||||||||||||
Outside services | 22,880 | 19,398 | 3,482 | 18.0 | |||||||||||||||||||
Marketing | 5,431 | 3,701 | 1,730 | 46.7 | |||||||||||||||||||
FDIC insurance | 12,662 | 7,119 | 5,543 | 77.9 | |||||||||||||||||||
Bank shares and franchise taxes | 4,126 | 4,172 | (46) | (1.1) | |||||||||||||||||||
Merger-related | — | 2,052 | (2,052) | — | |||||||||||||||||||
Other | 15,062 | 18,667 | (3,605) | (19.3) | |||||||||||||||||||
Total non-interest expense | $ | 237,096 | $ | 219,917 | $ | 17,179 | 7.8 | % |
Three Months Ended March 31, | $ | % | |||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | Change | Change | |||||||||||||||||||
Total non-interest expense, as reported | $ | 237,096 | $ | 219,917 | $ | 17,179 | 7.8 | % | |||||||||||||||
Significant items: | |||||||||||||||||||||||
Branch consolidations | (1,194) | — | (1,194) | ||||||||||||||||||||
Merger-related | — | (2,052) | 2,052 | ||||||||||||||||||||
FDIC special assessment | (4,408) | — | (4,408) | ||||||||||||||||||||
Reduction in previously estimated loss on indirect auto loan sale | 2,603 | — | 2,603 | ||||||||||||||||||||
Total non-interest expense, excluding significant items (1) | $ | 234,097 | $ | 217,865 | $ | 16,232 | 7.5 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2024 | 2023 | |||||||||
Income tax expense | $ | 33,553 | $ | 35,560 | |||||||
Effective tax rate | 21.5 | % | 19.5 | % | |||||||
Statutory federal tax rate | 21.0 | 21.0 |
(dollars in millions) | March 31, 2024 | December 31, 2023 | $ Change | % Change | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,487 | $ | 1,576 | $ | (89) | (5.6) | % | |||||||||||||||
Securities | 7,119 | 7,165 | (46) | (0.6) | |||||||||||||||||||
Loans held for sale | 107 | 488 | (381) | (78.1) | |||||||||||||||||||
Loans and leases, net | 32,178 | 31,917 | 261 | 0.8 | |||||||||||||||||||
Goodwill and other intangibles | 2,542 | 2,546 | (4) | (0.2) | |||||||||||||||||||
Other assets | 2,463 | 2,466 | (3) | (0.1) | |||||||||||||||||||
Total Assets | $ | 45,896 | $ | 46,158 | $ | (262) | (0.6) | % | |||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||
Deposits | $ | 34,735 | $ | 34,711 | $ | 24 | 0.1 | % | |||||||||||||||
Borrowings | 4,195 | 4,477 | (282) | (6.3) | |||||||||||||||||||
Other liabilities | 960 | 920 | 40 | 4.3 | |||||||||||||||||||
Total Liabilities | 39,890 | 40,108 | (218) | (0.5) | |||||||||||||||||||
Stockholders’ Equity | 6,006 | 6,050 | (44) | (0.7) | |||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 45,896 | $ | 46,158 | $ | (262) | (0.6) | % |
March 31, 2024 | December 31, 2023 | $ Change | % Change | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Commercial real estate | $ | 12,447 | $ | 12,305 | $ | 142 | 1.2 | % | |||||||||||||||
Commercial and industrial | 7,347 | 7,482 | (135) | (1.8) | |||||||||||||||||||
Commercial leases | 615 | 599 | 16 | 2.7 | |||||||||||||||||||
Other | 140 | 110 | 30 | 27.3 | |||||||||||||||||||
Total commercial loans and leases | 20,549 | 20,496 | 53 | 0.3 | |||||||||||||||||||
Direct installment | 2,712 | 2,741 | (29) | (1.1) | |||||||||||||||||||
Residential mortgages | 6,887 | 6,640 | 247 | 3.7 | |||||||||||||||||||
Indirect installment | 1,142 | 1,149 | (7) | (0.6) | |||||||||||||||||||
Consumer lines of credit | 1,294 | 1,297 | (3) | (0.2) | |||||||||||||||||||
Total consumer loans | 12,035 | 11,827 | 208 | 1.8 | |||||||||||||||||||
Total loans and leases | $ | 32,584 | $ | 32,323 | $ | 261 | 0.8 | % |
(in millions) | March 31, 2024 | December 31, 2023 | $ Change | % Change | |||||||||||||||||||
Commercial real estate | $ | 38 | $ | 42 | $ | (4) | (9.5) | % | |||||||||||||||
Commercial and industrial | 39 | 39 | — | — | |||||||||||||||||||
Commercial leases | 3 | 3 | — | — | |||||||||||||||||||
Other | 2 | — | 2 | — | |||||||||||||||||||
Total commercial loans and leases | 82 | 84 | (2) | (2.4) | |||||||||||||||||||
Direct installment | 6 | 5 | 1 | 20.0 | |||||||||||||||||||
Residential mortgages | 9 | 10 | (1) | (10.0) | |||||||||||||||||||
Indirect installment | 2 | 2 | — | — | |||||||||||||||||||
Consumer lines of credit | 6 | 6 | — | — | |||||||||||||||||||
Total consumer loans | 23 | 23 | — | — | |||||||||||||||||||
Total non-performing loans and leases | 105 | 107 | (2) | (1.9) | |||||||||||||||||||
Other real estate owned | 3 | 3 | — | — | |||||||||||||||||||
Total non-performing assets | $ | 108 | $ | 110 | $ | (2) | (1.8) | % |
Net Loan Charge-Offs | Net Loan Charge-Offs to Average Loans | ACL at | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | March 31, | |||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | |||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Commercial real estate | $ | 6.7 | $ | 5.5 | 0.08 | % | 0.07 | % | $ | 161.9 | |||||||||||||||||||
Commercial and industrial | 3.1 | 4.9 | 0.04 | 0.07 | 86.9 | ||||||||||||||||||||||||
Commercial leases | 0.2 | — | — | — | 22.4 | ||||||||||||||||||||||||
Other commercial | 0.6 | 0.5 | 0.01 | 0.01 | 4.1 | ||||||||||||||||||||||||
Direct installment | — | 0.1 | — | — | 30.6 | ||||||||||||||||||||||||
Residential mortgages | — | 0.2 | — | — | 79.3 | ||||||||||||||||||||||||
Indirect installment | 2.3 | 2.0 | 0.03 | 0.03 | 12.5 | ||||||||||||||||||||||||
Consumer lines of credit | (0.1) | — | — | — | 8.6 | ||||||||||||||||||||||||
Total net loan charge-offs on loans and leases, net loan charge-offs (annualized)/average loans | $ | 12.8 | $ | 13.2 | 0.16 | % | 0.18 | % | $ | 406.3 | |||||||||||||||||||
Allowance for credit losses/total loans and leases | 1.25 | % | 1.32 | % | |||||||||||||||||||||||||
Allowance for credit losses/non-performing loans | 388.61 | % | 356.09 | % |
(in millions) | March 31, 2024 | December 31, 2023 | $ Change | % Change | |||||||||||||||||||
Non-interest-bearing demand | $ | 9,982 | $ | 10,222 | $ | (240) | (2.3) | % | |||||||||||||||
Interest-bearing demand | 14,679 | 14,809 | (130) | (0.9) | |||||||||||||||||||
Savings | 3,389 | 3,465 | (76) | (2.2) | |||||||||||||||||||
Certificates and other time deposits | 6,685 | 6,215 | 470 | 7.6 | |||||||||||||||||||
Total deposits | $ | 34,735 | $ | 34,711 | $ | 24 | 0.1 | % |
Actual | Well-Capitalized Requirements (1) | Minimum Capital Requirements plus Capital Conservation Buffer | |||||||||||||||||||||||||||||||||
(dollars in millions) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
As of March 31, 2024 | |||||||||||||||||||||||||||||||||||
F.N.B. Corporation | |||||||||||||||||||||||||||||||||||
Total capital | $ | 4,413 | 12.03 | % | $ | 3,668 | 10.00 | % | $ | 3,852 | 10.50 | % | |||||||||||||||||||||||
Tier 1 capital | 3,744 | 10.21 | 2,201 | 6.00 | 3,118 | 8.50 | |||||||||||||||||||||||||||||
Common equity tier 1 | 3,744 | 10.21 | n/a | n/a | 2,568 | 7.00 | |||||||||||||||||||||||||||||
Leverage | 3,744 | 8.62 | n/a | n/a | 1,738 | 4.00 | |||||||||||||||||||||||||||||
Risk-weighted assets | 36,683 | ||||||||||||||||||||||||||||||||||
FNBPA | |||||||||||||||||||||||||||||||||||
Total capital | $ | 4,619 | 12.66 | % | $ | 3,649 | 10.00 | % | $ | 3,831 | 10.50 | % | |||||||||||||||||||||||
Tier 1 capital | 3,808 | 10.43 | 2,919 | 8.00 | 3,102 | 8.50 | |||||||||||||||||||||||||||||
Common equity tier 1 | 3,728 | 10.22 | 2,372 | 6.50 | 2,554 | 7.00 | |||||||||||||||||||||||||||||
Leverage | 3,808 | 8.80 | 2,163 | 5.00 | 1,731 | 4.00 | |||||||||||||||||||||||||||||
Risk-weighted assets | 36,489 | ||||||||||||||||||||||||||||||||||
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
F.N.B. Corporation | |||||||||||||||||||||||||||||||||||
Total capital | $ | 4,456 | 12.16 | % | $ | 3,664 | 10.00 | % | $ | 3,847 | 10.50 | % | |||||||||||||||||||||||
Tier 1 capital | 3,786 | 10.33 | 2,198 | 6.00 | 3,114 | 8.50 | |||||||||||||||||||||||||||||
Common equity tier 1 | 3,680 | 10.04 | n/a | n/a | 2,565 | 7.00 | |||||||||||||||||||||||||||||
Leverage | 3,786 | 8.72 | n/a | n/a | 1,736 | 4.00 | |||||||||||||||||||||||||||||
Risk-weighted assets | 36,641 | ||||||||||||||||||||||||||||||||||
FNBPA | |||||||||||||||||||||||||||||||||||
Total capital | $ | 4,559 | 12.50 | % | $ | 3,647 | 10.00 | % | $ | 3,829 | 10.50 | % | |||||||||||||||||||||||
Tier 1 capital | 3,769 | 10.34 | 2,917 | 8.00 | 3,100 | 8.50 | |||||||||||||||||||||||||||||
Common equity tier 1 | 3,689 | 10.12 | 2,370 | 6.50 | 2,553 | 7.00 | |||||||||||||||||||||||||||||
Leverage | 3,769 | 8.71 | 2,164 | 5.00 | 1,731 | 4.00 | |||||||||||||||||||||||||||||
Risk-weighted assets | 36,466 |
March 31, 2024 | December 31, 2023 | Internal Limit | |||||||||||||||
Liquidity coverage ratio | 2.6 times | 2.0 times | > 1 time | ||||||||||||||
Months of cash on hand | 13.9 months | 13.0 months | > 12 months | ||||||||||||||
Parent company cash on hand (millions) | $ | 268.3 | $ | 375.4 | n/a |
(dollars in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Unused wholesale credit availability | $ | 16,176 | $ | 15,899 | |||||||
Unused wholesale credit availability as a % of FNBPA assets | 35.4 | % | 34.6 | % | |||||||
Salable unpledged government and agency securities | $ | 918 | $ | 657 | |||||||
Salable unpledged government and agency securities as a % of FNBPA assets | 2.0 | % | 1.4 | % | |||||||
Cash and salable unpledged government and agency securities as a % of FNBPA assets | 4.4 | % | 3.8 | % |
(dollars in millions) | Within 1 Month | 2-3 Months | 4-6 Months | 7-12 Months | Total 1 Year | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Loans | $ | 890 | $ | 1,610 | $ | 1,852 | $ | 3,408 | $ | 7,760 | |||||||||||||||||||
Investments | 1,230 | 147 | 215 | 456 | 2,048 | ||||||||||||||||||||||||
2,120 | 1,757 | 2,067 | 3,864 | 9,808 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Non-maturity deposits | 293 | 585 | 878 | 1,756 | 3,512 | ||||||||||||||||||||||||
Time deposits | 965 | 1,255 | 1,799 | 2,038 | 6,057 | ||||||||||||||||||||||||
Borrowings | 1,377 | 214 | 219 | 787 | 2,597 | ||||||||||||||||||||||||
2,635 | 2,054 | 2,896 | 4,581 | 12,166 | |||||||||||||||||||||||||
Period Gap (Assets - Liabilities) | $ | (515) | $ | (297) | $ | (829) | $ | (717) | $ | (2,358) | |||||||||||||||||||
Cumulative Gap | $ | (515) | $ | (812) | $ | (1,641) | $ | (2,358) | |||||||||||||||||||||
Cumulative Gap to Total Assets | (1.1) | % | (1.8) | % | (3.6) | % | (5.1) | % |
(dollars in millions) | Within 1 Month | 2-3 Months | 4-6 Months | 7-12 Months | Total 1 Year | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Loans | $ | 15,146 | $ | 930 | $ | 821 | $ | 1,508 | $ | 18,405 | |||||||||||||||||||
Investments | 1,238 | 153 | 278 | 453 | 2,122 | ||||||||||||||||||||||||
16,384 | 1,083 | 1,099 | 1,961 | 20,527 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Non-maturity deposits | 7,955 | — | — | — | 7,955 | ||||||||||||||||||||||||
Time deposits | 1,066 | 1,253 | 1,796 | 2,032 | 6,147 | ||||||||||||||||||||||||
Borrowings | 1,479 | 527 | 108 | 614 | 2,728 | ||||||||||||||||||||||||
10,500 | 1,780 | 1,904 | 2,646 | 16,830 | |||||||||||||||||||||||||
Off-balance sheet | (1,100) | 100 | (100) | 150 | (950) | ||||||||||||||||||||||||
Period Gap (Assets – Liabilities + Off-balance sheet) | $ | 4,784 | $ | (597) | $ | (905) | $ | (535) | $ | 2,747 | |||||||||||||||||||
Cumulative Gap | $ | 4,784 | $ | 4,187 | $ | 3,282 | $ | 2,747 | |||||||||||||||||||||
Cumulative Gap to Earning Assets | 11.7 | % | 10.2 | % | 8.0 | % | 6.7 | % |
March 31, 2024 | December 31, 2023 | ALCO Limits | |||||||||||||||
Net interest income change over 12 months (Rate Ramps): | |||||||||||||||||
+ 300 basis points | 5.0 | % | 5.8 | % | n/a | ||||||||||||
+ 200 basis points | 3.4 | 3.9 | (5.0) | % | |||||||||||||
+ 100 basis points | 1.7 | 2.0 | (5.0) | ||||||||||||||
- 100 basis points | (1.7) | (2.0) | (5.0) | ||||||||||||||
- 200 basis points | (3.5) | (4.1) | (5.0) | ||||||||||||||
Economic value of equity (Rate Shocks): | |||||||||||||||||
+ 300 basis points | 4.6 | 4.6 | (25.0) | ||||||||||||||
+ 200 basis points | 3.4 | 3.2 | (15.0) | ||||||||||||||
+ 100 basis points | 1.9 | 1.6 | (10.0) | ||||||||||||||
- 100 basis points | (2.6) | (2.5) | (10.0) | ||||||||||||||
- 200 basis points | (6.8) | (8.0) | (15.0) |
Moody's | Standard & Poor's | Kroll | |||||||||||||||
F.N.B. Corporation | |||||||||||||||||
Issuer credit rating | Baa2 | BBB- | A- | ||||||||||||||
Senior debt | Baa2 | BBB- | A- | ||||||||||||||
Subordinated debt | Baa2 | n/a | BBB+ | ||||||||||||||
First National Bank of Pennsylvania | |||||||||||||||||
Baseline credit assessment | Baa1 | n/a | n/a | ||||||||||||||
Issuer credit rating | Baa1 | BBB | A | ||||||||||||||
Senior debt | n/a | n/a | A | ||||||||||||||
Subordinated debt | n/a | n/a | A- | ||||||||||||||
Bank deposits | A2/P-1 | n/a | A | ||||||||||||||
Short-term borrowings | n/a | A-2 | K1 | ||||||||||||||
Outlook for F.N.B. Corporation and First National Bank of Pennsylvania | Negative | Stable | Stable | ||||||||||||||
n/a - not applicable |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Net income available to common stockholders | $ | 116,326 | $ | 144,495 | |||||||
Preferred dividend at redemption | 3,995 | — | |||||||||
Merger-related expense | — | 2,052 | |||||||||
Tax benefit of merger-related expense | — | (431) | |||||||||
Branch consolidation costs | 1,194 | — | |||||||||
Tax benefit of branch consolidation costs | (251) | — | |||||||||
FDIC special assessment | 4,408 | — | |||||||||
Tax benefit of FDIC special assessment | (926) | — | |||||||||
Loss on indirect auto loan sale | (2,603) | — | |||||||||
Tax expense of loss on indirect auto loan sale | 547 | — | |||||||||
Operating net income available to common stockholders (non-GAAP) | $ | 122,690 | $ | 146,116 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income per diluted common share | $ | 0.32 | $ | 0.40 | |||||||
Preferred dividend at redemption | 0.01 | — | |||||||||
Merger-related expense | — | 0.01 | |||||||||
Tax benefit of merger-related expense | — | — | |||||||||
Branch consolidation costs | — | — | |||||||||
Tax benefit of branch consolidation costs | — | — | |||||||||
FDIC special assessment | 0.01 | — | |||||||||
Tax benefit of FDIC special assessment | — | — | |||||||||
Loss on indirect auto loan sale | (0.01) | — | |||||||||
Tax expense of loss on indirect auto loan sale | — | — | |||||||||
Operating earnings per diluted common share (non-GAAP) | $ | 0.34 | $ | 0.40 |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2024 | 2023 | |||||||||
Net income available to common stockholders (annualized) | $ | 467,859 | $ | 586,007 | |||||||
Amortization of intangibles, net of tax (annualized) | 14,115 | 16,402 | |||||||||
Tangible net income available to common stockholders (annualized) (non-GAAP) | $ | 481,974 | $ | 602,409 | |||||||
Average total stockholders’ equity | $ | 6,039,573 | $ | 5,731,640 | |||||||
Less: Average preferred stockholders' equity | (52,854) | (106,882) | |||||||||
Less: Average intangible assets (1) | (2,544,032) | (2,563,569) | |||||||||
Average tangible common equity (non-GAAP) | $ | 3,442,687 | $ | 3,061,189 | |||||||
Return on average tangible common equity (non-GAAP) | 14.00 | % | 19.68 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2024 | 2023 | |||||||||
Operating net income available to common stockholders (annualized) | $ | 493,456 | $ | 592,582 | |||||||
Amortization of intangibles, net of tax (annualized) | 14,115 | 16,402 | |||||||||
Tangible operating net income available to common stockholders (annualized) (non-GAAP) | $ | 507,571 | $ | 608,984 | |||||||
Average total stockholders' equity | $ | 6,039,573 | $ | 5,731,640 | |||||||
Less: Average preferred stockholders' equity | (52,854) | (106,882) | |||||||||
Less: Average intangible assets (1) | (2,544,032) | (2,563,569) | |||||||||
Average tangible common equity (non-GAAP) | $ | 3,442,687 | $ | 3,061,189 | |||||||
Operating return on average tangible common equity (non-GAAP) | 14.74 | % | 19.89 | % |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2024 | 2023 | |||||||||
Net income (annualized) | $ | 492,012 | $ | 594,159 | |||||||
Amortization of intangibles, net of tax (annualized) | 14,115 | 16,402 | |||||||||
Tangible net income (annualized) (non-GAAP) | $ | 506,127 | $ | 610,561 | |||||||
Average total assets | $ | 45,677,589 | $ | 43,421,909 | |||||||
Less: Average intangible assets (1) | (2,544,032) | (2,563,569) | |||||||||
Average tangible assets (non-GAAP) | $ | 43,133,557 | $ | 40,858,340 | |||||||
Return on average tangible assets (non-GAAP) | 1.17 | % | 1.49 | % |
March 31, 2024 | March 31, 2023 | ||||||||||
(dollars in thousands, except per share data) | |||||||||||
Total stockholders’ equity | $ | 6,005,562 | $ | 5,787,383 | |||||||
Less: Preferred stockholders’ equity | — | (106,882) | |||||||||
Less: Intangible assets (1) | (2,541,911) | (2,561,216) | |||||||||
Tangible common equity (non-GAAP) | $ | 3,463,651 | $ | 3,119,285 | |||||||
Ending common shares outstanding | 359,366,316 | 360,359,857 | |||||||||
Tangible book value per common share (non-GAAP) | $ | 9.64 | $ | 8.66 |
March 31, 2024 | March 31, 2023 | ||||||||||
(dollars in thousands) | |||||||||||
Total stockholders' equity | $ | 6,005,562 | $ | 5,787,383 | |||||||
Less: Preferred stockholders' equity | — | (106,882) | |||||||||
Less: Intangible assets (1) | (2,541,911) | (2,561,216) | |||||||||
Tangible common equity (non-GAAP) | $ | 3,463,651 | $ | 3,119,285 | |||||||
Total assets | $ | 45,895,574 | $ | 44,145,664 | |||||||
Less: Intangible assets (1) | (2,541,911) | (2,561,216) | |||||||||
Tangible assets (non-GAAP) | $ | 43,353,663 | $ | 41,584,448 | |||||||
Tangible common equity to tangible assets (non-GAAP) | 7.99 | % | 7.50 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(dollars in thousands) | |||||||||||
Non-interest expense | $ | 237,096 | $ | 219,917 | |||||||
Branch consolidations | (1,194) | — | |||||||||
Merger-related | — | (2,052) | |||||||||
FDIC special assessment | (4,408) | — | |||||||||
Loss on indirect auto loan sale | 2,603 | — | |||||||||
Operating non-interest expense (non-GAAP) | $ | 234,097 | $ | 217,865 |
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2024 | 2023 | |||||||||
Non-interest expense | $ | 237,096 | $ | 219,917 | |||||||
Less: Amortization of intangibles | (4,442) | (5,119) | |||||||||
Less: OREO expense | (190) | (557) | |||||||||
Less: Merger-related expense | — | (2,052) | |||||||||
Less: Branch consolidation costs | (1,194) | — | |||||||||
Less: FDIC special assessment | (4,408) | — | |||||||||
Add: Loss on indirect auto loan sale | 2,603 | — | |||||||||
Adjusted non-interest expense | $ | 229,465 | $ | 212,189 | |||||||
Net interest income | $ | 319,008 | $ | 336,654 | |||||||
Taxable equivalent adjustment | 2,910 | 3,274 | |||||||||
Non-interest income | 87,862 | 79,389 | |||||||||
Less: Net securities (gains) losses | — | 17 | |||||||||
Adjusted net interest income (FTE) + non-interest income | $ | 409,780 | $ | 419,334 | |||||||
Efficiency ratio (FTE) (non-GAAP) | 56.00 | % | 50.60 | % |
NONE |
Exhibit Number | Description | |||||||
31.1. | ||||||||
31.2. | ||||||||
32.1. | ||||||||
32.2. | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith). | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith). | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). | |||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
F.N.B. Corporation | |||||||||||||||||
Dated: | May 8, 2024 | /s/ Vincent J. Delie, Jr. | |||||||||||||||
Vincent J. Delie, Jr. | |||||||||||||||||
Chairman, President and Chief Executive Officer | |||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||
Dated: | May 8, 2024 | /s/ Vincent J. Calabrese, Jr. | |||||||||||||||
Vincent J. Calabrese, Jr. | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
(Principal Financial Officer) | |||||||||||||||||
Dated: | May 8, 2024 | /s/ James L. Dutey | |||||||||||||||
James L. Dutey | |||||||||||||||||
Corporate Controller | |||||||||||||||||
(Principal Accounting Officer) |
Date: May 8, 2024 | /s/ Vincent J. Delie, Jr. | ||||
Vincent J Delie, Jr. Chairman, President and Chief Executive Officer |
Date: May 8, 2024 | /s/ Vincent J. Calabrese, Jr. | ||||
Vincent J. Calabrese, Jr. Chief Financial Officer |
Date: May 8, 2024 | /s/ Vincent J. Delie, Jr. | ||||
Vincent J Delie, Jr. Chairman, President and Chief Executive Officer |
Date: May 8, 2024 | /s/ Vincent J. Calabrese, Jr. | ||||
Vincent J. Calabrese, Jr. Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
|||
---|---|---|---|---|---|
Statement of Financial Position [Abstract] | |||||
Debt securities available for sale, amortized cost | $ 3,449,000,000 | $ 3,460,000,000 | |||
Debt securities available for sale, allowance for credit losses | 0 | 0 | |||
Debt securities held-to-maturity, fair value | 3,547,000,000 | 3,593,000,000 | |||
Debt securities held to maturity, allowance for credit losses | 270,000 | 280,000 | |||
Loans held for sale, fair value | 93,000,000 | 150,000,000 | [1] | ||
Loans and leases, unearned income | 95,000,000 | 91,000,000 | |||
Loans and leases, unearned income fair value | $ 46,000,000 | $ 45,000,000 | |||
Preferred stock, shares issued (in shares) | 0 | 110,877 | |||
Preferred stock, liquidation preference per share (USD per share) | $ 0.01 | $ 0.01 | |||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | |||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |||
Common stock, shares issued (in shares) | 374,970,621 | 374,939,537 | |||
Treasury stock, shares (in shares) | 15,604,305 | 16,110,120 | |||
|
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Interest Income | ||
Loans and leases, including fees | $ 481 | $ 394 |
Securities: | ||
Taxable | 46 | 36 |
Tax-exempt | 7 | 7 |
Other | 9 | 7 |
Total Interest Income | 543 | 444 |
Interest Expense | ||
Deposits | 170 | 84 |
Short-term borrowings | 28 | 10 |
Long-term borrowings | 26 | 13 |
Total Interest Expense | 224 | 107 |
Net Interest Income | 319 | 337 |
Provision for credit losses | 14 | 14 |
Net Interest Income After Provision for Credit Losses | 305 | 323 |
Non-Interest Income | ||
Service charges | 21 | 20 |
Interchange and card transaction fees | 13 | 12 |
Trust services | 11 | 11 |
Insurance commissions and fees | 7 | 8 |
Securities commissions and fees | 8 | 7 |
Capital markets income | 6 | 7 |
Mortgage banking operations | 8 | 5 |
Dividends on non-marketable equity securities | 6 | 4 |
Bank owned life insurance | 3 | 3 |
Other | 5 | 2 |
Total Non-Interest Income | 88 | 79 |
Non-Interest Expense | ||
Salaries and employee benefits | 129 | 120 |
Net occupancy | 20 | 17 |
Equipment | 24 | 22 |
Amortization of intangibles | 4 | 5 |
Outside services | 23 | 20 |
Marketing | 5 | 4 |
FDIC insurance | 13 | 7 |
Bank shares and franchise taxes | 4 | 4 |
Merger-related | 0 | 2 |
Other | 15 | 19 |
Total Non-Interest Expense | 237 | 220 |
Income Before Income Taxes | 156 | 182 |
Income taxes | 34 | 35 |
Net Income | 122 | 147 |
Preferred stock dividends | 6 | 2 |
Net income available to common stockholders | 116 | 145 |
Net income available to common stockholders | $ 116 | $ 145 |
Earnings per Common Share | ||
Basic (USD per share) | $ 0.32 | $ 0.40 |
Diluted (USD per share) | $ 0.32 | $ 0.40 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 122 | $ 147 |
Securities available for sale: | ||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $(4) and $10 | (13) | 35 |
Derivative instruments: | ||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $(3) and $1 | (9) | 4 |
Reclassification adjustment for gains included in net income, net of tax expense of $2 and $1 | 7 | 3 |
Pension and postretirement benefit obligations: | ||
Unrealized gains arising during the period, net of tax expense of $0 and $0 | 0 | 0 |
Other Comprehensive Income (Loss) | (15) | 42 |
Comprehensive Income (Loss) | $ 107 | $ 189 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Unrealized gains (losses) arising during the period, tax expense (benefit) | $ (4) | $ 10 |
Unrealized gains (losses) arising during the period, tax expense (benefit) | (3) | 1 |
Reclassification adjustment for gains included in net income, tax expense | 2 | 1 |
Unrealized gains arising during the period, tax expense | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions |
Total |
Adoption of new accounting standard |
Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Retained Earnings
Adoption of new accounting standard
|
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2022 | $ 5,653.0 | $ 107.0 | $ 4.0 | $ 4,696.0 | $ 1,370.0 | $ (357.0) | $ (167.0) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Comprehensive income (loss) | 189.0 | 147.0 | 42.0 | ||||||
Dividends declared: | |||||||||
Preferred stock | (2.0) | (2.0) | |||||||
Common stock | (44.0) | (44.0) | |||||||
Issuance of common stock | (6.0) | (13.0) | 7.0 | ||||||
Repurchase of common stock | (12.0) | (12.0) | |||||||
Restricted stock compensation | 10.0 | 10.0 | |||||||
Balance at end of period at Mar. 31, 2023 | 5,788.0 | 107.0 | 4.0 | 4,693.0 | 1,471.0 | (315.0) | (172.0) | ||
Balance at beginning of period at Dec. 31, 2022 | 5,653.0 | 107.0 | 4.0 | 4,696.0 | 1,370.0 | (357.0) | (167.0) | ||
Balance at end of period at Dec. 31, 2023 | $ 6,050.0 | $ (1.0) | 107.0 | 4.0 | 4,692.0 | 1,669.0 | $ (0.5) | (235.0) | (187.0) |
Dividends declared: | |||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2023-02 [Member] | ||||||||
