Mission Statement, Vision, & Core Values (2024) of F.N.B. Corporation (FNB).

An Overview of F.N.B. Corporation (FNB)

General Summary of F.N.B. Corporation (FNB)

F.N.B. Corporation, founded in 1975, is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It operates through its principal subsidiary, First National Bank of Pennsylvania, and offers a comprehensive range of banking and financial services. The company provides commercial banking, consumer banking, wealth management, and insurance services to individual and business clients. As of 2024, FNB has expanded its footprint, serving clients in multiple states across the Mid-Atlantic and Midwest regions of the United States.

FNB's product offerings include:

• Commercial banking solutions such as corporate banking, small business banking, and investment real estate financing.
• Consumer banking products including deposit accounts, mortgage lending, and consumer loans.
• Wealth management services, including investment advisory and fiduciary services.
• Insurance services offering a full range of commercial and personal insurance products.

As of 2024, F.N.B. Corporation reported total sales of approximately $1.1 billion, reflecting its robust operational capabilities and market presence.

Company's Financial Performance in the Latest Financial Reports

For the second quarter of 2024, F.N.B. Corporation reported net income available to common stockholders of $123.0 million, or $0.34 per diluted common share, compared to $140.4 million, or $0.39 per diluted common share, in the same period of 2023. The company's financial highlights are summarized in the following table:

FNB's net interest income decreased by $13.4 million, primarily due to increased deposit costs and higher total average borrowings. However, non-interest income increased by $7.6 million, driven by higher service charges and mortgage banking income. The provision for credit losses was $20.2 million, supporting strong loan growth. The efficiency ratio stood at 54.4%, reflecting a strategic focus on cost management despite rising expenses.

Introduction to F.N.B. Corporation as an Industry Leader

F.N.B. Corporation is recognized as a leading player in the financial services industry, with a strong emphasis on customer service and innovation. The company's strategic initiatives, such as investments in technology and community engagement, have positioned it favorably to capture market share and enhance customer loyalty. FNB continues to adapt to changing market conditions while maintaining a solid capital position, as indicated by a Common Equity Tier 1 (CET1) capital ratio of 10.2% as of June 30, 2024.

As of mid-2024, F.N.B. Corporation's commitment to growth and stability makes it a company to watch in the banking sector. The continuous improvement in its financial metrics and market strategies illustrates why FNB remains a competitive and respected institution in the financial landscape.

Mission Statement of F.N.B. Corporation (FNB)

Mission Statement of F.N.B. Corporation (FNB)

The mission statement of F.N.B. Corporation (FNB) is a critical element that guides the company’s long-term objectives and strategic direction. It reflects the core purpose of the organization and serves as a foundation for decision-making processes across all levels of the company.

Core Component 1: Customer Commitment

F.N.B. Corporation emphasizes a strong commitment to customer service, aiming to provide exceptional banking experiences tailored to the needs of its diverse clientele. In 2024, FNB reported a customer satisfaction score of 92%, indicating strong approval of its service offerings. This level of commitment is evident through various initiatives, including personalized banking solutions and enhanced digital services, which aim to improve customer engagement and satisfaction.

Core Component 2: Community Engagement

F.N.B. Corporation actively engages with the communities it serves, focusing on economic development and social responsibility. In 2024, FNB invested over $5 million in community development initiatives, including affordable housing projects and financial literacy programs. This investment not only enhances the bank’s reputation but also strengthens its relationships within the communities, fostering trust and loyalty among customers.

Core Component 3: Innovation and Growth

Innovation is at the heart of F.N.B.'s mission, driving the development of new products and services that meet evolving customer needs. In the second quarter of 2024, FNB launched its new eStore® platform, which resulted in a 15% increase in online transactions compared to the previous quarter. Additionally, the bank's total loans and leases reached $33.8 billion, reflecting a year-over-year growth rate of 4.4%, driven by innovative lending solutions and enhanced customer access to credit.

Vision Statement of F.N.B. Corporation (FNB)

Vision Statement Overview

The vision statement of F.N.B. Corporation (FNB) as of 2024 emphasizes a commitment to being a leading financial services provider that enhances the economic vitality of the communities it serves. FNB aims to combine innovative solutions with a dedicated customer-centric approach to build lasting relationships.

Commitment to Innovation

F.N.B. Corporation is focused on leveraging technology and innovation to enhance customer experience and operational efficiency. In 2024, FNB has invested significantly in digital banking solutions, including the expansion of its eStore® platform, which has contributed to a 3.6% increase in loan growth and a 0.7% increase in deposits compared to the previous quarter.

Customer-Centric Approach

FNB prioritizes a customer-first philosophy, which is evident in its robust service offerings across community banking, wealth management, and insurance segments. The corporation reported non-interest income of $87.9 million in the second quarter of 2024, reflecting its diversified business model and dedication to meeting customer needs.

Community Engagement

F.N.B. Corporation's vision includes a strong commitment to community engagement and economic development. The company aims to support local initiatives and foster economic growth through various programs. As of June 30, 2024, approximately 78% of FNB's deposits were insured by the FDIC or collateralized, ensuring stability and trust within the communities it serves.

Financial Stability and Growth

Financial stability is a cornerstone of FNB's vision. As of June 30, 2024, the corporation maintained a tangible common equity ratio near 8% and a CET1 regulatory capital ratio of 10.2%, demonstrating robust capital strength to support continued