Comprehensive income (loss) | $ 107.0 | 122.0 | (15.0) | ||||||
Preferred stock | (2.0) | (2.0) | |||||||
Common stock | (44.0) | (44.0) | |||||||
Redemption of preferred stock | (111.0) | (107.0) | (4.0) | ||||||
Issuance of common stock | (3.0) | (8.0) | 5.0 | ||||||
Restricted stock compensation | 10.0 | 10.0 | |||||||
Balance at end of period at Mar. 31, 2024 | $ 6,006.0 | $ 0.0 | $ 4.0 | $ 4,694.0 | $ 1,740.0 | $ (250.0) | $ (182.0) |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||
Preferred stock dividends per share (USD per share) | $ 18.13 | $ 18.13 |
Common stock dividends per share (USD per share) | $ 0.12 | $ 0.12 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Operating Activities | ||
Net income | $ 122 | $ 147 |
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | ||
Depreciation, amortization and accretion | 14 | 21 |
Provision for credit losses | 14 | 14 |
Deferred tax expense (benefit) | 15 | 2 |
Loans originated for sale | (313) | (215) |
Loans sold | 356 | 221 |
Net (gain) loss on sale of loans | (3) | 3 |
Net change in: | ||
Interest receivable | (15) | (4) |
Interest payable | (5) | 5 |
Bank owned life insurance, excluding purchases | (3) | (2) |
Other, net | 63 | (173) |
Net cash flows provided by operating activities | 245 | 19 |
Investing Activities | ||
Net change in loans and leases, excluding sales and transfers | (261) | (415) |
Debt securities available for sale: | ||
Purchases | (460) | 0 |
Maturities/payments | 473 | 116 |
Debt securities held to maturity: | ||
Purchases | (96) | (75) |
Maturities/payments | 117 | 90 |
Increase in premises and equipment | (29) | (33) |
Net proceeds from sales of portfolio loans | 332 | 0 |
Net cash flows provided by (used in) investing activities | 76 | (317) |
Financing Activities | ||
Demand (non-interest bearing and interest bearing) and savings accounts | (446) | (1,717) |
Time deposits | 469 | 1,136 |
Short-term borrowings | (432) | 776 |
Proceeds from issuance of long-term borrowings | 161 | 512 |
Repayment of long-term borrowings | (11) | (306) |
Redemption of preferred stock | (111) | 0 |
Repurchases of common stock | 0 | (12) |
Cash dividends paid: | ||
Preferred stock | (2) | (2) |
Common stock | (44) | (44) |
Other, net | 6 | 4 |
Net cash flows provided by (used in) financing activities | (410) | 347 |
Net Increase (Decrease) in Cash and Cash Equivalents | (89) | 49 |
Cash and cash equivalents at beginning of period | 1,576 | 1,674 |
Cash and Cash Equivalents at End of Period | $ 1,487 | $ 1,723 |
NATURE OF OPERATIONS |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NATURE OF OPERATIONS F.N.B. Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. Our 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. As of March 31, 2024, we had 348 branches throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington D.C. and Virginia. We provide a full range of commercial banking, consumer banking and wealth management solutions through our subsidiary network which is led by our largest affiliate, FNBPA, 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. Consumer banking 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. Wealth management services include asset management, private banking and insurance.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements (unaudited) include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, Bank Capital Services, LLC, F.N.B. Capital Corporation, LLC and Waubank Securities, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements. Companies in which we hold a controlling financial interest, or are a VIE in which we have the power to direct the activities of an entity that most significantly impact the entity’s economic performance and have an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE, are consolidated. For a voting interest entity, a controlling financial interest is generally where we hold more than 50% of the outstanding voting shares. VIEs in which we do not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE are not consolidated. Investments in companies that are not consolidated are accounted for using the equity method when we have the ability to exert significant influence or the cost method when we do not have the ability to exert significant influence. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and our proportional interest in the equity investments’ earnings are included in other non-interest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment. The accompanying interim unaudited Consolidated Financial Statements include all adjustments that are necessary, in the opinion of management, to fairly reflect our financial position and results of operations in accordance with GAAP. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to the current period presentation. Such reclassifications had no impact on our net income and stockholders' equity. Events occurring subsequent to March 31, 2024 have been evaluated for potential recognition or disclosure in the Consolidated Financial Statements through the date of the filing of the Consolidated Financial Statements with the SEC. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The interim operating results are not necessarily indicative of operating results we expect for the full year. These interim unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 26, 2024. Use of Estimates Our accounting and reporting policies conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements (unaudited). Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the ACL, fair value of financial instruments, goodwill and other intangible assets and income taxes and deferred tax assets, which are listed in the critical accounting estimates. For a detailed description of our significant accounting policies and critical accounting estimates, see Note 1, "Summary of Significant Accounting Policies" and the "Application of Critical Accounting Policies" section in the MD&A, both in our 2023 Annual Report on Form 10-K. Adoption of New Accounting Standards Effective January 1, 2024, we adopted the provision of ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which permits reporting entities to make an accounting policy election to account for tax equity investments using the proportional amortization method if certain conditions are met. The election is to be made on a tax-credit-program-by-tax-credit-program basis and should be applied consistently to all investments within an elected tax credit program. Upon the adoption of ASU 2023-02, we elected to apply the proportional amortization method of accounting to our qualifying historic and new market tax credit investments. The proportional amortization method recognizes the amortized cost of the investment as a component of income tax expense on the consolidated statements of income and as a component of operating activities within other assets and other liabilities on the consolidated statements of cash flows. We historically applied proportional amortization to the majority of our LIHTC investments. LIHTCs that do not meet the requirements of the proportional amortization method are recognized using the equity method. See Note 8, "Variable Interest Entities" for additional information.
|
NEW ACCOUNTING STANDARDS |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS The following table summarizes accounting pronouncements issued by the FASB that we recently adopted or will be adopting in the future. TABLE 2.1
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SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | SECURITIES The amortized cost and fair value of AFS debt securities are presented in the table below. There was no ACL associated with the AFS portfolio at March 31, 2024 and December 31, 2023. Accrued interest receivable on AFS debt securities totaled $12.2 million at March 31, 2024 and $9.6 million at December 31, 2023, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and amortized cost basis of AFS debt securities. TABLE 3.1
The amortized cost and fair value of HTM debt securities are presented in the following table. The ACL for the HTM portfolio was $0.27 million and $0.28 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on HTM debt securities totaled $13.2 million and $14.7 million at March 31, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and amortized cost basis of HTM debt securities. TABLE 3.2
There were no significant gross gains or gross losses realized on securities during the three months ended March 31, 2024 or 2023. In the fourth quarter of 2023, we sold $648.7 million of AFS securities resulting in a realized loss of $67.4 million as part of a proactive balance sheet management strategy. Unrealized losses on the AFS and HTM portfolios are due to the increase in market interest rates with 84.7% of these securities backed or sponsored by the U.S. government as of March 31, 2024. As of March 31, 2024, the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 3.3
Actual maturities may differ from contractual terms because security issuers may have the right to call or prepay obligations with or without penalties. Periodic principal payments are received on residential MBS based on the payment patterns of the underlying collateral. Following is information relating to securities pledged: TABLE 3.4
Following are summaries of the fair values of AFS debt securities in an unrealized loss position for which an ACL has not been recorded, segregated by security type and length of time in a continuous loss position: TABLE 3.5
We evaluated the AFS debt securities that were in an unrealized loss position at March 31, 2024. Based on the credit ratings and implied government guarantee for these securities, we concluded the loss position is temporary and caused by the significant movement of interest rates since 2022 and does not reflect any expected credit losses. We do not intend to sell these AFS debt securities and it is not more likely than not that we will be required to sell these securities before the recovery of their amortized cost basis. Credit Quality Indicators We use credit ratings and the most recent financial information to help evaluate the credit quality of our credit-related AFS and HTM securities portfolios. Management reviews the credit profile of each issuer on an annual basis, and more frequently as needed. Based on the nature of the issuers and current conditions, we have determined that securities backed by the UST, Fannie Mae, Freddie Mac, FHLB, Ginnie Mae, and the SBA have zero expected credit loss. Our municipal bond portfolio, with a carrying amount of $1.0 billion as of March 31, 2024 is highly rated with an average rating of AA and over 99% of the portfolio rated A or better. All of the securities in the municipal portfolio are general obligation bonds. Geographically, municipal bonds support our primary footprint as 60% of the securities are from municipalities located in the primary states within which we conduct business. The average holding size of the securities in the municipal bond portfolio is $2.5 million. In addition to the strong stand-alone ratings, 61% of the municipal bonds have some formal credit enhancement (e.g., insurance) that strengthens the creditworthiness of the bond. The ACL on the HTM municipal bond portfolio is calculated on each bond using: •The bond’s underlying credit rating, time to maturity and exposure amount; •Credit enhancements that improve the bond’s credit rating (e.g., insurance); and •Moody’s U.S. Bond Defaults and Recoveries, 1970-2022 study. By using these components, we derive the expected credit loss on the HTM general obligation municipal bond portfolio. We further refine the expected credit loss by factoring in economic forecast data using our Commercial and Industrial Non-Manufacturing loan portfolio forecast adjustment as derived through our assessment of the loan portfolio as a proxy for our municipal bond portfolio. Our corporate bond portfolio, with a carrying amount of $56.3 million as of March 31, 2024 primarily consists of subordinated debentures of banks within our footprint. The average holding size of the securities in the corporate bond portfolio is $3.1 million. The ACL on the HTM corporate bond portfolio is calculated using: •The bond’s credit rating, time to maturity and exposure amount; •Moody’s Annual Default Study, 02/26/2024; and •The most recent financial statements. By using these components, we derive the expected credit loss on the HTM corporate bond portfolio. We further refine the expected credit loss by factoring in economic forecast data using our bank-wide loan portfolio forecast adjustment as derived through our assessment of FNBPA's loan portfolio as a proxy for our corporate bond portfolio. For the year-to-date periods ending March 31, 2024 and 2023, we had no significant provision expense and no charge-offs or recoveries for the securities portfolio. The ACL on the HTM portfolio was $0.27 million, consisting of $0.06 million relating to the municipal bond portfolio and $0.21 million relating to other debt securities, as of March 31, 2024, and $0.06 million relating to the municipal bond portfolio and $0.22 million relating to other debt securities as of December 31, 2023. The AFS securities portfolios did not have an ACL at March 31, 2024 or December 31, 2023 and there were no securities that were past due or on non-accrual at either date.
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LOANS AND LEASES |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS AND LEASES | LOANS AND LEASES Accrued interest receivable on loans and leases, which totaled $139.2 million at March 31, 2024 and $128.6 million at December 31, 2023, is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets for both periods and is not included in the following tables. Loans and Leases by Portfolio Segment Following is a summary of total loans and leases, net of unearned income: TABLE 4.1
The remaining accretable discount included in the amortized cost of acquired loans was $38.4 million and $42.6 million at March 31, 2024 and December 31, 2023, respectively. The loans and leases portfolio categories are comprised of the following types of loans, where in each case the LGD is dependent on the nature and value of the respective collateral: •Commercial real estate includes both owner-occupied and non-owner-occupied loans, including construction loans, secured by commercial properties where operational cash flows on owner-occupied properties or rents received by our borrowers from their tenant(s) on both a property and global basis are the primary default risk drivers, including rents paid by stand-alone business customers for owner-occupied properties; •Commercial and industrial includes loans to businesses that are not secured by real estate where the borrower's leverage and cash flows from operations are the primary default risk drivers; •Commercial leases consist of leases for new or used equipment where the borrower's cash flow from operations is the primary default risk driver; •Other is comprised primarily of credit cards and mezzanine loans where the borrower's cash flow from operations is the primary default risk driver; •Direct installment is comprised of fixed-rate, closed-end consumer loans for personal, family or household use, such as home equity loans and automobile loans where the primary default risk driver is the borrower's employment status and income; •Residential mortgages consist of conventional and jumbo mortgage loans, including construction loans, for 1-4 family properties where the primary default risk driver is the borrower's employment status and income; •Indirect installment is comprised of loans originated by approved third parties and underwritten by us, primarily automobile loans where the primary default risk driver is the borrower's employment status and income; and •Consumer lines of credit include home equity lines of credit and consumer lines of credit that are either unsecured or secured by collateral other than home equity where the primary default risk driver is the borrower's employment status and income. The loans and leases portfolio consists principally of loans to individuals and small- and medium-sized businesses within our primary market in seven states and the District of Columbia. Our primary 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 following table shows occupancy information relating to commercial real estate loans: TABLE 4.2
Credit Quality We monitor the credit quality of our loan portfolio using several performance measures based on payment activity and borrower performance. We use an internal risk rating assigned to a commercial loan or lease at origination, summarized below. TABLE 4.3
The use of these internally assigned credit quality categories within the commercial loan and lease portfolio permits our use of transition matrices to establish a basis which is then impacted by quantitative inputs from our econometric model forecasts over the R&S period. Our internal credit risk grading system is based on past experiences with similarly graded loans and leases and conforms to regulatory categories. In general, loan and lease risk ratings within each category are reviewed on an ongoing basis according to our policy for each class of loans and leases. Each quarter, we analyze the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the commercial loan and lease portfolio. Loans and leases within the Pass credit category or that migrate toward the Pass credit category generally have a lower risk of loss compared to loans and leases that migrate toward the Substandard or Doubtful credit categories. Accordingly, we apply higher risk factors to Substandard and Doubtful credit categories. The following table summarizes the designated loan rating category by loan class including term loans on an amortized cost basis by origination year and year-to-date gross charge-offs by originating year: TABLE 4.4
We use delinquency transition matrices within the consumer and other loan classes to establish the basis for the R&S forecast portion of the credit risk. Each month, management analyzes payment and volume activity, FICO scores and Debt-to-Income (DTI) scores and other external factors such as unemployment, to determine how consumer loans are performing. Non-Performing and Past Due The following table provides an analysis of the aging of loans by class. TABLE 4.5
Following is a summary of non-performing assets: TABLE 4.6
The carrying value of residential-secured consumer OREO held as a result of obtaining physical possession upon completion of a foreclosure or through completion of a deed in lieu of foreclosure amounted to $1.3 million at March 31, 2024 and $1.2 million at December 31, 2023. The recorded investment of residential-secured consumer OREO for which formal foreclosure proceedings are in process at March 31, 2024 and December 31, 2023 totaled $13.1 million and $9.4 million, respectively. Approximately $63.6 million of commercial loans are collateral dependent at March 31, 2024. Repayment is expected to be substantially made through the operation or sale of the collateral on the loan. These loans are primarily secured by business assets or commercial real estate. Loan Modifications During the period, there are loans whose contractual terms have been modified in a manner that grants a concession to a borrower experiencing financial difficulties. These modifications typically result from loss mitigation activities and could include a term extension, interest rate reduction, principal forgiveness and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. Accrued interest receivable on loan modifications totaled $0.01 million and $0.02 million at March 31, 2024 and March 31, 2023, respectively, and is excluded from the amortized cost of loan modifications in the tables that follow. The following table shows the amortized cost basis at the end of the reporting period of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable, type of concession granted and the financial effect of the modifications made to borrowers experiencing financial difficulty: TABLE 4.7
Some loan modifications may not ultimately result in the full collection of principal and interest, as modified, and may result in potential incremental losses which are factored into the ACL. There were no additional funds committed to borrowers whose loans were modified during the first three months of 2024. Commercial loans over $1.0 million whose terms have been modified may be placed on non-accrual, individually analyzed and measured based on the fair value of the underlying collateral. Our ACL includes specific reserves for commercial loans modified. There were $0.5 million and $5.3 million in specific reserves for commercial loans modified at March 31, 2024 and December 31, 2023, respectively, and pooled reserves for individual loans of $2.5 million and $2.0 million for those same periods, respectively, based on loan segment LGD. Upon default, the amount of the recorded investment of the modified loan balance in excess of the fair value of the collateral, less estimated selling costs, is generally considered a confirmed loss and is charged-off against the ACL. All other classes of loans whose terms have been modified are pooled and measured based on the loan segment LGD. Our ACL included pooled reserves for these classes of loans of $3.8 million at both March 31, 2024 and December 31, 2023. Upon default of an individual loan, our charge-off policy is followed for that class of loan. Following is a summary of loans modified in a manner that grants a concession to a borrower experiencing financial difficulties, by class, for which there was a payment default, excluding loans that have been paid off and/or sold. Default occurs when a loan is 90 days or more past due or in non-accrual and is within 12 months of restructuring. TABLE 4.8
We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months: TABLE 4.9
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ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES | ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES The ACL is maintained for credit losses expected in the existing loan and lease portfolio and is presented as a reserve against loans and leases on the Consolidated Balance Sheets. Loan and lease losses are charged off against the ACL, with recoveries of amounts previously charged off credited to the ACL. Provisions for credit losses are charged to operations based on management’s periodic evaluation of the appropriate level of the ACL. Following is a summary of changes in the ACL, by loan and lease class: TABLE 5.1
Following is a summary of changes in the AULC by portfolio segment: TABLE 5.2
The model used to calculate the ACL is dependent on the portfolio composition and credit quality, as well as historical experience, current conditions and forecasts of economic conditions and interest rates. Specifically, the following considerations are incorporated into the ACL calculation: •a third-party macroeconomic forecast scenario; •a 24-month R&S forecast period for macroeconomic factors with a reversion to the historical mean on a straight-line basis over a 12-month period; and •the historical through-the-cycle mean was calculated using an expanded period to include a prior recessionary period. At March 31, 2024 and December 31, 2023, we utilized a third-party consensus macroeconomic forecast reflecting the current and projected macroeconomic environment. For our ACL calculation at March 31, 2024, the macroeconomic variables that we utilized included, but were not limited to: (i) the purchase only Housing Price Index, which increases 7.4% over our R&S forecast period, (ii) a Commercial Real Estate Price Index, which increases 3.6% over our R&S forecast period, (iii) S&P Volatility, which increases 19.6% in 2024 and decreases 3.5% in 2025 and (iv) personal and business bankruptcies, which increase steadily over the R&S forecast period but average below historical through the cycle period. Macroeconomic variables that we utilized for our ACL calculation as of December 31, 2023 included, but were not limited to: (i) the purchase only Housing Price Index, which increases 5.3% over our R&S forecast period, (ii) a Commercial Real Estate Price Index, which increases 0.1% over our R&S forecast period, (iii) S&P Volatility, which decreases 4.0% in 2024 and 2.9% in 2025 and (iv) bankruptcies, which increase steadily over the R&S forecast period but average below historical through the cycle period. The ACL on loans and leases of $406.3 million at March 31, 2024 increased $0.7 million, or 0.2%, from December 31, 2023. Our ending ACL coverage ratio at March 31, 2024 was 1.25%, compared to 1.25% at December 31, 2023. Total provision for credit losses for the three months ended March 31, 2024 was $13.9 million compared to $14.1 million for the same period of 2023. The first quarter of 2024 reflected net charge-offs of $12.8 million, or 0.16% annualized of average total loans, compared to $13.2 million, or 0.18% annualized, in the first quarter of 2023.
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LOAN SERVICING |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOAN SERVICING | LOAN SERVICING Mortgage Loan Servicing We retain the servicing rights on certain mortgage loans sold. The unpaid principal balance of mortgage loans serviced for others is listed below: TABLE 6.1
The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 6.2
(1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of activity relating to MSRs: TABLE 6.3
There was no valuation allowance for MSRs at March 31, 2024 and the valuation allowance for MSRs as of December 31, 2023 was $0.2 million. The fair value of MSRs is highly sensitive to changes in assumptions and is determined by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates and other assumptions validated through comparison to trade information, industry surveys and the use of independent third-party valuations. Changes in prepayment speed assumptions have the most significant impact on the fair value of MSRs. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSRs and as interest rates increase, mortgage loan prepayments decline, which results in an increase in the fair value of MSRs. Measurement of fair value is limited to the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different point in time. Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions: TABLE 6.4
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LEASES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES We have operating leases primarily for certain branches, office space, land and office equipment. We have finance leases for certain branches. Our operating leases expire at various dates through the year 2046 and generally include one or more options to renew. Our finance leases expire at various dates through the year 2051 and generally include one or more options to renew. The exercise of lease renewal options is at our sole discretion. As of March 31, 2024, we had operating lease right-of-use assets and operating lease liabilities of $180.2 million and $212.4 million, respectively. We have finance lease right-of-use assets and finance lease liabilities of $31.1 million and $32.4 million, respectively. Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2024, we have certain operating lease agreements, primarily for administrative office space, that have not yet commenced. At commencement, it is expected that these leases will add approximately $39.6 million in right-of-use assets and $44.8 million in other liabilities. These operating leases are currently expected to commence in 2024 and 2025 with lease terms of up to 20 years. These operating leases include the lease, with a related party, of the future new FNB headquarters building in Pittsburgh, Pennsylvania. During 2023, several floors of the FNB headquarters building have been made available to FNB for the purpose of constructing our office spaces, and we commenced the lease of those floors. The related party operating lease is accounted for in a manner consistent with all other leases on the basis of the legally enforceable terms and conditions of the lease and the related party represents a VIE for which we are not the primary beneficiary. The components of lease expense were as follows: TABLE 7.1
Other information related to leases is as follows: TABLE 7.2
Future cash flows of lease liabilities are as follows: TABLE 7.3
As a lessor we offer commercial leasing services to customers in need of new or used equipment primarily within our market areas of Pennsylvania, Ohio, Maryland, North Carolina, South Carolina and West Virginia. Additional information relating to commercial leasing is provided in Note 4, “Loans and Leases” in the Notes to Consolidated Financial Statements.
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LEASES | LEASES We have operating leases primarily for certain branches, office space, land and office equipment. We have finance leases for certain branches. Our operating leases expire at various dates through the year 2046 and generally include one or more options to renew. Our finance leases expire at various dates through the year 2051 and generally include one or more options to renew. The exercise of lease renewal options is at our sole discretion. As of March 31, 2024, we had operating lease right-of-use assets and operating lease liabilities of $180.2 million and $212.4 million, respectively. We have finance lease right-of-use assets and finance lease liabilities of $31.1 million and $32.4 million, respectively. Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2024, we have certain operating lease agreements, primarily for administrative office space, that have not yet commenced. At commencement, it is expected that these leases will add approximately $39.6 million in right-of-use assets and $44.8 million in other liabilities. These operating leases are currently expected to commence in 2024 and 2025 with lease terms of up to 20 years. These operating leases include the lease, with a related party, of the future new FNB headquarters building in Pittsburgh, Pennsylvania. During 2023, several floors of the FNB headquarters building have been made available to FNB for the purpose of constructing our office spaces, and we commenced the lease of those floors. The related party operating lease is accounted for in a manner consistent with all other leases on the basis of the legally enforceable terms and conditions of the lease and the related party represents a VIE for which we are not the primary beneficiary. The components of lease expense were as follows: TABLE 7.1
Other information related to leases is as follows: TABLE 7.2
Future cash flows of lease liabilities are as follows: TABLE 7.3
As a lessor we offer commercial leasing services to customers in need of new or used equipment primarily within our market areas of Pennsylvania, Ohio, Maryland, North Carolina, South Carolina and West Virginia. Additional information relating to commercial leasing is provided in Note 4, “Loans and Leases” in the Notes to Consolidated Financial Statements.
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VARIABLE INTEREST ENTITIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES We evaluate our interest in certain entities to determine if these entities meet the definition of a VIE and whether we are the primary beneficiary and required to consolidate the entity based on the variable interest we held both at inception and when there is a change in circumstances that requires a reconsideration. Unconsolidated VIEs The following table provides a summary of the assets and liabilities included in our Consolidated Financial Statements, as well as the maximum exposure to losses, associated with our interests related to VIEs for which we hold an interest, but are not the primary beneficiary. TABLE 8.1
Trust-Preferred Securities We have certain wholly-owned trusts whose assets, liabilities, equity, income and expenses are not included within our Consolidated Financial Statements. These trusts have been formed for the sole purpose of issuing TPS, from which the proceeds are then invested in our junior subordinated debentures, which are reflected in our Consolidated Balance Sheets as junior subordinated debt. The TPS are the obligations of the trusts, and as such, are not consolidated within our Consolidated Financial Statements. For additional information relating to our TPS, see Note 9, “Borrowings” in the Notes to Consolidated Financial Statements. Each issue of the junior subordinated debentures has an interest rate equal to the corresponding TPS distribution rate. We have the right to defer payment of interest on the debentures at any time, or from time-to-time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the related debentures. During any such extension period, distributions to the TPS will also be deferred and our ability to pay dividends on our common stock will be restricted. Periodic cash payments and payments upon liquidation or redemption with respect to TPS are guaranteed by us to the extent of funds held by the trusts. The guarantee ranks subordinate and junior in right of payment to all our indebtedness to the same extent as the junior subordinated debt. The guarantee does not place a limitation on the amount of additional indebtedness that may be incurred by us. Affordable Housing, Historic and New Market Tax Credit Partnerships We make equity investments as a limited partner in various partnerships of affordable housing (LIHTC), historic tax credit (HTC) and new market tax credit (NMTC) programs pursuant to Sections 42, 47 and 45d of the Internal Revenue Code, respectively. The purpose of many of these investments is to support initiatives associated with the Community Reinvestment Act while earning a satisfactory return. The activities of the LIHTC partnerships include the development and operation of multi-family housing that is leased to qualifying residential tenants. HTC partnerships allow us to make investments in projects that involve the rehabilitation of historic structures, often combining our investments with bank financing. NMTC partnerships are designed to channel investments into distressed communities, fostering community development and stimulating economic growth. These tax credit partnerships are generally located in communities where we have a banking presence and meet the definition of a VIE; however, we are not the primary beneficiary of the entities, as the general partner or managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses beyond our own equity investment. We apply the proportional amortization method of accounting for our investments in LIHTC partnerships. Effective January 1, 2024, upon the adoption of ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, we also began applying the proportional amortization method of accounting to our investments in HTC and NMTC partnerships. The proportional amortization method recognizes the amortized cost of the investments in these tax credit partnerships as a component of income tax expense on the Consolidated Statements of Income. Prior to the adoption of ASU 2023-02, we applied the equity method of accounting to the investments in HTC and NMTC partnerships. The adoption of this ASU 2023-02 did not have a material impact on our consolidated financial statements. We record our investment in tax credit partnerships as a component of other assets. The following table presents the balances of our LIHTC, HTC and NMTC investments and related unfunded commitments: TABLE 8.2
In the first quarter of 2024, we adopted ASU 2023-02, resulting in the amortization of HTC and NMTC investments being recognized in the provision for income taxes as of the adoption of this standard. These activities were previously recognized in non-interest expense. The following table summarizes the impact of these tax credit investments on the provision for income taxes in our Consolidated Statements of Income: TABLE 8.3
Other Investments Other investments we also consider to be unconsolidated VIEs include investments in Small Business Investment Companies and other equity method investments.
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BORROWINGS |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BORROWINGS | BORROWINGS Following is a summary of short-term borrowings: TABLE 9.1
Borrowings with original maturities of one year or less are classified as short-term. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are sweep accounts with next-day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount at least equal to the outstanding balance. Of the total short-term FHLB advances, $540.0 million, or 37.5%, had overnight maturities as of March 31, 2024. We had $450.0 million, or 23.7%, of short-term FHLB advances with overnight maturities as of December 31, 2023. At March 31, 2024, $300.0 million, or 20.8%, of the short-term FHLB advances were swapped to fixed rates with various maturities through 2024. This compares to $400.0 million, or 21.1%, as of December 31, 2023. Federal funds purchased are overnight funds borrowed from other financial institutions. Subordinated notes are unsecured and subordinated to our other indebtedness. The short-term subordinated notes mature within one year. Following is a summary of long-term borrowings: TABLE 9.2
Our banking affiliate has available credit with the FHLB of $11.4 billion, of which $2.8 billion was utilized and included in short-term and long-term borrowings and $650.0 million was utilized for a letter of credit for pledging of public funds as of March 31, 2024. These advances are secured by loans collateralized by residential mortgages, home equity lines of credit, commercial real estate and FHLB stock. The short-term borrowings are scheduled to mature in various amounts periodically during 2024 while the long-term borrowings are scheduled to mature periodically through 2027. Effective interest rates paid on fixed rate long-term FHLB advances ranged from 4.23% to 4.88% for both the three months ended March 31, 2024 and for the year ended December 31, 2023. The effective interest rate paid on variable rate long-term FHLB advances was Overnight SOFR plus a spread of 32.6 basis points for the three months ended March 31, 2024. There were no variable rate advances for the year ended December 31, 2023. The following table provides information relating to our senior notes and other subordinated debt as of March 31, 2024. The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. TABLE 9.3
(1) Floating rate effective February 14, 2024, determined by the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points) plus 240 basis points. (2) Floating rate effective December 6, 2023, determined by the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points) plus 302 basis points. (3) Fixed rate until May 29, 2025, at which time it converts to a floating rate determined by three-month SOFR plus 464 basis points. (4) Assumed from an acquisition and adjusted to fair value at the time of acquisition. (5) After deducting underwriting discounts and commissions and offering costs. For the debt assumed from acquisitions, this is the fair value of the debt at the time of the acquisition. The junior subordinated debt is comprised of the debt securities issued by FNB, or companies we acquired, in relation to our four unconsolidated subsidiary trusts (collectively, the Trusts), which are unconsolidated VIEs, and are included on the Consolidated Balance Sheets in long-term borrowings. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in our Financial Statements. We record the distributions on the junior subordinated debt issued to the Trusts as interest expense. The following table provides information relating to the Trusts as of March 31, 2024: TABLE 9.4
The SOFR rate used for the rate reset factors in the above table is the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points). Other Credit Availability Our banking affiliate has additional unused other wholesale credit availability of $8.1 billion as of March 31, 2024.
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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate risk, primarily by managing the amount, source, and duration of our assets and liabilities, and through the use of derivative instruments. Derivative instruments are used to reduce the effects that changes in interest rates may have on net income and cash flows. We also use derivative instruments to facilitate transactions on behalf of our customers. All derivatives are carried on the Consolidated Balance Sheets at fair value and do not take into account the effects of master netting arrangements we have with other financial institutions. Credit risk is included in the determination of the estimated fair value of derivatives. Derivative assets are reported in the Consolidated Balance Sheets in other assets and derivative liabilities are reported in other liabilities. Changes in fair value are recognized in earnings except for certain changes related to derivative instruments designated as part of a cash flow hedging relationship, which are recognized in other comprehensive income. The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets: TABLE 10.1
Certain derivative exchanges have enacted a rule change which in effect results in the legal characterization of variation margin payments for certain derivative contracts as settlement of the derivatives mark-to-market exposure and not collateral. Accordingly, we have changed our reporting of certain derivatives to record variation margin on trades cleared through these exchanges as settled. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. We adopted Reference Rate Reform (RRR) on October 1, 2020, and the guidance will be followed until the Update terminates on December 31, 2024. As of October 16, 2020, we changed our valuation methodology to reflect changes made by central clearinghouses that changed the discounting methodology and interest calculation of cash migration from overnight index swap (OIS) to SOFR for U.S. dollar cleared interest rate swaps to better reflect prices obtainable in the markets in which we transact. Certain of these valuation methodology changes were applied to eligible hedging relationships. Accordingly, we have updated our hedge documentation to reflect the election of certain expedients and exceptions related to our cash flow hedging programs. The change in valuation methodology was applied prospectively as a change in accounting estimate and did not have a material impact on our consolidated financial position or results of operations. Derivatives Designated as Hedging Instruments under GAAP Interest Rate Contracts. We entered into interest rate derivative agreements to modify the interest rate characteristics of certain commercial loans and certain of our FHLB advances from variable rate to fixed rate in order to reduce the impact of changes in future cash flows due to market interest rate changes. These agreements are designated as cash flow hedges, in the form of interest rate swaps and collars, hedging the exposure to variability in expected future cash flows. The derivative’s gain or loss, including any ineffectiveness, is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same line item associated with the forecasted transaction when the forecasted transaction affects earnings. The following table shows amounts reclassified from AOCI: TABLE 10.2
The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships: TABLE 10.3
As of March 31, 2024, the maximum length of time over which forecasted interest cash flows are hedged is 2.1 years. In the twelve months that follow March 31, 2024, we expect to reclassify from the amount currently reported in AOCI net derivative losses of $37.8 million ($29.4 million net of tax), in association with interest on the hedged loans and FHLB advances. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to March 31, 2024. There were no components of derivative gains or losses excluded from the assessment of hedge effectiveness related to these cash flow hedges. Also, during the three months ended March 31, 2024 and 2023, there were no gains or losses from cash flow hedge derivatives reclassified to earnings because it became probable that the original forecasted transactions would not occur. Derivatives Not Designated as Hedging Instruments under GAAP A description of interest rate swaps, interest rate lock commitments, forward delivery commitments and credit risk contracts can be found in Note 16, "Derivative Instruments and Hedging Activities" in the Consolidated Financial Statements included in our 2023 Annual Report on Form 10-K filed with the SEC on February 26, 2024. Interest rate swap agreements with loan customers and with the offsetting counterparties are reported at fair value in other assets and other liabilities on the Consolidated Balance Sheets with any resulting gain or loss recorded in current period earnings as other income or other expense. Risk participation agreements sold with notional amounts totaling $583.5 million as of March 31, 2024 have remaining terms ranging from two months to seventeen years. Under these agreements, our maximum exposure assuming a customer defaults on their obligation to perform under certain derivative swap contracts with third parties would be $0.1 million at both March 31, 2024 and December 31, 2023. The fair values of risk participation agreements purchased and sold were $0.1 million and $0.1 million, respectively, at March 31, 2024 and $0.2 million and $0.1 million, respectively at December 31, 2023. The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 10.4
Counterparty Credit Risk We are party to master netting arrangements with most of our swap derivative dealer counterparties. Collateral, usually marketable securities and/or cash, is exchanged between FNB and our counterparties, and is generally subject to thresholds and transfer minimums. For swap transactions that require central clearing, we post cash and securities to our clearing agency. Collateral positions are settled or valued daily, and adjustments to amounts received and pledged by us are made as appropriate to maintain proper collateralization for these transactions. Certain master netting agreements contain provisions that, if violated, could cause the counterparties to request immediate settlement or demand full collateralization under the derivative instrument. If we had breached our agreements with our derivative counterparties we would be required to settle our obligations under the agreements at the termination value and would be required to pay nothing as of March 31, 2024 or December 31, 2023, in excess of amounts previously posted as collateral with the respective counterparty. The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset: TABLE 10.5
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COMMITMENTS, CREDIT RISK AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS, CREDIT RISK AND CONTINGENCIES | COMMITMENTS, CREDIT RISK AND CONTINGENCIES We have commitments to extend credit and standby letters of credit that involve certain elements of credit risk in excess of the amount stated in the Consolidated Balance Sheets. Our exposure to credit loss in the event of non-performance by the customer is represented by the contractual amount of those instruments. The credit risk associated with commitments to extend credit and standby letters of credit is essentially the same as that involved in extending loans and leases to customers and is subject to normal credit policies. Since many of these commitments expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. Following is a summary of off-balance sheet credit risk information: TABLE 11.1
At March 31, 2024, funding of 76.4% of the commitments to extend credit was dependent on the financial condition of the customer. We have the ability to withdraw such commitments at our discretion. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Based on management’s credit evaluation of the customer, collateral may be deemed necessary. Collateral requirements vary and may include accounts receivable, inventory, property, plant and equipment and income-producing commercial properties. Standby letters of credit are conditional commitments issued by us that may require payment at a future date. The credit risk involved in issuing letters of credit is actively monitored through review of the historical performance of our portfolios. Our AULC for commitments that are not unconditionally cancellable, which is included in other liabilities on the Consolidated Balance Sheets, was $21.9 million at March 31, 2024 and $21.5 million at December 31, 2023. Additional information relating to the AULC is provided in Note 5, "Allowance for Credit Losses on Loans and Leases" in the Notes to Consolidated Financial Statements. In addition to the above commitments, subordinated notes issued by FNB Financial Services, LP, a wholly-owned finance subsidiary, are fully and unconditionally guaranteed by FNB. These subordinated notes are included in the summaries of short-term borrowings and long-term borrowings in Note 9, “Borrowings” in the Notes to Consolidated Financial Statements. Other Legal Proceedings In the ordinary course of business, we may assert claims in legal proceedings against another party or parties, and we are routinely named as defendants in, or made parties to, pending and potential legal actions. Also, as regulated entities, we are subject to governmental and regulatory examinations, information-gathering requests, and may be subject to investigations and proceedings (both formal and informal). Such threatened claims, litigation, investigations, regulatory and administrative proceedings typically entail matters that are considered incidental to the normal conduct of business. Claims for significant monetary damages may be asserted in many of these types of legal actions, while claims for disgorgement, reimbursement, restitution, penalties and/or other remedial actions or sanctions may be sought in regulatory matters. In these instances, if we determine that we have meritorious defenses, we will engage in an aggressive defense. However, if management determines, in consultation with counsel, that settlement of a matter is in the best interest of FNB and our shareholders, we may do so. It is inherently difficult to predict the eventual outcomes of such matters given their complexity and the particular facts and circumstances at issue in each of these matters. However, on the basis of current knowledge and understanding, and advice of counsel, we do not believe that judgments, sanctions, settlement resolutions, regulatory actions, investigations, settlements or orders, if any, that have arisen or may arise from these matters (either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage) will have a material adverse effect on our financial position or liquidity, although they could potentially have a material effect on net income in a given period. In view of the inherent unpredictability of outcomes in litigation and governmental and regulatory matters, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) the matters involve novel legal theories or a large number of parties, as a matter of course, there is considerable uncertainty surrounding the timing or ultimate resolution of litigation and governmental and regulatory matters, including a possible eventual loss, financial or other commitments, fine, restitution, penalty, business or adverse reputational impact, if any, associated with each such matter. In accordance with applicable accounting guidance, we establish accruals for litigation and governmental and regulatory matters when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. We will continue to monitor such matters, including ongoing reviews, examinations, and investigations by banking regulatory agencies and other government authorities, for developments that could affect the amount of the accrual, and will adjust the accrual amount as appropriate. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. We believe that our accruals for legal proceedings are appropriate and, in the aggregate, are not material to our consolidated financial position, although future accruals could have a material effect on net income in a given period. On February 5, 2024, we announced that Yadkin Bank and its successor by merger, FNBPA, reached a settlement with the DOJ and the State of North Carolina to resolve their fair lending concerns, which FNBPA disputes, related to the assessment of mortgage lending activities during a four-year period in the Winston-Salem and Charlotte, North Carolina markets that began prior to Yadkin’s merger with FNBPA in March 2017. Under the settlement, FNBPA has agreed to provide $11.75 million in mortgage loan subsidies on mortgages originated in the Charlotte and Winston-Salem, North Carolina markets beginning in 2024. This subsidy amount is part of our existing, previously announced commitment to underserved communities, including the Winston-Salem and Charlotte markets. The settlement was not initiated through a referral by a federal bank regulatory agency or consumer complaint, and included no civil money penalties levied against FNBPA.
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STOCK INCENTIVE PLANS |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK INCENTIVE PLANS | STOCK INCENTIVE PLANS Restricted Stock We issue restricted stock awards to key employees under our Incentive Compensation Plan (Plan). We issue time-based awards and performance-based awards under this Plan, both of which are based on a three-year vesting period. The grant date fair value of the time-based awards is equal to the price of our common stock on the grant date. The fair value of the performance-based awards is based on a Monte-Carlo simulation valuation of our common stock as of the grant date. The assumptions used for this valuation include stock price volatility, risk-free interest rate and dividend yield. We granted 546,838 and 470,173 restricted stock units during the three months ended March 31, 2024 and 2023, respectively, including 328,104 and 282,106 performance-based restricted stock units during those same periods, respectively. We have shareholder approval under the Plan to issue up to 7,397,956 shares of common stock. As of March 31, 2024, we had 1,816,061 remaining shares available for awards under the Plan. The unvested restricted stock unit awards are eligible to receive cash dividends or dividend equivalents which are ultimately used to purchase additional shares of stock and are subject to forfeiture if the requisite service period is not completed or the specified performance criteria are not met. These awards are subject to certain accelerated vesting provisions upon retirement, death, disability or in the event of a change in control as defined in the award agreements. The following table summarizes the activity relating to restricted stock units during the periods indicated: TABLE 12.1
The following table provides certain information related to restricted stock units: TABLE 12.2
As of March 31, 2024, there was $8.7 million of unrecognized compensation cost related to unvested restricted stock units. The components of the restricted stock units as of March 31, 2024 are as follows: TABLE 12.3
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES Income Tax Expense Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following: TABLE 13.1
Income tax expense was lower for the three months ended March 31, 2024 due to lower pre-tax earnings, partially offset by lower stock compensation vesting deductions and higher levels of proportional amortization for certain tax credit investments resulting from the adoption of FASB ASU 2023-02. The effective tax rate increased in the first quarter of 2024 as a result of these offsetting items. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and tax purposes. Deferred tax assets and liabilities are measured based on the enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Net deferred tax assets were $110.1 million and $120.8 million at March 31, 2024 and December 31, 2023, respectively.
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OTHER COMPREHENSIVE INCOME (LOSS) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) The following table presents changes in AOCI, net of tax, by component: TABLE 14.1
The amounts reclassified from AOCI related to debt securities AFS are included in net securities gains (losses) on the Consolidated Statements of Income, while the amounts reclassified from AOCI related to derivative instruments in cash flow hedge programs are generally included in interest income on loans and leases on the Consolidated Statements of Income. The tax (benefit) expense amounts reclassified from AOCI in connection with the debt securities AFS and derivative instruments reclassifications are included in income taxes on the Consolidated Statements of Income.
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EARNINGS PER COMMON SHARE |
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EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options and restricted shares, as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share. The following table sets forth the computation of basic and diluted earnings per common share: TABLE 15.1
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CASH FLOW INFORMATION |
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CASH FLOW INFORMATION | CASH FLOW INFORMATION Following is a summary of supplemental cash flow information: TABLE 16.1
We did not have any restricted cash as of March 31, 2024 and 2023.
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BUSINESS SEGMENTS |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | BUSINESS SEGMENTS We operate in three reportable segments: Community Banking, Wealth Management and Insurance. •The Community Banking segment provides commercial and consumer banking services. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, business credit, capital markets and lease financing. Consumer banking products and services include deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. •The Wealth Management segment provides a broad range of personal and corporate fiduciary services including the administration of decedent and trust estates. In addition, it offers various alternative products, including securities brokerage (under a third-party arrangement) and investment advisory services, mutual funds and annuities. •The Insurance segment includes a full-service insurance brokerage service offering all lines of commercial and personal insurance through major carriers. The Insurance segment also includes a reinsurer. The following table provides financial information for these segments of FNB. The information provided under the caption “Parent and Other” represents operations not considered to be reportable segments and/or general operating expenses of FNB, and includes the parent company, other non-bank subsidiaries and eliminations and adjustments to reconcile to the Consolidated Financial Statements. TABLE 17.1
(1) Excludes amortization of intangibles, which is presented separately.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Refer to Note 26, "Fair Value Measurements" to the Consolidated Financial Statements included in our 2023 Annual Report on Form 10-K filed with the SEC on February 26, 2024 for a description of additional valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis: TABLE 18.1
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value: TABLE 18.2
We review fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation attributes may result in reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in/out of Level 3 at fair value at the beginning of the period in which the changes occur. During the first three months of 2024, $46.5 million in loans receivable were measured using the fair value option at Level 3 on a recurring basis. There were no transfers of assets or liabilities between the hierarchy levels during the first three months of 2023. From time to time, we measure certain assets at fair value on a non-recurring basis. These adjustments to fair value usually result from the application of the lower of cost or fair value accounting or write-downs of individual assets. Valuation methodologies used to measure these fair value adjustments were described in Note 26, "Fair Value Measurements" to the Consolidated Financial Statements included in 2023 Annual Report on Form 10-K. For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios: TABLE 18.3
The fair value amounts for collateral dependent loans and OREO in the table above were estimated at a date during the three months or twelve months ended March 31, 2024 and December 31, 2023, respectively. Consequently, the fair value information presented is not necessarily as of the period’s end. Collateral dependent loans measured or re-measured at fair value on a non-recurring basis during the three months ended March 31, 2024 had a carrying amount of $29.4 million, which includes an allocated ACL of $2.5 million. The ACL includes a provision applicable to the current period fair value measurements of $2.5 million, which was included in provision for credit losses for the three months ended March 31, 2024. MSRs measured at fair value on a non-recurring basis had a carrying value of $0.6 million, there was no valuation allowance as of March 31, 2024. The valuation allowance includes a provision of $0.2 million included in earnings for 2024. Fair Value of Financial Instruments Refer to Note 26, "Fair Value Measurements" to the Consolidated Financial Statements included in our 2023 Annual Report on Form 10-K filed with the SEC on February 26, 2024 for a description of methods and assumptions that were used to estimate the fair value of each financial instrument. The fair values of our financial instruments are as follows: TABLE 18.4
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation Our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements (unaudited) include subsidiaries in which we have a controlling financial interest. We own and operate FNBPA, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, Bank Capital Services, LLC, F.N.B. Capital Corporation, LLC and Waubank Securities, LLC, and include results for each of these entities in the accompanying Consolidated Financial Statements. Companies in which we hold a controlling financial interest, or are a VIE in which we have the power to direct the activities of an entity that most significantly impact the entity’s economic performance and have an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE, are consolidated. For a voting interest entity, a controlling financial interest is generally where we hold more than 50% of the outstanding voting shares. VIEs in which we do not hold the power to direct the activities of the entity that most significantly impact the entity’s economic performance or an obligation to absorb losses or the right to receive benefits which could potentially be significant to the VIE are not consolidated. Investments in companies that are not consolidated are accounted for using the equity method when we have the ability to exert significant influence or the cost method when we do not have the ability to exert significant influence. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and our proportional interest in the equity investments’ earnings are included in other non-interest income. Investment interests accounted for under the cost and equity methods are periodically evaluated for impairment. The accompanying interim unaudited Consolidated Financial Statements include all adjustments that are necessary, in the opinion of management, to fairly reflect our financial position and results of operations in accordance with GAAP. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to the current period presentation. Such reclassifications had no impact on our net income and stockholders' equity. Events occurring subsequent to March 31, 2024 have been evaluated for potential recognition or disclosure in the Consolidated Financial Statements through the date of the filing of the Consolidated Financial Statements with the SEC. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The interim operating results are not necessarily indicative of operating results we expect for the full year. These interim unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 26, 2024.
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Use of Estimates | Use of Estimates Our accounting and reporting policies conform with GAAP. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements (unaudited). Actual results could materially differ from those estimates. Material estimates that are particularly susceptible to significant changes include the ACL, fair value of financial instruments, goodwill and other intangible assets and income taxes and deferred tax assets, which are listed in the critical accounting estimates. For a detailed description of our significant accounting policies and critical accounting estimates, see Note 1, "Summary of Significant Accounting Policies" and the "Application of Critical Accounting Policies" section in the MD&A, both in our 2023 Annual Report on Form 10-K.
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Adoption of New Accounting Standards | Adoption of New Accounting Standards Effective January 1, 2024, we adopted the provision of ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which permits reporting entities to make an accounting policy election to account for tax equity investments using the proportional amortization method if certain conditions are met. The election is to be made on a tax-credit-program-by-tax-credit-program basis and should be applied consistently to all investments within an elected tax credit program. Upon the adoption of ASU 2023-02, we elected to apply the proportional amortization method of accounting to our qualifying historic and new market tax credit investments. The proportional amortization method recognizes the amortized cost of the investment as a component of income tax expense on the consolidated statements of income and as a component of operating activities within other assets and other liabilities on the consolidated statements of cash flows. We historically applied proportional amortization to the majority of our LIHTC investments. LIHTCs that do not meet the requirements of the proportional amortization method are recognized using the equity method. See Note 8, "Variable Interest Entities" for additional information. The following table summarizes accounting pronouncements issued by the FASB that we recently adopted or will be adopting in the future. TABLE 2.1
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NEW ACCOUNTING STANDARDS (Tables) |
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Accounting Changes and Error Corrections [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table summarizes accounting pronouncements issued by the FASB that we recently adopted or will be adopting in the future. TABLE 2.1
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SECURITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost and fair value of AFS debt securities are presented in the table below. There was no ACL associated with the AFS portfolio at March 31, 2024 and December 31, 2023. Accrued interest receivable on AFS debt securities totaled $12.2 million at March 31, 2024 and $9.6 million at December 31, 2023, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and amortized cost basis of AFS debt securities. TABLE 3.1
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Schedule of Amortized Cost and Fair Value of Securities Held to Maturity | The amortized cost and fair value of HTM debt securities are presented in the following table. The ACL for the HTM portfolio was $0.27 million and $0.28 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on HTM debt securities totaled $13.2 million and $14.7 million at March 31, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and amortized cost basis of HTM debt securities. TABLE 3.2
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Schedule of Amortized Cost and Fair Value of Securities, by Contractual Maturities | As of March 31, 2024, the amortized cost and fair value of debt securities, by contractual maturities, were as follows: TABLE 3.3
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Schedule of Securities Pledged as Collateral | Following is information relating to securities pledged: TABLE 3.4
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Summaries of Fair Values and Unrealized Losses of Impaired Securities, Segregated by Length of Impairment | Following are summaries of the fair values of AFS debt securities in an unrealized loss position for which an ACL has not been recorded, segregated by security type and length of time in a continuous loss position: TABLE 3.5
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LOANS AND LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loans and Leases, Net of Unearned Income | Following is a summary of total loans and leases, net of unearned income: TABLE 4.1
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Schedule of Certain Information Relating to Commercial Real Estate Loans | The following table shows occupancy information relating to commercial real estate loans: TABLE 4.2
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Summary of Loan, Credit Quality Indicators | We use an internal risk rating assigned to a commercial loan or lease at origination, summarized below. TABLE 4.3
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Schedule of Financing Receivables, Originated Year | The following table summarizes the designated loan rating category by loan class including term loans on an amortized cost basis by origination year and year-to-date gross charge-offs by originating year: TABLE 4.4
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Schedule of Age Analysis of Past Due Loans, by Class | The following table provides an analysis of the aging of loans by class. TABLE 4.5
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Summary of Non-Performing Assets | Following is a summary of non-performing assets: TABLE 4.6
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Summary of Financing Receivable, Modified | The following table shows the amortized cost basis at the end of the reporting period of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable, type of concession granted and the financial effect of the modifications made to borrowers experiencing financial difficulty: TABLE 4.7
We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of our modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months: TABLE 4.9
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Summary of Financing Receivable, Modified, Subsequent Default | Following is a summary of loans modified in a manner that grants a concession to a borrower experiencing financial difficulties, by class, for which there was a payment default, excluding loans that have been paid off and/or sold. Default occurs when a loan is 90 days or more past due or in non-accrual and is within 12 months of restructuring. TABLE 4.8
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ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Allowance for Credit Losses by Loan and Lease Class | Following is a summary of changes in the ACL, by loan and lease class: TABLE 5.1
Following is a summary of changes in the AULC by portfolio segment: TABLE 5.2
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LOAN SERVICING (Tables) - Mortgage Servicing Rights |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Assets at Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Servicing Asset at Amortized Cost | The unpaid principal balance of mortgage loans serviced for others is listed below: TABLE 6.1
The following table summarizes activity relating to mortgage loans sold with servicing retained: TABLE 6.2
(1) Recorded in mortgage banking operations on the Consolidated Statements of Income. Following is a summary of activity relating to MSRs: TABLE 6.3
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Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions: TABLE 6.4
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LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease, Cost | The components of lease expense were as follows: TABLE 7.1
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Schedule of Leases, Other Information | Other information related to leases is as follows: TABLE 7.2
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Schedule of Lessee, Operating Lease, Liability, Maturity | Future cash flows of lease liabilities are as follows: TABLE 7.3
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Schedule of Finance Lease, Liability, Fiscal Year Maturity | Future cash flows of lease liabilities are as follows: TABLE 7.3
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VARIABLE INTEREST ENTITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities, Assets and Liabilities | The following table provides a summary of the assets and liabilities included in our Consolidated Financial Statements, as well as the maximum exposure to losses, associated with our interests related to VIEs for which we hold an interest, but are not the primary beneficiary. TABLE 8.1
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Schedule of Affordable Housing, Historic And New Market Tax Credit Partnerships | The following table presents the balances of our LIHTC, HTC and NMTC investments and related unfunded commitments: TABLE 8.2
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Schedule of Low Income Housing Tax Credits, Income Statement Effect | The following table summarizes the impact of these tax credit investments on the provision for income taxes in our Consolidated Statements of Income: TABLE 8.3
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BORROWINGS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Short-Term Borrowings | Following is a summary of short-term borrowings: TABLE 9.1
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Summary of Long-term Borrowings | Following is a summary of long-term borrowings: TABLE 9.2
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Schedule of Senior and Other Subordinated Debt | The following table provides information relating to our senior notes and other subordinated debt as of March 31, 2024. The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes. TABLE 9.3
(1) Floating rate effective February 14, 2024, determined by the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points) plus 240 basis points. (2) Floating rate effective December 6, 2023, determined by the Benchmark Replacement (three-month CME term SOFR plus a tenor spread adjustment of 26 basis points) plus 302 basis points. (3) Fixed rate until May 29, 2025, at which time it converts to a floating rate determined by three-month SOFR plus 464 basis points. (4) Assumed from an acquisition and adjusted to fair value at the time of acquisition. (5) After deducting underwriting discounts and commissions and offering costs. For the debt assumed from acquisitions, this is the fair value of the debt at the time of the acquisition.
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Schedule of Junior Subordinated Debt Trusts | The following table provides information relating to the Trusts as of March 31, 2024: TABLE 9.4
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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts and Gross Fair Values of Derivative Assets and Derivative Liabilities | The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets: TABLE 10.1
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Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | The following table shows amounts reclassified from AOCI: TABLE 10.2
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships: TABLE 10.3
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Schedule of Derivative Financial Instruments on the Consolidated Statements of Income | The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 10.4
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Schedule of Offsetting Assets and Liabilities | The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset: TABLE 10.5
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COMMITMENTS, CREDIT RISK AND CONTINGENCIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Off-Balance Sheet Credit Risk Information | Following is a summary of off-balance sheet credit risk information: TABLE 11.1
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STOCK INCENTIVE PLANS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity Relating to Restricted Stock Units | The following table summarizes the activity relating to restricted stock units during the periods indicated: TABLE 12.1
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Schedule of Certain Information Related to Restricted Stock Units | The following table provides certain information related to restricted stock units: TABLE 12.2
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Schedule of Components of Restricted Stock Units | The components of the restricted stock units as of March 31, 2024 are as follows: TABLE 12.3
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INCOME TAXES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense | Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following: TABLE 13.1
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OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in AOCI, Net of Tax, by Component | The following table presents changes in AOCI, net of tax, by component: TABLE 14.1
|
EARNINGS PER COMMON SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: TABLE 15.1
|
CASH FLOW INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Supplemental Cash Flow Information | Following is a summary of supplemental cash flow information: TABLE 16.1
|
BUSINESS SEGMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information for Segments of FNB | The following table provides financial information for these segments of FNB. The information provided under the caption “Parent and Other” represents operations not considered to be reportable segments and/or general operating expenses of FNB, and includes the parent company, other non-bank subsidiaries and eliminations and adjustments to reconcile to the Consolidated Financial Statements. TABLE 17.1
(1) Excludes amortization of intangibles, which is presented separately.
|
FAIR VALUE MEASUREMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis: TABLE 18.1
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Schedule of Additional Information about Assets Measured at Fair Value on Recurring Basis | The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value: TABLE 18.2
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Schedule of Additional Information about Assets Measured at Fair Value on Non-Recurring Basis | For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios: TABLE 18.3
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Schedule of Fair Values of Financial Instruments | The fair values of our financial instruments are as follows: TABLE 18.4
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NATURE OF OPERATIONS - Additional Information (Details) |
Mar. 31, 2024
state
branch
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of states, company operating financial services | state | 7 |
Number of branches | branch | 348 |
NEW ACCOUNTING STANDARDS - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2023-02 [Member] | |||
Stockholders' equity attributable to parent | $ 6,050.0 | $ 6,006.0 | $ 5,788.0 | $ 5,653.0 |
Adoption of new accounting standard | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity attributable to parent | (1.0) | |||
Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity attributable to parent | 1,669.0 | $ 1,740.0 | $ 1,471.0 | $ 1,370.0 |
Retained Earnings | Adoption of new accounting standard | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity attributable to parent | $ (0.5) |
SECURITIES - Additional Information (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
|
Schedule Of Securities [Line Items] | |||
Debt securities available for sale, allowance for credit losses | $ 0 | $ 0 | |
Debt securities, available-for-sale, accrued interest, after allowance for credit loss | 12,200,000 | 9,600,000 | |
Debt securities held to maturity, allowance for credit losses | 270,000 | 280,000 | |
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss | 13,200,000 | 14,700,000 | |
Debt securities, available-for-sale, realized loss (gain) | 0 | 67,400,000 | $ 0 |
Debt securities, available for sale, sold | 648,700,000 | ||
Municipal bond portfolio, value | $ 1,000,000,000 | ||
Percentage of formal credit enhancement insurance of municipalities | 61.00% | ||
Corporate bond portfolio, at carrying value | $ 56,300,000 | ||
Municipal Bonds | Weighted Average | |||
Schedule Of Securities [Line Items] | |||
Average holding size of securities in bond portfolio | $ 2,500,000 | ||
Municipal Bonds | Credit Concentration Risk | General Obligation Bonds | A Rating or Better | Minimum | |||
Schedule Of Securities [Line Items] | |||
Percentage of portfolio | 99.00% | ||
Municipal Bonds | Geographic Concentration Risk | Pennsylvania, Ohio and Maryland | |||
Schedule Of Securities [Line Items] | |||
Percentage of portfolio | 60.00% | ||
Corporate Bond | Weighted Average | |||
Schedule Of Securities [Line Items] | |||
Average holding size of securities in bond portfolio | $ 3,100,000 | ||
US government | |||
Schedule Of Securities [Line Items] | |||
Unrealized loss on debt securities, available-for-sale and held-to-maturity, backed or sponsored percentage | 84.70% | ||
States of the U.S. and political subdivisions (municipals) | |||
Schedule Of Securities [Line Items] | |||
Debt securities held to maturity, allowance for credit losses | $ 60,000.00 | 60,000.00 | |
Other debt securities | |||
Schedule Of Securities [Line Items] | |||
Debt securities held to maturity, allowance for credit losses | $ 210,000 | $ 220,000 |
SECURITIES - Schedule of Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 3,449 | $ 3,460 |
Gross Unrealized Gains | 5 | 10 |
Gross Unrealized Losses | (228) | (216) |
Fair Value | 3,226 | 3,254 |
U.S. Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 124 | 422 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (2) |
Fair Value | 123 | 420 |
U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 72 | 78 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 72 | 79 |
U.S. government-sponsored entities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 276 | 227 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4) | (4) |
Fair Value | 272 | 223 |
Agency MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 959 | 814 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (66) | (62) |
Fair Value | 894 | 752 |
Agency collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 909 | 946 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (116) | (114) |
Fair Value | 793 | 832 |
Agency commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,038 | 905 |
Gross Unrealized Gains | 4 | 9 |
Gross Unrealized Losses | (37) | (30) |
Fair Value | 1,005 | 884 |
States of the U.S. and political subdivisions (municipals) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 30 | 30 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3) | (3) |
Fair Value | 27 | 27 |
Other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 41 | 38 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (1) |
Fair Value | $ 40 | $ 37 |
SECURITIES - Schedule of Amortized Cost and Fair Value of Securities Held to Maturity (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | $ 3,893 | $ 3,911 |
Gross Unrealized Gains | 4 | 8 |
Gross Unrealized Losses | (350) | (326) |
Fair Value | 3,547 | 3,593 |
U.S. Treasury | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 1 | |
U.S. government agencies | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1 | 1 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1 | 1 |
U.S. government-sponsored entities | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 28 | 68 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 28 | 68 |
Agency MBS | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1,018 | 1,057 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | (105) | (101) |
Fair Value | 914 | 958 |
Agency collateralized mortgage obligations | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 797 | 824 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (108) | (104) |
Fair Value | 689 | 720 |
Agency commercial MBS | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1,023 | 929 |
Gross Unrealized Gains | 2 | 4 |
Gross Unrealized Losses | (51) | (43) |
Fair Value | 974 | 890 |
States of the U.S. and political subdivisions (municipals) | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 1,009 | 1,017 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | (85) | (77) |
Fair Value | 925 | 942 |
Other debt securities | ||
Investment Securities Held To Maturity [Line Items] | ||
Amortized Cost | 16 | 15 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (1) |
Fair Value | $ 15 | $ 14 |
SECURITIES - Schedule of Amortized Cost and Fair Value of Securities, by Contractual Maturities (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Schedule Of Securities [Line Items] | ||
Available for sale, due in one year or less, amortized cost | $ 14 | |
Available for sale, due after one year but within five years, amortized cost | 464 | |
Available for sale, due after five years but within ten years, amortized cost | 35 | |
Available for sale, due after ten years, amortized cost | 30 | |
Available for sale, with contractual maturities, amortized cost | 543 | |
Amortized Cost | 3,449 | $ 3,460 |
Available for sale, due in one year or less, fair value | 14 | |
Available for sale, due after one year but within five years, fair value | 456 | |
Available for sale, due after five years but within ten years, fair value | 34 | |
Available for sale, due after ten years, fair value | 30 | |
Available for sale, with contractual maturities, fair value | 534 | |
Fair Value | 3,226 | 3,254 |
Held to maturity, due in one year or less, amortized cost | 2 | |
Held to maturity, due after one year but within five years, amortized cost | 87 | |
Held to maturity, due after five years but within ten years, amortized cost | 224 | |
Held to maturity, due after ten years, amortized cost | 742 | |
Held to maturity, with contractual maturities, amortized cost | 1,055 | |
Amortized Cost | 3,893 | 3,911 |
Held to maturity, due in one year or less, fair value | 2 | |
Held to maturity, due after one year but within five years, fair value | 84 | |
Held to maturity, due after five years but within ten years, fair value | 211 | |
Held to maturity, due after ten years, fair value | 673 | |
Held to maturity, with contractual maturities, fair value | 970 | |
Fair Value | 3,547 | 3,593 |
Agency MBS | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 959 | |
Amortized Cost | 959 | 814 |
Available for sale, fair value | 894 | |
Fair Value | 894 | 752 |
Held to maturity, amortized cost | 1,018 | |
Amortized Cost | 1,018 | 1,057 |
Held to maturity, fair value | 914 | |
Fair Value | 914 | 958 |
Agency collateralized mortgage obligations | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 909 | |
Amortized Cost | 909 | 946 |
Available for sale, fair value | 793 | |
Fair Value | 793 | 832 |
Held to maturity, amortized cost | 797 | |
Amortized Cost | 797 | 824 |
Held to maturity, fair value | 689 | |
Fair Value | 689 | 720 |
Agency commercial MBS | ||
Schedule Of Securities [Line Items] | ||
Available-for-sale, amortized cost | 1,038 | |
Amortized Cost | 1,038 | 905 |
Available for sale, fair value | 1,005 | |
Fair Value | 1,005 | 884 |
Held to maturity, amortized cost | 1,023 | |
Amortized Cost | 1,023 | 929 |
Held to maturity, fair value | 974 | |
Fair Value | $ 974 | $ 890 |
SECURITIES - Schedule of Securities Pledged as Collateral (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged (carrying value), to secure public deposits, trust deposits and for other purposes as required by law | $ 5,846 | $ 6,190 |
Securities pledged (carrying value), as collateral for short-term borrowings | $ 270 | $ 250 |
Securities pledged as a percent of total securities | 85.90% | 89.90% |
SECURITIES - Schedule of Fair Values and Unrealized Losses of Impaired Securities, by Length of Impairment (Details) $ in Millions |
Mar. 31, 2024
USD ($)
security
|
Dec. 31, 2023
USD ($)
security
|
---|---|---|
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 21 | 6 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 234 | 236 |
Debt securities, available-for-sale, number of positions | security | 255 | 242 |
Debt securities, available-for-sale, less than 12 months | $ 524 | $ 70 |
Debt securities, available-for-sale, 12 months or longer | 2,134 | 2,235 |
Debt securities, available-for-sale, unrealized loss position | 2,658 | 2,305 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (3) | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (225) | (216) |
Debt securities, available-for-sale, accumulated loss | $ (228) | $ (216) |
U.S. Treasury | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 2 | 2 |
Debt securities, available-for-sale, number of positions | security | 2 | 2 |
Debt securities, available-for-sale, less than 12 months | $ 0 | $ 0 |
Debt securities, available-for-sale, 12 months or longer | 73 | 73 |
Debt securities, available-for-sale, unrealized loss position | 73 | 73 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (1) | (2) |
Debt securities, available-for-sale, accumulated loss | $ (1) | $ (2) |
U.S. government agencies | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 2 | 2 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 13 | 12 |
Debt securities, available-for-sale, number of positions | security | 15 | 14 |
Debt securities, available-for-sale, less than 12 months | $ 3 | $ 4 |
Debt securities, available-for-sale, 12 months or longer | 33 | 36 |
Debt securities, available-for-sale, unrealized loss position | 36 | 40 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, accumulated loss | $ 0 | $ 0 |
U.S. government-sponsored entities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 4 | 1 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 7 | 7 |
Debt securities, available-for-sale, number of positions | security | 11 | 8 |
Debt securities, available-for-sale, less than 12 months | $ 99 | $ 25 |
Debt securities, available-for-sale, 12 months or longer | 123 | 123 |
Debt securities, available-for-sale, unrealized loss position | 222 | 148 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (4) | (4) |
Debt securities, available-for-sale, accumulated loss | $ (4) | $ (4) |
Agency MBS | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 4 | 0 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 104 | 104 |
Debt securities, available-for-sale, number of positions | security | 108 | 104 |
Debt securities, available-for-sale, less than 12 months | $ 85 | $ 0 |
Debt securities, available-for-sale, 12 months or longer | 703 | 750 |
Debt securities, available-for-sale, unrealized loss position | 788 | 750 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (66) | (62) |
Debt securities, available-for-sale, accumulated loss | $ (66) | $ (62) |
Agency collateralized mortgage obligations | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 69 | 71 |
Debt securities, available-for-sale, number of positions | security | 69 | 71 |
Debt securities, available-for-sale, less than 12 months | $ 0 | $ 0 |
Debt securities, available-for-sale, 12 months or longer | 793 | 832 |
Debt securities, available-for-sale, unrealized loss position | 793 | 832 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (116) | (114) |
Debt securities, available-for-sale, accumulated loss | $ (116) | $ (114) |
Agency commercial MBS | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 10 | 1 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 20 | 20 |
Debt securities, available-for-sale, number of positions | security | 30 | 21 |
Debt securities, available-for-sale, less than 12 months | $ 334 | $ 32 |
Debt securities, available-for-sale, 12 months or longer | 366 | 377 |
Debt securities, available-for-sale, unrealized loss position | 700 | 409 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | (3) | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (34) | (30) |
Debt securities, available-for-sale, accumulated loss | $ (37) | $ (30) |
States of the U.S. and political subdivisions (municipals) | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 13 | 13 |
Debt securities, available-for-sale, number of positions | security | 13 | 13 |
Debt securities, available-for-sale, less than 12 months | $ 0 | $ 0 |
Debt securities, available-for-sale, 12 months or longer | 27 | 27 |
Debt securities, available-for-sale, unrealized loss position | 27 | 27 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (3) | (3) |
Debt securities, available-for-sale, accumulated loss | $ (3) | $ (3) |
Other debt securities | ||
Schedule Of Securities [Line Items] | ||
Debt securities, available-for-sale, less than 12 months, number of positions | security | 1 | 2 |
Debt securities, available-for-sale, 12 months or longer, number of positions | security | 6 | 7 |
Debt securities, available-for-sale, number of positions | security | 7 | 9 |
Debt securities, available-for-sale, less than 12 months | $ 3 | $ 9 |
Debt securities, available-for-sale, 12 months or longer | 16 | 17 |
Debt securities, available-for-sale, unrealized loss position | 19 | 26 |
Debt securities, available-for-sale, less than 12 months, accumulated loss | 0 | 0 |
Debt securities, available-for-sale, 12 months or longer, accumulated loss | (1) | (1) |
Debt securities, available-for-sale, accumulated loss | $ (1) | $ (1) |
LOANS AND LEASES - Additional Information (Details) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024
USD ($)
state
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | $ 139,200,000 | $ 128,600,000 | |
Discount remaining | $ 38,400,000 | 42,600,000 | |
Number of states, company operating financial services | state | 7 | ||
Loan modification, accrued interest receivable | $ 10,000.00 | $ 20,000.00 | |
Loan modification, additional funds | 0 | ||
Pooled reserves for all other classes of loans | $ 3,800,000 | 3,800,000 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due period for loan to be in default | 90 days | ||
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due period for loan to be in default | 12 months | ||
Total commercial loans and leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans modified, specific reserves | $ 500,000 | 5,300,000 | |
Loans modified, pooled reserves | 2,500,000 | 2,000,000 | |
Total commercial loans and leases | Commercial loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans, collateral dependent | 63,600,000 | ||
Threshold for loans whose terms have been modified in a trouble debt restructuring, non accrual | 1,000,000 | ||
Residential Mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of OREO through foreclosure | 1,300,000 | 1,200,000 | |
Mortgage loans on real estate, foreclosure | $ 13,100,000 | $ 9,400,000 |
LOANS AND LEASES - Schedule of Net of Unearned Income (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | [1] | $ 32,584 | $ 32,323 | |
Total commercial loans and leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | 20,549 | 20,496 | ||
Total commercial loans and leases | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | 12,447 | 12,305 | ||
Total commercial loans and leases | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | 7,347 | 7,482 | ||
Total commercial loans and leases | Commercial leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | 615 | 599 | ||
Total commercial loans and leases | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | 140 | 110 | ||
Total consumer loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | 12,035 | 11,827 | ||
Total consumer loans | Direct installment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | 2,712 | 2,741 | ||
Total consumer loans | Residential mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | 6,887 | 6,640 | ||
Total consumer loans | Indirect installment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | 1,142 | 1,149 | ||
Total consumer loans | Consumer lines of credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost loans and leases, carrying amount | $ 1,294 | $ 1,297 | ||
|
LOANS AND LEASES - Schedule of Commercial Real Estate Loans (Details) - Commercial real estate - Loan Portfolio Diversification Risk |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Percent owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percent of total loans and leases | 29.00% | 29.00% |
Percent non-owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Percent of total loans and leases | 71.00% | 71.00% |
LOANS AND LEASES - Schedule of Origination Year (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | $ 1,098.0 | $ 5,486.0 | |||
Fiscal year before current fiscal year | 5,478.0 | 6,624.0 | |||
Two years before current fiscal year | 6,534.0 | 6,015.0 | |||
Three years before current fiscal year | 5,839.0 | 3,537.0 | |||
Four years before current fiscal year | 3,368.0 | 2,255.0 | |||
Prior | 6,987.0 | 5,148.0 | |||
Revolving Loans Amortized Cost Basis | 3,280.0 | 3,258.0 | |||
Total Loans and Leases | [1] | 32,584.0 | 32,323.0 | ||
Current fiscal year, charge-off | 0.0 | 0.8 | |||
Fiscal year before current fiscal year, charge-off | 0.9 | 5.2 | |||
Two years before current fiscal year, charge-off | 1.7 | 5.2 | |||
Three years before current fiscal year, charge-off | 1.4 | 2.4 | |||
Four years before current fiscal year, charge-off | 0.7 | 2.7 | |||
Prior, charge-off | 10.8 | 64.8 | |||
Revolving Loans Amortized Cost Basis, charge-off | 0.0 | 0.0 | |||
Total Loans and Leases, charge-off | 15.5 | 81.1 | |||
Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 32,375.0 | 32,097.0 | |||
Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 209.0 | 226.0 | |||
Total commercial loans and leases | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 644.0 | 3,371.0 | |||
Fiscal year before current fiscal year | 3,349.0 | 3,762.0 | |||
Two years before current fiscal year | 3,745.0 | 3,449.0 | |||
Three years before current fiscal year | 3,346.0 | 2,238.0 | |||
Four years before current fiscal year | 2,111.0 | 1,726.0 | |||
Prior | 5,125.0 | 3,740.0 | |||
Revolving Loans Amortized Cost Basis | 2,229.0 | 2,210.0 | |||
Total Loans and Leases | 20,549.0 | 20,496.0 | |||
Total Loans and Leases, charge-off | 12.1 | $ 13.1 | |||
Total commercial loans and leases | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 20,447.0 | 20,378.0 | |||
Total commercial loans and leases | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 102.0 | 118.0 | |||
Total commercial loans and leases | Commercial real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 282.0 | 1,523.0 | |||
Fiscal year before current fiscal year | 1,559.0 | 2,226.0 | |||
Two years before current fiscal year | 2,282.0 | 2,401.0 | |||
Three years before current fiscal year | 2,368.0 | 1,598.0 | |||
Four years before current fiscal year | 1,545.0 | 1,295.0 | |||
Prior | 4,147.0 | 3,012.0 | |||
Revolving Loans Amortized Cost Basis | 264.0 | 250.0 | |||
Total Loans and Leases | 12,447.0 | 12,305.0 | |||
Current fiscal year, charge-off | 0.0 | 0.2 | |||
Fiscal year before current fiscal year, charge-off | 0.1 | 0.4 | |||
Two years before current fiscal year, charge-off | 0.1 | 0.4 | |||
Three years before current fiscal year, charge-off | 0.0 | 0.7 | |||
Four years before current fiscal year, charge-off | 0.0 | 0.2 | |||
Prior, charge-off | 6.9 | 10.5 | |||
Revolving Loans Amortized Cost Basis, charge-off | 0.0 | 0.0 | |||
Total Loans and Leases, charge-off | 7.1 | 6.5 | 12.4 | ||
Total commercial loans and leases | Commercial real estate | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 12,399.0 | 12,242.0 | |||
Total commercial loans and leases | Commercial real estate | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 48.0 | 63.0 | |||
Total commercial loans and leases | Commercial real estate | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 278.0 | 1,508.0 | |||
Fiscal year before current fiscal year | 1,534.0 | 2,133.0 | |||
Two years before current fiscal year | 2,150.0 | 2,298.0 | |||
Three years before current fiscal year | 2,222.0 | 1,449.0 | |||
Four years before current fiscal year | 1,396.0 | 1,131.0 | |||
Prior | 3,670.0 | 2,711.0 | |||
Revolving Loans Amortized Cost Basis | 244.0 | 230.0 | |||
Total Loans and Leases | 11,494.0 | 11,460.0 | |||
Total commercial loans and leases | Commercial real estate | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0.0 | 10.0 | |||
Fiscal year before current fiscal year | 19.0 | 66.0 | |||
Two years before current fiscal year | 103.0 | 76.0 | |||
Three years before current fiscal year | 100.0 | 136.0 | |||
Four years before current fiscal year | 131.0 | 105.0 | |||
Prior | 287.0 | 197.0 | |||
Revolving Loans Amortized Cost Basis | 17.0 | 5.0 | |||
Total Loans and Leases | 657.0 | 595.0 | |||
Total commercial loans and leases | Commercial real estate | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 4.0 | 5.0 | |||
Fiscal year before current fiscal year | 6.0 | 27.0 | |||
Two years before current fiscal year | 29.0 | 27.0 | |||
Three years before current fiscal year | 46.0 | 13.0 | |||
Four years before current fiscal year | 18.0 | 59.0 | |||
Prior | 190.0 | 104.0 | |||
Revolving Loans Amortized Cost Basis | 3.0 | 15.0 | |||
Total Loans and Leases | 296.0 | 250.0 | |||
Total commercial loans and leases | Commercial and industrial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 282.0 | 1,555.0 | |||
Fiscal year before current fiscal year | 1,508.0 | 1,398.0 | |||
Two years before current fiscal year | 1,334.0 | 962.0 | |||
Three years before current fiscal year | 898.0 | 586.0 | |||
Four years before current fiscal year | 517.0 | 406.0 | |||
Prior | 916.0 | 678.0 | |||
Revolving Loans Amortized Cost Basis | 1,892.0 | 1,897.0 | |||
Total Loans and Leases | 7,347.0 | 7,482.0 | |||
Current fiscal year, charge-off | 0.0 | 0.1 | |||
Fiscal year before current fiscal year, charge-off | 0.3 | 0.3 | |||
Two years before current fiscal year, charge-off | 0.2 | 1.0 | |||
Three years before current fiscal year, charge-off | 0.4 | 1.0 | |||
Four years before current fiscal year, charge-off | 0.6 | 2.2 | |||
Prior, charge-off | 2.4 | 46.6 | |||
Revolving Loans Amortized Cost Basis, charge-off | 0.0 | 0.0 | |||
Total Loans and Leases, charge-off | 3.9 | 5.8 | 51.2 | ||
Total commercial loans and leases | Commercial and industrial | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 7,301.0 | 7,434.0 | |||
Total commercial loans and leases | Commercial and industrial | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 46.0 | 48.0 | |||
Total commercial loans and leases | Commercial and industrial | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 282.0 | 1,509.0 | |||
Fiscal year before current fiscal year | 1,445.0 | 1,369.0 | |||
Two years before current fiscal year | 1,285.0 | 844.0 | |||
Three years before current fiscal year | 765.0 | 575.0 | |||
Four years before current fiscal year | 507.0 | 370.0 | |||
Prior | 778.0 | 585.0 | |||
Revolving Loans Amortized Cost Basis | 1,754.0 | 1,773.0 | |||
Total Loans and Leases | 6,816.0 | 7,025.0 | |||
Total commercial loans and leases | Commercial and industrial | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0.0 | 12.0 | |||
Fiscal year before current fiscal year | 34.0 | 3.0 | |||
Two years before current fiscal year | 21.0 | 56.0 | |||
Three years before current fiscal year | 67.0 | 2.0 | |||
Four years before current fiscal year | 2.0 | 12.0 | |||
Prior | 74.0 | 35.0 | |||
Revolving Loans Amortized Cost Basis | 33.0 | 35.0 | |||
Total Loans and Leases | 231.0 | 155.0 | |||
Total commercial loans and leases | Commercial and industrial | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0.0 | 34.0 | |||
Fiscal year before current fiscal year | 29.0 | 26.0 | |||
Two years before current fiscal year | 28.0 | 62.0 | |||
Three years before current fiscal year | 66.0 | 9.0 | |||
Four years before current fiscal year | 8.0 | 24.0 | |||
Prior | 64.0 | 58.0 | |||
Revolving Loans Amortized Cost Basis | 105.0 | 89.0 | |||
Total Loans and Leases | 300.0 | 302.0 | |||
Total commercial loans and leases | Commercial leases | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 73.0 | 254.0 | |||
Fiscal year before current fiscal year | 229.0 | 138.0 | |||
Two years before current fiscal year | 129.0 | 86.0 | |||
Three years before current fiscal year | 80.0 | 54.0 | |||
Four years before current fiscal year | 49.0 | 25.0 | |||
Prior | 55.0 | 42.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 615.0 | 599.0 | |||
Current fiscal year, charge-off | 0.0 | 0.0 | |||
Fiscal year before current fiscal year, charge-off | 0.0 | 0.0 | |||
Two years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Three years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Four years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Prior, charge-off | 0.2 | 0.0 | |||
Revolving Loans Amortized Cost Basis, charge-off | 0.0 | 0.0 | |||
Total Loans and Leases, charge-off | 0.2 | 0.0 | 0.0 | ||
Total commercial loans and leases | Commercial leases | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 610.0 | 594.0 | |||
Total commercial loans and leases | Commercial leases | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 5.0 | 5.0 | |||
Total commercial loans and leases | Commercial leases | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 73.0 | 247.0 | |||
Fiscal year before current fiscal year | 222.0 | 134.0 | |||
Two years before current fiscal year | 127.0 | 82.0 | |||
Three years before current fiscal year | 76.0 | 47.0 | |||
Four years before current fiscal year | 42.0 | 24.0 | |||
Prior | 53.0 | 41.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 593.0 | 575.0 | |||
Total commercial loans and leases | Commercial leases | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0.0 | 0.0 | |||
Fiscal year before current fiscal year | 0.0 | 1.0 | |||
Two years before current fiscal year | 0.0 | 0.0 | |||
Three years before current fiscal year | 0.0 | 0.0 | |||
Four years before current fiscal year | 1.0 | 0.0 | |||
Prior | 1.0 | 1.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 2.0 | 2.0 | |||
Total commercial loans and leases | Commercial leases | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0.0 | 7.0 | |||
Fiscal year before current fiscal year | 7.0 | 3.0 | |||
Two years before current fiscal year | 2.0 | 4.0 | |||
Three years before current fiscal year | 4.0 | 7.0 | |||
Four years before current fiscal year | 6.0 | 1.0 | |||
Prior | 1.0 | 0.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 20.0 | 22.0 | |||
Total commercial loans and leases | Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 7.0 | 39.0 | |||
Fiscal year before current fiscal year | 53.0 | 0.0 | |||
Two years before current fiscal year | 0.0 | 0.0 | |||
Three years before current fiscal year | 0.0 | 0.0 | |||
Four years before current fiscal year | 0.0 | 0.0 | |||
Prior | 7.0 | 8.0 | |||
Revolving Loans Amortized Cost Basis | 73.0 | 63.0 | |||
Total Loans and Leases | 140.0 | 110.0 | |||
Current fiscal year, charge-off | 0.0 | 0.0 | |||
Fiscal year before current fiscal year, charge-off | 0.0 | 0.0 | |||
Two years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Three years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Four years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Prior, charge-off | 0.9 | 4.5 | |||
Revolving Loans Amortized Cost Basis, charge-off | 0.0 | 0.0 | |||
Total Loans and Leases, charge-off | 0.9 | 0.8 | 4.5 | ||
Total commercial loans and leases | Other | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 137.0 | 108.0 | |||
Total commercial loans and leases | Other | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 3.0 | 2.0 | |||
Total commercial loans and leases | Other | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 7.0 | 39.0 | |||
Fiscal year before current fiscal year | 53.0 | 0.0 | |||
Two years before current fiscal year | 0.0 | 0.0 | |||
Three years before current fiscal year | 0.0 | 0.0 | |||
Four years before current fiscal year | 0.0 | 0.0 | |||
Prior | 7.0 | 8.0 | |||
Revolving Loans Amortized Cost Basis | 73.0 | 63.0 | |||
Total Loans and Leases | 140.0 | 110.0 | |||
Total consumer loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 454.0 | 2,115.0 | |||
Fiscal year before current fiscal year | 2,129.0 | 2,862.0 | |||
Two years before current fiscal year | 2,789.0 | 2,566.0 | |||
Three years before current fiscal year | 2,493.0 | 1,299.0 | |||
Four years before current fiscal year | 1,257.0 | 529.0 | |||
Prior | 1,862.0 | 1,408.0 | |||
Revolving Loans Amortized Cost Basis | 1,051.0 | 1,048.0 | |||
Total Loans and Leases | 12,035.0 | 11,827.0 | |||
Total Loans and Leases, charge-off | 3.4 | 3.6 | |||
Total consumer loans | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 11,928.0 | 11,719.0 | |||
Total consumer loans | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans and Leases | 107.0 | 108.0 | |||
Total consumer loans | Direct installment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 68.0 | 340.0 | |||
Fiscal year before current fiscal year | 327.0 | 713.0 | |||
Two years before current fiscal year | 693.0 | 784.0 | |||
Three years before current fiscal year | 760.0 | 393.0 | |||
Four years before current fiscal year | 380.0 | 137.0 | |||
Prior | 484.0 | 374.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 2,712.0 | 2,741.0 | |||
Current fiscal year, charge-off | 0.0 | 0.0 | |||
Fiscal year before current fiscal year, charge-off | 0.0 | 0.2 | |||
Two years before current fiscal year, charge-off | 0.0 | 0.1 | |||
Three years before current fiscal year, charge-off | 0.1 | 0.1 | |||
Four years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Prior, charge-off | 0.1 | 0.2 | |||
Revolving Loans Amortized Cost Basis, charge-off | 0.0 | 0.0 | |||
Total Loans and Leases, charge-off | 0.2 | 0.3 | 0.6 | ||
Total consumer loans | Direct installment | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 68.0 | 340.0 | |||
Fiscal year before current fiscal year | 326.0 | 712.0 | |||
Two years before current fiscal year | 691.0 | 784.0 | |||
Three years before current fiscal year | 759.0 | 392.0 | |||
Four years before current fiscal year | 379.0 | 136.0 | |||
Prior | 474.0 | 364.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 2,697.0 | 2,728.0 | |||
Total consumer loans | Direct installment | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0.0 | 0.0 | |||
Fiscal year before current fiscal year | 1.0 | 1.0 | |||
Two years before current fiscal year | 2.0 | 0.0 | |||
Three years before current fiscal year | 1.0 | 1.0 | |||
Four years before current fiscal year | 1.0 | 1.0 | |||
Prior | 10.0 | 10.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 15.0 | 13.0 | |||
Total consumer loans | Residential mortgages | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 283.0 | 1,424.0 | |||
Fiscal year before current fiscal year | 1,471.0 | 1,692.0 | |||
Two years before current fiscal year | 1,674.0 | 1,521.0 | |||
Three years before current fiscal year | 1,498.0 | 802.0 | |||
Four years before current fiscal year | 786.0 | 346.0 | |||
Prior | 1,174.0 | 854.0 | |||
Revolving Loans Amortized Cost Basis | 1.0 | 1.0 | |||
Total Loans and Leases | 6,887.0 | 6,640.0 | |||
Current fiscal year, charge-off | 0.0 | 0.0 | |||
Fiscal year before current fiscal year, charge-off | 0.0 | 0.0 | |||
Two years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Three years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Four years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Prior, charge-off | 0.0 | 0.7 | |||
Revolving Loans Amortized Cost Basis, charge-off | 0.0 | 0.0 | |||
Total Loans and Leases, charge-off | 0.0 | 0.4 | 0.7 | ||
Total consumer loans | Residential mortgages | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 283.0 | 1,421.0 | |||
Fiscal year before current fiscal year | 1,464.0 | 1,686.0 | |||
Two years before current fiscal year | 1,666.0 | 1,516.0 | |||
Three years before current fiscal year | 1,493.0 | 799.0 | |||
Four years before current fiscal year | 783.0 | 343.0 | |||
Prior | 1,138.0 | 819.0 | |||
Revolving Loans Amortized Cost Basis | 1.0 | 1.0 | |||
Total Loans and Leases | 6,828.0 | 6,585.0 | |||
Total consumer loans | Residential mortgages | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0.0 | 3.0 | |||
Fiscal year before current fiscal year | 7.0 | 6.0 | |||
Two years before current fiscal year | 8.0 | 5.0 | |||
Three years before current fiscal year | 5.0 | 3.0 | |||
Four years before current fiscal year | 3.0 | 3.0 | |||
Prior | 36.0 | 35.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 59.0 | 55.0 | |||
Total consumer loans | Indirect installment | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 101.0 | 313.0 | |||
Fiscal year before current fiscal year | 295.0 | 395.0 | |||
Two years before current fiscal year | 363.0 | 246.0 | |||
Three years before current fiscal year | 220.0 | 102.0 | |||
Four years before current fiscal year | 88.0 | 43.0 | |||
Prior | 75.0 | 50.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 1,142.0 | 1,149.0 | |||
Current fiscal year, charge-off | 0.0 | 0.4 | |||
Fiscal year before current fiscal year, charge-off | 0.5 | 4.3 | |||
Two years before current fiscal year, charge-off | 1.3 | 3.7 | |||
Three years before current fiscal year, charge-off | 0.9 | 0.6 | |||
Four years before current fiscal year, charge-off | 0.1 | 0.3 | |||
Prior, charge-off | 0.1 | 1.4 | |||
Revolving Loans Amortized Cost Basis, charge-off | 0.0 | 0.0 | |||
Total Loans and Leases, charge-off | 2.9 | 2.6 | 10.7 | ||
Total consumer loans | Indirect installment | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 101.0 | 311.0 | |||
Fiscal year before current fiscal year | 293.0 | 387.0 | |||
Two years before current fiscal year | 356.0 | 238.0 | |||
Three years before current fiscal year | 214.0 | 100.0 | |||
Four years before current fiscal year | 86.0 | 42.0 | |||
Prior | 74.0 | 49.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 1,124.0 | 1,127.0 | |||
Total consumer loans | Indirect installment | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0.0 | 2.0 | |||
Fiscal year before current fiscal year | 2.0 | 8.0 | |||
Two years before current fiscal year | 7.0 | 8.0 | |||
Three years before current fiscal year | 6.0 | 2.0 | |||
Four years before current fiscal year | 2.0 | 1.0 | |||
Prior | 1.0 | 1.0 | |||
Revolving Loans Amortized Cost Basis | 0.0 | 0.0 | |||
Total Loans and Leases | 18.0 | 22.0 | |||
Total consumer loans | Consumer lines of credit | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 2.0 | 38.0 | |||
Fiscal year before current fiscal year | 36.0 | 62.0 | |||
Two years before current fiscal year | 59.0 | 15.0 | |||
Three years before current fiscal year | 15.0 | 2.0 | |||
Four years before current fiscal year | 3.0 | 3.0 | |||
Prior | 129.0 | 130.0 | |||
Revolving Loans Amortized Cost Basis | 1,050.0 | 1,047.0 | |||
Total Loans and Leases | 1,294.0 | 1,297.0 | |||
Current fiscal year, charge-off | 0.0 | 0.1 | |||
Fiscal year before current fiscal year, charge-off | 0.0 | 0.0 | |||
Two years before current fiscal year, charge-off | 0.1 | 0.0 | |||
Three years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Four years before current fiscal year, charge-off | 0.0 | 0.0 | |||
Prior, charge-off | 0.2 | 0.9 | |||
Revolving Loans Amortized Cost Basis, charge-off | 0.0 | 0.0 | |||
Total Loans and Leases, charge-off | 0.3 | $ 0.3 | 1.0 | ||
Total consumer loans | Consumer lines of credit | Current | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 2.0 | 38.0 | |||
Fiscal year before current fiscal year | 36.0 | 61.0 | |||
Two years before current fiscal year | 59.0 | 14.0 | |||
Three years before current fiscal year | 14.0 | 2.0 | |||
Four years before current fiscal year | 2.0 | 3.0 | |||
Prior | 117.0 | 117.0 | |||
Revolving Loans Amortized Cost Basis | 1,049.0 | 1,044.0 | |||
Total Loans and Leases | 1,279.0 | 1,279.0 | |||
Total consumer loans | Consumer lines of credit | Past due | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current fiscal year | 0.0 | 0.0 | |||
Fiscal year before current fiscal year | 0.0 | 1.0 | |||
Two years before current fiscal year | 0.0 | 1.0 | |||
Three years before current fiscal year | 1.0 | 0.0 | |||
Four years before current fiscal year | 1.0 | 0.0 | |||
Prior | 12.0 | 13.0 | |||
Revolving Loans Amortized Cost Basis | 1.0 | 3.0 | |||
Total Loans and Leases | $ 15.0 | $ 18.0 | |||
|
LOANS AND LEASES - Schedule of Age Analysis of Past Due Loans (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | [1] | $ 32,584 | $ 32,323 | |
90 Days Past Due and Still Accruing | 17 | 12 | ||
Non-accrual loans | 105 | 107 | ||
Non-accrual with No ACL | 38 | 25 | ||
30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 87 | 107 | ||
Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 209 | 226 | ||
Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 32,375 | 32,097 | ||
Total commercial loans and leases | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 20,549 | 20,496 | ||
90 Days Past Due and Still Accruing | 1 | 1 | ||
Non-accrual loans | 82 | 84 | ||
Non-accrual with No ACL | 38 | 25 | ||
Total commercial loans and leases | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 19 | 33 | ||
Total commercial loans and leases | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 102 | 118 | ||
Total commercial loans and leases | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 20,447 | 20,378 | ||
Total commercial loans and leases | Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 12,447 | 12,305 | ||
90 Days Past Due and Still Accruing | 0 | 0 | ||
Non-accrual loans | 38 | 42 | ||
Non-accrual with No ACL | 18 | 18 | ||
Total commercial loans and leases | Commercial real estate | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 10 | 21 | ||
Total commercial loans and leases | Commercial real estate | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 48 | 63 | ||
Total commercial loans and leases | Commercial real estate | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 12,399 | 12,242 | ||
Total commercial loans and leases | Commercial and industrial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 7,347 | 7,482 | ||
90 Days Past Due and Still Accruing | 0 | 0 | ||
Non-accrual loans | 39 | 39 | ||
Non-accrual with No ACL | 20 | 7 | ||
Total commercial loans and leases | Commercial and industrial | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 7 | 9 | ||
Total commercial loans and leases | Commercial and industrial | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 46 | 48 | ||
Total commercial loans and leases | Commercial and industrial | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 7,301 | 7,434 | ||
Total commercial loans and leases | Commercial leases | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 615 | 599 | ||
90 Days Past Due and Still Accruing | 0 | 0 | ||
Non-accrual loans | 3 | 3 | ||
Non-accrual with No ACL | 0 | 0 | ||
Total commercial loans and leases | Commercial leases | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 2 | 2 | ||
Total commercial loans and leases | Commercial leases | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 5 | 5 | ||
Total commercial loans and leases | Commercial leases | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 610 | 594 | ||
Total commercial loans and leases | Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 140 | 110 | ||
90 Days Past Due and Still Accruing | 1 | 1 | ||
Non-accrual loans | 2 | 0 | ||
Non-accrual with No ACL | 0 | 0 | ||
Total commercial loans and leases | Other | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 0 | 1 | ||
Total commercial loans and leases | Other | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 3 | 2 | ||
Total commercial loans and leases | Other | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 137 | 108 | ||
Total consumer loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 12,035 | 11,827 | ||
90 Days Past Due and Still Accruing | 16 | 11 | ||
Non-accrual loans | 23 | 23 | ||
Non-accrual with No ACL | 0 | 0 | ||
Total consumer loans | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 68 | 74 | ||
Total consumer loans | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 107 | 108 | ||
Total consumer loans | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 11,928 | 11,719 | ||
Total consumer loans | Direct installment | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 2,712 | 2,741 | ||
90 Days Past Due and Still Accruing | 1 | 1 | ||
Non-accrual loans | 6 | 5 | ||
Non-accrual with No ACL | 0 | 0 | ||
Total consumer loans | Direct installment | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 8 | 7 | ||
Total consumer loans | Direct installment | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 15 | 13 | ||
Total consumer loans | Direct installment | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 2,697 | 2,728 | ||
Total consumer loans | Residential mortgages | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 6,887 | 6,640 | ||
90 Days Past Due and Still Accruing | 11 | 7 | ||
Non-accrual loans | 9 | 10 | ||
Non-accrual with No ACL | 0 | 0 | ||
Total consumer loans | Residential mortgages | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 39 | 38 | ||
Total consumer loans | Residential mortgages | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 59 | 55 | ||
Total consumer loans | Residential mortgages | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 6,828 | 6,585 | ||
Total consumer loans | Indirect installment | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 1,142 | 1,149 | ||
90 Days Past Due and Still Accruing | 1 | 1 | ||
Non-accrual loans | 2 | 2 | ||
Non-accrual with No ACL | 0 | 0 | ||
Total consumer loans | Indirect installment | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 15 | 19 | ||
Total consumer loans | Indirect installment | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 18 | 22 | ||
Total consumer loans | Indirect installment | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 1,124 | 1,127 | ||
Total consumer loans | Consumer lines of credit | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 1,294 | 1,297 | ||
90 Days Past Due and Still Accruing | 3 | 2 | ||
Non-accrual loans | 6 | 6 | ||
Non-accrual with No ACL | 0 | 0 | ||
Total consumer loans | Consumer lines of credit | 30-89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 6 | 10 | ||
Total consumer loans | Consumer lines of credit | Past due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | 15 | 18 | ||
Total consumer loans | Consumer lines of credit | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Loans and Leases | $ 1,279 | $ 1,279 | ||
|
LOANS AND LEASES - Schedule of Non-Performing Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 105 | $ 107 |
Non-Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 105 | 107 |
Total non-performing loans and leases | 105 | 107 |
Other real estate owned | 3 | 3 |
Total non-performing assets | $ 108 | $ 110 |
Non-performing loans and leases / total loans and leases | 0.32% | 0.33% |
Non-performing assets plus 90 days or more past due / total loans and leases plus OREO | 0.38% | 0.38% |
Past due | 90 days | 90 days |
LOANS AND LEASES - Schedule of Loan Modifications (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 8.3 | $ 3.9 |
Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | 1.4 | 2.8 |
Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | 0.1 | |
Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | 1.5 | 0.4 |
Balloon Payment | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | 0.6 | |
Other | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | 4.7 | 0.7 |
Direct installment | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.2 | $ 0.1 |
% of Total Class of Financing Receivable | 0.01% | 0.00% |
Term increase from modification | 114 months | |
Direct installment | Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.1 | |
% of Total Class of Financing Receivable | 0.00% | |
Term reduction from modification | 1.34% | |
Residential mortgages | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.7 | $ 0.1 |
% of Total Class of Financing Receivable | 0.01% | 0.00% |
Term increase from modification | 46 months | |
Residential mortgages | Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.1 | |
% of Total Class of Financing Receivable | 0.00% | |
Term reduction from modification | 1.00% | |
Residential mortgages | Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.6 | $ 0.3 |
% of Total Class of Financing Receivable | 0.01% | 0.01% |
Term reduction from modification | 1.13% | |
Residential mortgages | Other | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.1 | |
% of Total Class of Financing Receivable | 0.00% | |
Consumer lines of credit | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.5 | $ 0.2 |
% of Total Class of Financing Receivable | 0.04% | 0.02% |
Term increase from modification | 235 months | |
Commercial real estate | Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.9 | |
% of Total Class of Financing Receivable | 0.01% | |
Commercial real estate | Balloon Payment | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.6 | |
% of Total Class of Financing Receivable | 0.00% | |
Commercial real estate | Other | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 4.1 | $ 0.6 |
% of Total Class of Financing Receivable | 0.03% | 0.01% |
Commercial real estate | Other | Maximum | ||
Financing Receivable, Modified [Line Items] | ||
Term for payment deferrals | 12 months | |
Commercial real estate | Other | Minimum | ||
Financing Receivable, Modified [Line Items] | ||
Term for payment deferrals | 3 months | |
Commercial and industrial | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 2.4 | |
% of Total Class of Financing Receivable | 0.03% | |
Term increase from modification | 9 months | |
Commercial and industrial | Other | ||
Financing Receivable, Modified [Line Items] | ||
Amortized Cost Basis | $ 0.6 | |
% of Total Class of Financing Receivable | 0.01% |
LOANS AND LEASES - Schedule of Loan Modifications, Subsequently Defaulted (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | $ 33.1 | $ 2.6 |
Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 22.0 | 1.7 |
Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 1.2 | 0.3 |
Balloon Payment | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.6 | |
Other | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 9.3 | 0.6 |
Total commercial loans and leases | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 32.9 | 2.2 |
Total commercial loans and leases | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 21.8 | 1.6 |
Total commercial loans and leases | Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 1.2 | 0.0 |
Total commercial loans and leases | Balloon Payment | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.6 | |
Total commercial loans and leases | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 9.3 | 0.6 |
Total commercial loans and leases | Commercial real estate | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 10.5 | 0.6 |
Total commercial loans and leases | Commercial real estate | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.3 | 0.0 |
Total commercial loans and leases | Commercial real estate | Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.9 | 0.0 |
Total commercial loans and leases | Commercial real estate | Balloon Payment | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.6 | |
Total commercial loans and leases | Commercial real estate | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 8.7 | 0.6 |
Total commercial loans and leases | Commercial and industrial | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 22.4 | 1.6 |
Total commercial loans and leases | Commercial and industrial | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 21.5 | 1.6 |
Total commercial loans and leases | Commercial and industrial | Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.3 | 0.0 |
Total commercial loans and leases | Commercial and industrial | Balloon Payment | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.0 | |
Total commercial loans and leases | Commercial and industrial | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.6 | 0.0 |
Total consumer loans | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.2 | 0.4 |
Total consumer loans | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.2 | 0.1 |
Total consumer loans | Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.0 | 0.3 |
Total consumer loans | Balloon Payment | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.0 | |
Total consumer loans | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.0 | 0.0 |
Total consumer loans | Residential mortgages | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.2 | 0.3 |
Total consumer loans | Residential mortgages | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.2 | 0.0 |
Total consumer loans | Residential mortgages | Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.0 | 0.3 |
Total consumer loans | Residential mortgages | Balloon Payment | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.0 | |
Total consumer loans | Residential mortgages | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | $ 0.0 | 0.0 |
Total consumer loans | Consumer lines of credit | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.1 | |
Total consumer loans | Consumer lines of credit | Term Extension | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.1 | |
Total consumer loans | Consumer lines of credit | Term Extension and Rate Reduction | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | 0.0 | |
Total consumer loans | Consumer lines of credit | Other | ||
Financing Receivable, Modified [Line Items] | ||
Total loans that subsequently defaulted | $ 0.0 |
LOANS AND LEASES - Schedule of Loan Modifications, Aging Analysis (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Mar. 31, 2023 |
---|---|---|
Current | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 41.3 | $ 3.6 |
30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 1.5 | 0.0 |
90+ Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 1.0 | 0.3 |
Total commercial loans and leases | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total | 34.9 | 3.0 |
Total commercial loans and leases | 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.0 | 0.0 |
Total commercial loans and leases | 90+ Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.0 | 0.0 |
Total commercial loans and leases | Commercial real estate | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total | 14.9 | 0.6 |
Total commercial loans and leases | Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.0 | 0.0 |
Total commercial loans and leases | Commercial real estate | 90+ Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.0 | 0.0 |
Total commercial loans and leases | Commercial and industrial | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total | 20.0 | 2.4 |
Total commercial loans and leases | Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.0 | 0.0 |
Total commercial loans and leases | Commercial and industrial | 90+ Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.0 | 0.0 |
Total consumer loans | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total | 6.4 | 0.6 |
Total consumer loans | 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 1.5 | 0.0 |
Total consumer loans | 90+ Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 1.0 | 0.3 |
Total consumer loans | Direct installment | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total | 2.0 | 0.2 |
Total consumer loans | Direct installment | 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.0 | 0.0 |
Total consumer loans | Direct installment | 90+ Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.2 | 0.0 |
Total consumer loans | Residential mortgages | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total | 3.1 | 0.2 |
Total consumer loans | Residential mortgages | 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 1.1 | 0.0 |
Total consumer loans | Residential mortgages | 90+ Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.8 | 0.3 |
Total consumer loans | Consumer lines of credit | Current | ||
Financing Receivable, Modified [Line Items] | ||
Total | 1.3 | 0.2 |
Total consumer loans | Consumer lines of credit | 30-89 Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | 0.4 | 0.0 |
Total consumer loans | Consumer lines of credit | 90+ Days Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Total | $ 0.0 | $ 0.0 |
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES - Schedule of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | $ 406.0 | ||
Charge- Offs | (15.5) | $ (81.1) | |
Provision for Credit Losses | 13.9 | $ 14.1 | |
Balance at End of Period | 406.0 | 406.0 | |
Unfunded loan commitment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 21.5 | 21.4 | 21.4 |
Charge- Offs | 0.0 | 0.0 | |
Recoveries | 0.0 | 0.0 | |
Net (Charge- Offs) Recoveries | 0.0 | 0.0 | |
Provision for Credit Losses | 0.4 | (0.9) | |
Balance at End of Period | 21.9 | 20.5 | 21.5 |
Total commercial loans and leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 279.3 | 281.7 | 281.7 |
Charge- Offs | (12.1) | (13.1) | |
Recoveries | 1.5 | 2.2 | |
Net (Charge- Offs) Recoveries | (10.6) | (10.9) | |
Provision for Credit Losses | 6.6 | 8.9 | |
Balance at End of Period | 275.3 | 279.7 | 279.3 |
Total commercial loans and leases | Commercial real estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 166.6 | 162.1 | 162.1 |
Charge- Offs | (7.1) | (6.5) | (12.4) |
Recoveries | 0.4 | 1.0 | |
Net (Charge- Offs) Recoveries | (6.7) | (5.5) | |
Provision for Credit Losses | 2.0 | 2.6 | |
Balance at End of Period | 161.9 | 159.2 | 166.6 |
Total commercial loans and leases | Commercial and industrial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 87.8 | 102.1 | 102.1 |
Charge- Offs | (3.9) | (5.8) | (51.2) |
Recoveries | 0.8 | 0.9 | |
Net (Charge- Offs) Recoveries | (3.1) | (4.9) | |
Provision for Credit Losses | 2.2 | 4.5 | |
Balance at End of Period | 86.9 | 101.7 | 87.8 |
Total commercial loans and leases | Commercial leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 21.2 | 13.5 | 13.5 |
Charge- Offs | (0.2) | 0.0 | 0.0 |
Recoveries | 0.0 | 0.0 | |
Net (Charge- Offs) Recoveries | (0.2) | 0.0 | |
Provision for Credit Losses | 1.4 | 1.3 | |
Balance at End of Period | 22.4 | 14.8 | 21.2 |
Total commercial loans and leases | Other | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 3.7 | 4.0 | 4.0 |
Charge- Offs | (0.9) | (0.8) | (4.5) |
Recoveries | 0.3 | 0.3 | |
Net (Charge- Offs) Recoveries | (0.6) | (0.5) | |
Provision for Credit Losses | 1.0 | 0.5 | |
Balance at End of Period | 4.1 | 4.0 | 3.7 |
Total commercial loans and leases | Unfunded loan commitment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for Credit Losses | 0.5 | (0.9) | |
Total consumer loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 126.3 | 120.0 | 120.0 |
Charge- Offs | (3.4) | (3.6) | |
Recoveries | 1.2 | 1.3 | |
Net (Charge- Offs) Recoveries | (2.2) | (2.3) | |
Provision for Credit Losses | 6.9 | 6.0 | |
Balance at End of Period | 131.0 | 123.7 | 126.3 |
Total consumer loans | Direct installment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 33.8 | 35.9 | 35.9 |
Charge- Offs | (0.2) | (0.3) | (0.6) |
Recoveries | 0.2 | 0.2 | |
Net (Charge- Offs) Recoveries | 0.0 | (0.1) | |
Provision for Credit Losses | (3.2) | 0.4 | |
Balance at End of Period | 30.6 | 36.2 | 33.8 |
Total consumer loans | Residential mortgages | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 70.5 | 55.5 | 55.5 |
Charge- Offs | 0.0 | (0.4) | (0.7) |
Recoveries | 0.0 | 0.2 | |
Net (Charge- Offs) Recoveries | 0.0 | (0.2) | |
Provision for Credit Losses | 8.8 | 5.1 | |
Balance at End of Period | 79.3 | 60.4 | 70.5 |
Total consumer loans | Indirect installment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 12.8 | 17.3 | 17.3 |
Charge- Offs | (2.9) | (2.6) | (10.7) |
Recoveries | 0.6 | 0.6 | |
Net (Charge- Offs) Recoveries | (2.3) | (2.0) | |
Provision for Credit Losses | 2.0 | 1.3 | |
Balance at End of Period | 12.5 | 16.6 | 12.8 |
Total consumer loans | Consumer lines of credit | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 9.2 | 11.3 | 11.3 |
Charge- Offs | (0.3) | (0.3) | (1.0) |
Recoveries | 0.4 | 0.3 | |
Net (Charge- Offs) Recoveries | 0.1 | 0.0 | |
Provision for Credit Losses | (0.7) | (0.8) | |
Balance at End of Period | 8.6 | 10.5 | 9.2 |
Total consumer loans | Unfunded loan commitment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for Credit Losses | (0.1) | 0.0 | |
Allowance for credit losses on loans and leases | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 405.6 | 401.7 | 401.7 |
Charge- Offs | (15.5) | (16.7) | |
Recoveries | 2.7 | 3.5 | |
Net (Charge- Offs) Recoveries | (12.8) | (13.2) | |
Provision for Credit Losses | 13.5 | 14.9 | |
Balance at End of Period | 406.3 | 403.4 | 405.6 |
Allowance for credit losses on loans and leases and allowance for unfunded loan commitments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at Beginning of Period | 427.1 | 423.1 | 423.1 |
Charge- Offs | (15.5) | (16.7) | |
Recoveries | 2.7 | 3.5 | |
Net (Charge- Offs) Recoveries | (12.8) | (13.2) | |
Provision for Credit Losses | 13.9 | 14.0 | |
Balance at End of Period | $ 428.2 | $ 423.9 | $ 427.1 |
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Percentage of increase, housing price index | 7.40% | 5.30% | ||
Percentage of increase, commercial real estate price index | 3.60% | 0.10% | ||
Percentage of increase (decline), S&P volatility in next fiscal year | 19.60% | (4.00%) | ||
Percentage of decline, S&P volatility in next second year | 3.50% | 2.90% | ||
Allowance for credit loss | $ 406.0 | $ 406.0 | ||
Financing receivable, provision for credit losses | 13.9 | $ 14.1 | ||
Allowance for credit losses on loans and leases | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss | 406.3 | 403.4 | $ 405.6 | $ 401.7 |
Financing receivable, allowance for credit loss, period increase (decrease) | $ 0.7 | |||
Financing receivable, allowance for credit loss, period decrease, percentage | 0.20% | |||
Financing receivable, allowance for credit loss, ratio | 1.25% | 1.25% | ||
Financing receivable, provision for credit losses | $ 13.5 | 14.9 | ||
Financing receivable, allowance for credit loss, net charge-offs (recovery) | $ 12.8 | $ 13.2 | ||
Financing receivable, allowance for credit loss, net charge-offs (recovery), percentage | 0.16% | 0.18% |
LOAN SERVICING - Schedule of Activity in MSR (Details) - Mortgage Servicing Rights - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Servicing Assets at Fair Value [Line Items] | |||
Mortgage loans sold with servicing retained | $ 5,924,000,000 | $ 5,729,000,000 | |
Mortgage loans sold with servicing retained | 316,000,000 | $ 198,000,000 | |
Pre-tax net gains (losses) resulting from above loan sales | 6,000,000 | 0 | |
Mortgage servicing fees | 4,000,000 | 3,000,000 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Balance at beginning of period | 59,500,000 | 52,800,000 | |
Additions | 3,900,000 | 2,500,000 | |
Payoffs and curtailments | (500,000) | (300,000) | |
Impairment (charge) / recovery | 200,000 | 0 | |
Amortization / other | (600,000) | (700,000) | |
Balance at end of period | 62,500,000 | 54,300,000 | |
Fair value, beginning of period | 71,800,000 | 68,600,000 | |
Fair value, end of period | 75,200,000 | $ 67,800,000 | |
Valuation allowance for servicing rights | $ 0 | $ 200,000 |
LOAN SERVICING - Schedule of Sensitivity of Fair Value to Changes in Key Assumptions (Details) - Mortgage Servicing Rights - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted average life (months) | 93 months | 92 months |
Constant prepayment rate (annualized) | 7.80% | 7.90% |
Discount rate | 10.30% | 10.20% |
Sensitivity analysis of fair value, change in interest rates, plus 2.00% | $ 6 | $ 7 |
Sensitivity analysis of fair value, change in interest rates, plus 1.00% | 5 | 5 |
Sensitivity analysis of fair value, change in interest rates, plus 0.50% | 3 | 3 |
Sensitivity analysis of fair value, change in interest rates, plus 0.25% | 2 | 2 |
Sensitivity analysis of fair value, change in interest rates, minus 0.25% | (2) | (2) |
Sensitivity analysis of fair value, change in interest rates, minus 0.50% | (4) | (4) |
Sensitivity analysis of fair value, change in interest rates, minus 1.00% | (7) | (8) |
Sensitivity analysis of fair value, change in interest rates, minus 2.00% | (16) | (21) |
Sensitivity analysis of fair value, change in interest rates, minus 3.00% | $ (34) | $ (42) |
LEASES - Additional Information (Details) $ in Millions |
Mar. 31, 2024
USD ($)
option
|
---|---|
Lessee, Lease, Description [Line Items] | |
Operating lease, right-of-use asset | $ 180.2 |
Operating lease, liability | 212.4 |
Finance lease right-of-use asset | 31.1 |
Finance lease liability | 32.4 |
Lessee, operating lease, right-of-use asset, lease not yet commenced | 39.6 |
Lessee, operating lease, lease not yet commenced, liability | $ 44.8 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, number of options to renew | option | 1 |
Lessee, finance lease, number of options to renew | option | 1 |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, lease not yet commenced, term of contract | 20 years |
LEASES - Schedule of Lease Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Operating lease cost | $ 10 | $ 8 |
Variable lease cost | 1 | 1 |
Finance lease cost | 1 | 1 |
Total lease cost | $ 12 | $ 10 |
LEASES - Schedule of Other Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 7 | $ 7 |
Operating cash flows from finance leases | 0 | 0 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 2 | 0 |
Finance leases | $ 0 | $ 0 |
Weighted average remaining lease term (years): | ||
Operating leases | 8 years 8 months 4 days | 9 years 1 month 17 days |
Finance leases | 19 years 3 months 7 days | 20 years 7 months 9 days |
Weighted average discount rate: | ||
Operating leases | 3.00% | 2.60% |
Finance leases | 3.20% | 2.80% |
LEASES - Schedule of Future Cash Flow of Lease Liabilities (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Operating Leases | |
2024 | $ 32.0 |
2025 | 28.0 |
2026 | 25.0 |
2027 | 22.0 |
2028 | 20.0 |
Later years | 136.0 |
Total lease payments | 263.0 |
Less: imputed interest | (51.0) |
Present value of lease liabilities | 212.4 |
Finance Leases | |
2024 | 2.0 |
2025 | 2.0 |
2026 | 2.0 |
2027 | 2.0 |
2028 | 2.0 |
Later years | 34.0 |
Total lease payments | 44.0 |
Less: imputed interest | (12.0) |
Present value of lease liabilities | 32.4 |
Total Leases | |
2024 | 34.0 |
2025 | 30.0 |
2026 | 27.0 |
2027 | 24.0 |
2028 | 22.0 |
Later years | 170.0 |
Total lease payments | 307.0 |
Less: imputed interest | (63.0) |
Present value of lease liabilities | $ 244.0 |
VARIABLE INTEREST ENTITIES - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Variable Interest Entity [Line Items] | |||
Total Assets | $ 45,896 | $ 46,158 | $ 44,146 |
Total Liabilities | 39,890 | 40,108 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 205 | 186 | |
Total Liabilities | 152 | 141 | |
Maximum Exposure to Loss | 202 | 183 | |
Variable Interest Entity, Primary Beneficiary | Trust preferred securities | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 3 | 3 | |
Total Liabilities | 73 | 73 | |
Maximum Exposure to Loss | 0 | 0 | |
Variable Interest Entity, Primary Beneficiary | Tax credit partnerships | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 174 | 143 | |
Total Liabilities | 79 | 62 | |
Maximum Exposure to Loss | 174 | 143 | |
Variable Interest Entity, Primary Beneficiary | Other investments | |||
Variable Interest Entity [Line Items] | |||
Total Assets | 28 | 40 | |
Total Liabilities | 0 | 6 | |
Maximum Exposure to Loss | $ 28 | $ 40 |
VARIABLE INTEREST ENTITIES - Schedule of Trust-Preferred Securities (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Trust Preferred Securities | Maximum | |
Variable Interest Entity [Line Items] | |
Deferral period for payment of interest | 5 years |
VARIABLE INTEREST ENTITIES - Schedule of Schedule of Affordable Housing, Historic And New Market Tax Credit Partnerships (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Tax credit investments included in other assets | $ 95 | $ 81 |
Unfunded tax credit investments | $ 79 | $ 62 |
VARIABLE INTEREST ENTITIES - Schedule of Income Statement Effect (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Provision for income taxes: | ||
Amortization of tax credit investments under proportional method | $ 5 | $ 4 |
Tax credits from tax credit investments | (5) | (4) |
Other tax benefits related to tax credit investments | (1) | (1) |
Total impact on provision for income taxes | $ (1) | $ (1) |
BORROWINGS - Summary of Short-Term Borrowings (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 242 | $ 233 |
Federal Home Loan Bank advances | 1,440 | 1,900 |
Federal funds purchased | 275 | 260 |
Subordinated notes | 117 | 113 |
Total short-term borrowings | $ 2,074 | $ 2,506 |
BORROWINGS - Additional Information (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024
USD ($)
trust
|
Dec. 31, 2023
USD ($)
|
|
Debt Instrument [Line Items] | ||
Short-term advances | $ 300.0 | $ 400.0 |
Short-term advances, overnight maturities, percentage | 20.80% | 21.10% |
Number of unconsolidated subsidiary trusts | trust | 4 | |
SOFR | ||
Debt Instrument [Line Items] | ||
Federal home loan bank, advances, interest rate | 0.326% | |
Trust Preferred Securities | SOFR | ||
Debt Instrument [Line Items] | ||
Tenor spread adjustment | 0.0026 | |
FHLB | ||
Debt Instrument [Line Items] | ||
Credit available with FHLB | $ 11,400.0 | |
Credit with FHLB utilized | 2,800.0 | |
FHLB | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Credit with FHLB utilized | 650.0 | |
Other Wholesale Credit | ||
Debt Instrument [Line Items] | ||
Remaining borrowing capacity | $ 8,100.0 | |
Maximum | FHLB | ||
Debt Instrument [Line Items] | ||
Effective interest rates | 4.88% | 4.88% |
Minimum | FHLB | ||
Debt Instrument [Line Items] | ||
Effective interest rates | 4.23% | 4.23% |
FHLB | ||
Debt Instrument [Line Items] | ||
Short-term advances | $ 540.0 | $ 450.0 |
Short-term advances, overnight maturities, percentage | 37.50% | 23.70% |
Other Subordinated Debt | Maximum | ||
Debt Instrument [Line Items] | ||
Debt term | 1 year |
BORROWINGS - Summary of Long-Term Borrowings (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 1,350 | $ 1,200 |
Senior notes | 349 | 349 |
Subordinated notes | 82 | 82 |
Junior subordinated debt | 73 | 73 |
Other subordinated debt | 267 | 267 |
Total long-term borrowings | $ 2,121 | $ 1,971 |
BORROWINGS - Schedule of Subordinated Debt (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Debt Instrument [Line Items] | |
Aggregate Principal Amount Issued | $ 620 |
Net Proceeds | 613 |
Carrying Value | 616 |
Senior Notes | |
Debt Instrument [Line Items] | |
Aggregate Principal Amount Issued | 350 |
Net Proceeds | 347 |
Carrying Value | 349 |
Other Subordinated Debt | |
Debt Instrument [Line Items] | |
Aggregate Principal Amount Issued | 270 |
Net Proceeds | 266 |
Carrying Value | $ 267 |
5.150% Senior Notes due August 25, 2025 | Senior Notes | |
Debt Instrument [Line Items] | |
Interest Rate | 5.15% |
Aggregate Principal Amount Issued | $ 350 |
Net Proceeds | 347 |
Carrying Value | $ 349 |
4.950% Fixed-To-Floating Rate Subordinated Notes due 2029 | Other Subordinated Debt | |
Debt Instrument [Line Items] | |
Interest Rate | 7.968% |
Aggregate Principal Amount Issued | $ 120 |
Net Proceeds | 118 |
Carrying Value | $ 119 |
4.950% Fixed-To-Floating Rate Subordinated Notes due 2029 | Other Subordinated Debt | SOFR | |
Debt Instrument [Line Items] | |
Basis points, tenor spread adjustment | 0.0026 |
Basis points, spread | 2.40% |
4.875% Subordinated Notes due 2025 | Other Subordinated Debt | |
Debt Instrument [Line Items] | |
Interest Rate | 4.875% |
Aggregate Principal Amount Issued | $ 100 |
Net Proceeds | 98 |
Carrying Value | $ 100 |
8.645% Fixed-To-Floating Rate Subordinated Notes due December 6, 2028 | Other Subordinated Debt | |
Debt Instrument [Line Items] | |
Interest Rate | 8.605% |
Aggregate Principal Amount Issued | $ 25 |
Net Proceeds | 26 |
Carrying Value | $ 24 |
8.645% Fixed-To-Floating Rate Subordinated Notes due December 6, 2028 | Other Subordinated Debt | SOFR | |
Debt Instrument [Line Items] | |
Basis points, tenor spread adjustment | 0.0026 |
Basis points, spread | 3.02% |
5.000% Fixed-To-Floating Rate Subordinated Note due May 29, 2030 | Other Subordinated Debt | |
Debt Instrument [Line Items] | |
Interest Rate | 5.00% |
Aggregate Principal Amount Issued | $ 25 |
Net Proceeds | 24 |
Carrying Value | $ 24 |
5.000% Fixed-To-Floating Rate Subordinated Note due May 29, 2030 | Other Subordinated Debt | SOFR | |
Debt Instrument [Line Items] | |
Basis points, spread | 4.64% |
BORROWINGS - Schedule of Junior Subordinated Debt Trusts (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 73 | $ 73 |
Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 77 | |
Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 3 | |
F.N.B. Statutory Trust II | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
Interest Rate | 7.24% | |
F.N.B. Statutory Trust II | SOFR | ||
Subordinated Borrowing [Line Items] | ||
Basis points | 1.65% | |
F.N.B. Statutory Trust II | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 22 | |
F.N.B. Statutory Trust II | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
Yadkin Valley Statutory Trust I | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 23 | |
Interest Rate | 6.91% | |
Yadkin Valley Statutory Trust I | SOFR | ||
Subordinated Borrowing [Line Items] | ||
Basis points | 1.32% | |
Yadkin Valley Statutory Trust I | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
Yadkin Valley Statutory Trust I | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
FNB Financial Services Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 23 | |
Interest Rate | 7.02% | |
FNB Financial Services Capital Trust I | SOFR | ||
Subordinated Borrowing [Line Items] | ||
Basis points | 1.46% | |
FNB Financial Services Capital Trust I | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 25 | |
FNB Financial Services Capital Trust I | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | 1 | |
Patapsco Statutory Trust I | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 5 | |
Interest Rate | 7.07% | |
Patapsco Statutory Trust I | SOFR | ||
Subordinated Borrowing [Line Items] | ||
Basis points | 1.48% | |
Patapsco Statutory Trust I | Trust Preferred Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 5 | |
Patapsco Statutory Trust I | Common Securities | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debt | $ 0 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Notional Amounts and Gross Fair Values (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 14,201.0 | $ 14,282.0 |
Derivative asset, not offset against collateral | 99.0 | 75.0 |
Derivative liability, not offset against collateral | 19.0 | 35.0 |
Derivative asset, not subject to master netting arrangement | 20.0 | 41.0 |
Derivative liability, not subject to master netting arrangement | 341.0 | 293.0 |
Fair value, asset | 119.0 | 116.0 |
Fair value, liability | 360.0 | 328.0 |
Interest rate contracts – designated | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not offset against collateral | 0.0 | 1.0 |
Derivative liability, not offset against collateral | 2.0 | 0.0 |
Interest rate swaps – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not offset against collateral | 99.0 | 74.0 |
Derivative liability, not offset against collateral | 17.0 | 35.0 |
Derivative asset, not subject to master netting arrangement | 17.0 | 35.0 |
Derivative liability, not subject to master netting arrangement | 341.0 | 289.0 |
Interest rate lock commitments – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 3.0 | 5.0 |
Derivative liability, not subject to master netting arrangement | 0.0 | 0.0 |
Forward delivery commitments – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, not subject to master netting arrangement | 0.0 | 1.0 |
Derivative liability, not subject to master netting arrangement | 0.0 | 4.0 |
Credit risk contracts – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 583.5 | |
Derivative asset, not subject to master netting arrangement | 0.0 | 0.0 |
Derivative liability, not subject to master netting arrangement | 0.0 | 0.0 |
Subject to master netting arrangements: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 7,345.0 | 7,460.0 |
Subject to master netting arrangements: | Interest rate contracts – designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 1,700.0 | 1,800.0 |
Subject to master netting arrangements: | Interest rate swaps – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 5,645.0 | 5,660.0 |
Not subject to master netting arrangements: | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 6,856.0 | 6,822.0 |
Not subject to master netting arrangements: | Interest rate swaps – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 5,645.0 | 5,660.0 |
Not subject to master netting arrangements: | Interest rate lock commitments – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 242.0 | 239.0 |
Not subject to master netting arrangements: | Forward delivery commitments – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 260.0 | 294.0 |
Not subject to master netting arrangements: | Credit risk contracts – not designated | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 709.0 | $ 629.0 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Amounts Reclassified from AOCI (Details) - Interest rate contracts - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ (12,000,000) | $ 5,000,000 |
Amount of Gain (Loss) Reclassified from AOCI into Income | 0 | 0 |
Interest income (expense) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Income | (9,000,000) | (4,000,000) |
Other income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Income | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Cash Flow Hedging on Income Statement (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Derivative [Line Items] | ||
Interest Income - Loans and Leases | $ 481,000,000 | $ 394,000,000 |
Interest Expense - Short-Term Borrowings | 28,000,000 | 10,000,000 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Amount of gain (loss) reclassified from AOCI into net income | 0 | 0 |
Interest rate contracts | Interest Income - Loans and Leases | ||
Derivative [Line Items] | ||
Amount of gain (loss) reclassified from AOCI into net income | (12,000,000) | (10,000,000) |
Interest rate contracts | Interest Expense - Short-Term Borrowings | ||
Derivative [Line Items] | ||
Amount of gain (loss) reclassified from AOCI into net income | $ 4,000,000 | $ 6,000,000 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Derivative [Line Items] | |||
Notional amount | $ 14,201,000,000 | $ 14,282,000,000 | |
Additional amount in excess of posted collateral required in case of breached agreements | $ 0 | 0 | |
Interest rate contracts | |||
Derivative [Line Items] | |||
Maximum length of time hedged in interest rate cash flow hedge | 2 years 1 month 6 days | ||
Period to reclassification of cash flow hedge gain loss | 12 months | ||
Derivative loss to be reclassified within twelve months | $ 37,800,000 | ||
Derivative loss to be reclassified within twelve months, net of tax | 29,400,000 | ||
Derivative gain or losses excluded from assessment of hedge effectiveness | 0 | ||
Amount of gain (loss) reclassified from AOCI into net income | 0 | $ 0 | |
Credit risk contracts | |||
Derivative [Line Items] | |||
Notional amount | 583,500,000 | ||
Maximum exposure under credit risk agreement assuming customer default | 100,000 | 100,000 | |
Credit risk derivatives, purchased at fair value | 100,000 | 200,000 | |
Credit risk derivatives, sold at fair value | $ 100,000 | $ 100,000 | |
Credit risk contracts | Minimum | |||
Derivative [Line Items] | |||
Risk participation agreements, term | 2 months | ||
Credit risk contracts | Maximum | |||
Derivative [Line Items] | |||
Risk participation agreements, term | 17 years |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Effect of Derivative Financial Instruments on Income Statement (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | $ 0 | $ 0 |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | 0 | 0 |
Forward delivery contracts | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | 4 | (1) |
Credit risk contracts | ||
Derivative [Line Items] | ||
Derivative financial instrument, net | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | $ 99 | $ 75 |
Financial Instruments | 0 | 0 |
Cash Collateral | 99 | 75 |
Net Amount | 0 | 0 |
Interest rate swaps – not designated | ||
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | 99 | 74 |
Financial Instruments | 0 | 0 |
Cash Collateral | 99 | 74 |
Net Amount | 0 | 0 |
Interest rate contracts – designated | ||
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | $ 0 | 1 |
Financial Instruments | 0 | |
Cash Collateral | 1 | |
Net Amount | $ 0 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | $ 19 | $ 35 |
Financial Instruments | 0 | 0 |
Cash Collateral | 19 | 35 |
Net Amount | 0 | 0 |
Interest rate swaps – not designated | ||
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | 17 | 35 |
Financial Instruments | 0 | 0 |
Cash Collateral | 17 | 35 |
Net Amount | 0 | 0 |
Interest rate contracts – designated | ||
Derivative [Line Items] | ||
Net Amount Presented in the Consolidated Balance Sheets | 2 | $ 0 |
Financial Instruments | 0 | |
Cash Collateral | 2 | |
Net Amount | $ 0 |
COMMITMENTS, CREDIT RISK AND CONTINGENCIES - Summary of Off-Balance Sheet Credit Risk Information (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 253 | $ 257 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Extended credit and standby letters of credit | $ 14,242 | $ 13,656 |
COMMITMENTS, CREDIT RISK AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands |
Feb. 05, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|---|
Loss Contingencies [Line Items] | |||
Percentage of commitments to extend credit dependent upon the financial condition of the customers | 76.40% | ||
Allowance for credit losses on loan commitments that are not unconditionally cancellable | $ 21,900 | $ 21,500 | |
Parent Company | Settled Litigation | Mortgage Loan Subsidies | |||
Loss Contingencies [Line Items] | |||
Period under investigation | 4 years | ||
Settlement amount | $ 11,750 |
STOCK INCENTIVE PLANS - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares available up to (in shares) | 7,397,956 | |
Common stock shares remaining available for awards under plan (in shares) | 1,816,061 | |
Unrecognized compensation expense | $ 9.0 | |
Performance- Based Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 1.0 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of units issued | 3 years | |
Restricted stock awards issued (in shares) | 546,838 | 470,173 |
Unrecognized compensation expense | $ 8.7 | |
Restricted Stock | Performance- Based Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards issued (in shares) | 328,104 | 282,106 |
STOCK INCENTIVE PLANS - Schedule of Restricted Stock Units Activity (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Units | ||
Shares, unvested units outstanding at end of period (in shares) | 3,484,138 | |
Restricted Stock | ||
Units | ||
Shares, unvested units outstanding at beginning of period (in shares) | 3,502,598 | 4,821,182 |
Shares, granted (in shares) | 546,838 | 470,173 |
Shares, net adjustment (in shares) | 320,315 | 288,800 |
Shares, vested (in shares) | (873,153) | (1,198,383) |
Shares, forfeited/expired/canceled (in shares) | (12,460) | (539,233) |
Shares, dividend reinvestment (in shares) | 0 | 37,587 |
Shares, unvested units outstanding at end of period (in shares) | 3,484,138 | 3,880,126 |
Weighted Average Grant Price per Share | ||
Weighted average grant price, invested units outstanding at beginning of period (USD per share) | $ 12.89 | $ 10.30 |
Weighted average grant price, granted (USD per share) | 14.00 | 15.06 |
Weighted average grant price, net adjusted (USD per share) | 0 | 8.04 |
Weighted average grant price, vested (USD per share) | 11.12 | 8.31 |
Weighted average grant price, forfeited/expired/canceled (USD per share) | 12.04 | 7.80 |
Weighted average grant price, dividend reinvestment (USD per share) | 0 | 12.48 |
Weighted average grant price, invested units outstanding at end of period (USD per share) | $ 13.04 | $ 11.69 |
STOCK INCENTIVE PLANS - Schedule of Certain Information Related to Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 9 | $ 11 |
Tax benefit related to stock-based compensation expense | 2 | 2 |
Fair value of units vested | $ 11 | $ 17 |
STOCK INCENTIVE PLANS - Schedule of Components of Restricted Stock Units (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 3,484,138 |
Unrecognized compensation expense | $ 9 |
Intrinsic value | $ 49 |
Weighted average remaining life (in years) | 1 year 8 months 15 days |
Service- Based Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 2,527,342 |
Unrecognized compensation expense | $ 8 |
Intrinsic value | $ 36 |
Weighted average remaining life (in years) | 1 year 7 months 28 days |
Performance- Based Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock units (in shares) | shares | 956,796 |
Unrecognized compensation expense | $ 1 |
Intrinsic value | $ 13 |
Weighted average remaining life (in years) | 1 year 9 months 29 days |
INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Current income taxes: | ||
Federal taxes | $ 17 | $ 31 |
State taxes | 2 | 2 |
Total current income taxes | 19 | 33 |
Deferred income taxes: | ||
Federal taxes | 13 | 2 |
State taxes | 2 | 0 |
Total deferred income taxes | 15 | 2 |
Income taxes | $ 34 | $ 35 |
Statutory federal tax rate | 21.00% | 21.00% |
Effective tax rate | 21.50% | 19.50% |
INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 110.1 | $ 120.8 |
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 6,050 | $ 5,653 |
Other comprehensive (loss) income before reclassifications | (22) | |
Amounts reclassified from AOCI | 7 | |
Other Comprehensive Income (Loss) | (15) | 42 |
Balance at end of period | 6,006 | 5,788 |
Unrealized Net Gains (Losses) on Debt Securities Available for Sale | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (160) | |
Other comprehensive (loss) income before reclassifications | (13) | |
Amounts reclassified from AOCI | 0 | |
Other Comprehensive Income (Loss) | (13) | |
Balance at end of period | (173) | |
Unrealized Net Gains (Losses) on Derivative Instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (33) | |
Other comprehensive (loss) income before reclassifications | (9) | |
Amounts reclassified from AOCI | 7 | |
Other Comprehensive Income (Loss) | (2) | |
Balance at end of period | (35) | |
Unrecognized Pension and Postretirement Obligations | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (42) | |
Other comprehensive (loss) income before reclassifications | 0 | |
Amounts reclassified from AOCI | 0 | |
Other Comprehensive Income (Loss) | 0 | |
Balance at end of period | (42) | |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (235) | (357) |
Balance at end of period | $ (250) | $ (315) |
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Net income | $ 122 | $ 147 |
Less: Preferred stock dividends | 6 | 2 |
Net income available to common stockholders | 116 | 145 |
Net income available to common stockholders | $ 116 | $ 145 |
Basic weighted average common shares outstanding (in shares) | 361,246,402 | 360,858,904 |
Net effect of dilutive stock options and restricted stock (in shares) | 1,372,876 | 4,071,384 |
Diluted weighted average common shares outstanding (in shares) | 362,619,278 | 364,930,288 |
Earnings per common share: | ||
Basic (USD per share) | $ 0.32 | $ 0.40 |
Diluted (USD per share) | $ 0.32 | $ 0.40 |
Average shares excluded from the diluted earnings per common share calculation (in shares) | 0 | 0 |
CASH FLOW INFORMATION - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid on deposits and other borrowings | $ 229 | $ 101 |
Transfers of loans to other real estate owned | 1 | 0 |
Loans transferred to portfolio from held for sale | $ 9 | $ 15 |
CASH FLOW INFORMATION - Additional Information (Details) - USD ($) |
Mar. 31, 2024 |
Mar. 31, 2023 |
---|---|---|
Supplemental Cash Flow Elements [Abstract] | ||
Restricted cash | $ 0 | $ 0 |
BUSINESS SEGMENTS - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
BUSINESS SEGMENTS - Schedule of Financial Information for Segments (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Segment Reporting Information [Line Items] | |||
Interest income | $ 543 | $ 444 | |
Interest expense | 224 | 107 | |
Net Interest Income | 319 | 337 | |
Provision for credit losses | 14 | 14 | |
Non-interest income | 88 | 79 | |
Non-interest expense | 233 | 215 | |
Amortization of intangibles | 4 | 5 | |
Income tax expense (benefit) | 34 | 35 | |
Net income (loss) | 122 | 147 | |
Total Assets | 45,896 | 44,146 | $ 46,158 |
Total intangibles | 2,542 | 2,561 | |
Operating Segments | Community Banking | |||
Segment Reporting Information [Line Items] | |||
Interest income | 542 | 442 | |
Interest expense | 218 | 98 | |
Net Interest Income | 324 | 344 | |
Provision for credit losses | 14 | 14 | |
Non-interest income | 62 | 55 | |
Non-interest expense | 211 | 195 | |
Amortization of intangibles | 4 | 5 | |
Income tax expense (benefit) | 34 | 38 | |
Net income (loss) | 123 | 147 | |
Total Assets | 45,639 | 43,998 | |
Total intangibles | 2,507 | 2,526 | |
Operating Segments | Wealth Management | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net Interest Income | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Non-interest income | 20 | 18 | |
Non-interest expense | 13 | 13 | |
Amortization of intangibles | 0 | 0 | |
Income tax expense (benefit) | 2 | 1 | |
Net income (loss) | 5 | 4 | |
Total Assets | 43 | 38 | |
Total intangibles | 9 | 9 | |
Operating Segments | Insurance | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Net Interest Income | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Non-interest income | 7 | 7 | |
Non-interest expense | 4 | 4 | |
Amortization of intangibles | 0 | 0 | |
Income tax expense (benefit) | 1 | 0 | |
Net income (loss) | 2 | 3 | |
Total Assets | 33 | 31 | |
Total intangibles | 26 | 26 | |
Parent and Other | |||
Segment Reporting Information [Line Items] | |||
Interest income | 1 | 2 | |
Interest expense | 6 | 9 | |
Net Interest Income | (5) | (7) | |
Provision for credit losses | 0 | 0 | |
Non-interest income | (1) | (1) | |
Non-interest expense | 5 | 3 | |
Amortization of intangibles | 0 | 0 | |
Income tax expense (benefit) | (3) | (4) | |
Net income (loss) | (8) | (7) | |
Total Assets | 181 | 79 | |
Total intangibles | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
|||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | $ 3,226 | $ 3,254 | |||
Loans held for sale | 93 | 150 | [1] | ||
Loans receivable | 46 | 45 | |||
Derivative financial instruments | 119 | 116 | |||
Derivative financial instruments | 360 | 328 | |||
U.S. Treasury | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 123 | 420 | |||
U.S. government agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 72 | 79 | |||
U.S. government-sponsored entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 272 | 223 | |||
Agency MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 894 | 752 | |||
Agency collateralized mortgage obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 793 | 832 | |||
Agency commercial MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 1,005 | 884 | |||
States of the U.S. and political subdivisions (municipals) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 27 | 27 | |||
Other debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 40 | 37 | |||
Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 123 | 420 | |||
Loans receivable | 0 | 0 | |||
Derivative financial instruments | 0 | 0 | |||
Derivative financial instruments | 0 | 0 | |||
Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 3,103 | 2,834 | |||
Loans receivable | 93 | 150 | |||
Derivative financial instruments | 116 | 111 | |||
Derivative financial instruments | 360 | 328 | |||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Loans receivable | 30,498 | 30,491 | |||
Derivative financial instruments | 3 | 5 | |||
Derivative financial instruments | 0 | 0 | |||
Fair Value, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 3,226 | 3,254 | |||
Loans held for sale | 93 | 150 | |||
Loans receivable | 46 | ||||
Derivative financial instruments | 119 | 116 | |||
Total assets measured at fair value on a recurring basis | 3,484 | 3,520 | |||
Derivative financial instruments | 360 | 328 | |||
Total liabilities measured at fair value on a recurring basis | 360 | 328 | |||
Fair Value, Recurring | U.S. Treasury | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 123 | 420 | |||
Fair Value, Recurring | U.S. government agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 72 | 79 | |||
Fair Value, Recurring | U.S. government-sponsored entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 272 | 223 | |||
Fair Value, Recurring | Agency MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 894 | 752 | |||
Fair Value, Recurring | Agency collateralized mortgage obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 793 | 832 | |||
Fair Value, Recurring | Agency commercial MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 1,005 | 884 | |||
Fair Value, Recurring | States of the U.S. and political subdivisions (municipals) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 27 | 27 | |||
Fair Value, Recurring | Other debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 40 | 37 | |||
Fair Value, Recurring | Trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 357 | 324 | |||
Fair Value, Recurring | Not for trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 3 | 4 | |||
Fair Value, Recurring | Trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 115 | 109 | |||
Fair Value, Recurring | Not for trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 4 | 7 | |||
Fair Value, Recurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 123 | 420 | |||
Loans held for sale | 0 | 0 | |||
Loans receivable | 0 | ||||
Derivative financial instruments | 0 | 0 | |||
Total assets measured at fair value on a recurring basis | 123 | 420 | |||
Derivative financial instruments | 0 | 0 | |||
Total liabilities measured at fair value on a recurring basis | 0 | 0 | |||
Fair Value, Recurring | Level 1 | U.S. Treasury | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 123 | 420 | |||
Fair Value, Recurring | Level 1 | U.S. government agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 1 | U.S. government-sponsored entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 1 | Agency MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 1 | Agency collateralized mortgage obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 1 | Agency commercial MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 1 | States of the U.S. and political subdivisions (municipals) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 1 | Other debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 1 | Trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 0 | 0 | |||
Fair Value, Recurring | Level 1 | Not for trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 0 | 0 | |||
Fair Value, Recurring | Level 1 | Trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 0 | 0 | |||
Fair Value, Recurring | Level 1 | Not for trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 0 | 0 | |||
Fair Value, Recurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 3,103 | 2,834 | |||
Loans held for sale | 93 | 150 | |||
Loans receivable | 0 | ||||
Derivative financial instruments | 116 | 111 | |||
Total assets measured at fair value on a recurring basis | 3,312 | 3,095 | |||
Derivative financial instruments | 360 | 328 | |||
Total liabilities measured at fair value on a recurring basis | 360 | 328 | |||
Fair Value, Recurring | Level 2 | U.S. Treasury | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 2 | U.S. government agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 72 | 79 | |||
Fair Value, Recurring | Level 2 | U.S. government-sponsored entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 272 | 223 | |||
Fair Value, Recurring | Level 2 | Agency MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 894 | 752 | |||
Fair Value, Recurring | Level 2 | Agency collateralized mortgage obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 793 | 832 | |||
Fair Value, Recurring | Level 2 | Agency commercial MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 1,005 | 884 | |||
Fair Value, Recurring | Level 2 | States of the U.S. and political subdivisions (municipals) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 27 | 27 | |||
Fair Value, Recurring | Level 2 | Other debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 40 | 37 | |||
Fair Value, Recurring | Level 2 | Trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 357 | 324 | |||
Fair Value, Recurring | Level 2 | Not for trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 3 | 4 | |||
Fair Value, Recurring | Level 2 | Trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 115 | 109 | |||
Fair Value, Recurring | Level 2 | Not for trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 1 | 2 | |||
Fair Value, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Loans held for sale | 0 | 0 | |||
Loans receivable | 46 | ||||
Derivative financial instruments | 3 | 5 | |||
Total assets measured at fair value on a recurring basis | 49 | 5 | |||
Derivative financial instruments | 0 | 0 | |||
Total liabilities measured at fair value on a recurring basis | 0 | 0 | |||
Fair Value, Recurring | Level 3 | U.S. Treasury | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 3 | U.S. government agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 3 | U.S. government-sponsored entities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 3 | Agency MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 3 | Agency collateralized mortgage obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 3 | Agency commercial MBS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 3 | States of the U.S. and political subdivisions (municipals) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 3 | Other debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt securities available for sale | 0 | 0 | |||
Fair Value, Recurring | Level 3 | Trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 0 | 0 | |||
Fair Value, Recurring | Level 3 | Not for trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 0 | 0 | |||
Fair Value, Recurring | Level 3 | Trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | 0 | 0 | |||
Fair Value, Recurring | Level 3 | Not for trading | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative financial instruments | $ 3 | $ 5 | |||
|
FAIR VALUE MEASUREMENTS - Schedule of Rollforward on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 5 | $ 0 |
Purchases, issuances, sales and settlements: | ||
Issuances | 3 | 6 |
Settlements | (5) | (1) |
Transfers into Level 3 | 46 | |
Balance at end of period | 49 | 5 |
Other Debt Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Purchases, issuances, sales and settlements: | ||
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 0 | |
Balance at end of period | 0 | 0 |
Loans Receivable | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Purchases, issuances, sales and settlements: | ||
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers into Level 3 | 46 | |
Balance at end of period | 46 | 0 |
Interest Rate Lock Commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 5 | 0 |
Purchases, issuances, sales and settlements: | ||
Issuances | 3 | 6 |
Settlements | (5) | (1) |
Transfers into Level 3 | 0 | |
Balance at end of period | $ 3 | $ 5 |
FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Fair Value Measurements Disclosure [Line Items] | ||
Collateral dependent loans, allowance for credit loss | $ 2,500,000 | |
Provision for fair value measurements included in allowance for loan losses | 2,500,000 | |
Fair Value, Recurring | ||
Fair Value Measurements Disclosure [Line Items] | ||
Transfer into (from) level 3 | 46,500,000 | $ 0 |
Fair Value, Nonrecurring | ||
Fair Value Measurements Disclosure [Line Items] | ||
Collateral dependent loans carrying value | 29,400,000 | |
Fair Value, Nonrecurring | Mortgage Servicing Rights | ||
Fair Value Measurements Disclosure [Line Items] | ||
Loan servicing rights | 600,000 | |
Valuation allowance for impairment of recognized servicing assets | 0 | |
Fair Value, Nonrecurring | Mortgage Servicing Rights | Provision Expense | ||
Fair Value Measurements Disclosure [Line Items] | ||
Valuation allowance for impairment of recognized servicing assets, provision | $ 200,000 |
FAIR VALUE MEASUREMENTS - Schedule of Non-Recurring Basis Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Mortgage Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | $ 75.2 | $ 71.8 | $ 67.8 | $ 68.6 |
Fair Value, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 29.0 | 35.0 | ||
Indirect installment loans held for sale | 338.0 | |||
Other real estate owned | 2.0 | |||
Fair Value, Nonrecurring | Mortgage Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 1.0 | 12.0 | ||
Fair Value, Nonrecurring | SBA-Guaranteed Loan Servicing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 1.0 | |||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0.0 | 0.0 | ||
Level 1 | Fair Value, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 0.0 | 0.0 | ||
Indirect installment loans held for sale | 0.0 | |||
Other real estate owned | 0.0 | |||
Level 1 | Fair Value, Nonrecurring | Mortgage Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0.0 | 0.0 | ||
Level 1 | Fair Value, Nonrecurring | SBA-Guaranteed Loan Servicing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0.0 | |||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0.0 | 0.0 | ||
Level 2 | Fair Value, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 0.0 | 0.0 | ||
Indirect installment loans held for sale | 0.0 | |||
Other real estate owned | 0.0 | |||
Level 2 | Fair Value, Nonrecurring | Mortgage Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0.0 | 0.0 | ||
Level 2 | Fair Value, Nonrecurring | SBA-Guaranteed Loan Servicing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 0.0 | |||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | 77.0 | 73.0 | ||
Level 3 | Fair Value, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 29.0 | 35.0 | ||
Indirect installment loans held for sale | 338.0 | |||
Other real estate owned | 2.0 | |||
Level 3 | Fair Value, Nonrecurring | Mortgage Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | $ 1.0 | 12.0 | ||
Level 3 | Fair Value, Nonrecurring | SBA-Guaranteed Loan Servicing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets | $ 1.0 |
FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | $ 3,226 | $ 3,254 |
Debt securities held to maturity | 3,547 | 3,593 |
Net loans and leases, including loans held for sale | 46 | 45 |
Derivative assets | 119 | 116 |
Long-term borrowings | 616 | |
Derivative liabilities | 360 | 328 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,487 | 1,576 |
Debt securities available for sale | 123 | 420 |
Debt securities held to maturity | 0 | 0 |
Net loans and leases, including loans held for sale | 0 | 0 |
Loan servicing rights | 0 | 0 |
Derivative assets | 0 | 0 |
Accrued interest receivable | 175 | 160 |
Deposits | 28,050 | 28,496 |
Short-term borrowings | 2,103 | 2,505 |
Long-term borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 64 | 69 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 3,103 | 2,834 |
Debt securities held to maturity | 3,547 | 3,593 |
Net loans and leases, including loans held for sale | 93 | 150 |
Loan servicing rights | 0 | 0 |
Derivative assets | 116 | 111 |
Accrued interest receivable | 0 | 0 |
Deposits | 6,629 | 6,158 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 1,386 | 1,192 |
Derivative liabilities | 360 | 328 |
Accrued interest payable | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 0 | 0 |
Debt securities held to maturity | 0 | 0 |
Net loans and leases, including loans held for sale | 30,498 | 30,491 |
Loan servicing rights | 77 | 73 |
Derivative assets | 3 | 5 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 772 | 736 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,487 | 1,576 |
Debt securities available for sale | 3,226 | 3,254 |
Debt securities held to maturity | 3,893 | 3,911 |
Net loans and leases, including loans held for sale | 32,285 | 32,405 |
Loan servicing rights | 64 | 61 |
Derivative assets | 119 | 116 |
Accrued interest receivable | 175 | 160 |
Deposits | 34,735 | 34,711 |
Short-term borrowings | 2,074 | 2,506 |
Long-term borrowings | 2,121 | 1,971 |
Derivative liabilities | 360 | 328 |
Accrued interest payable | 64 | 69 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,487 | 1,576 |
Debt securities available for sale | 3,226 | 3,254 |
Debt securities held to maturity | 3,547 | 3,593 |
Net loans and leases, including loans held for sale | 30,591 | 30,641 |
Loan servicing rights | 77 | 73 |
Derivative assets | 119 | 116 |
Accrued interest receivable | 175 | 160 |
Deposits | 34,679 | 34,654 |
Short-term borrowings | 2,103 | 2,505 |
Long-term borrowings | 2,158 | 1,928 |
Derivative liabilities | 360 | 328 |
Accrued interest payable | $ 64 | $ 69 |
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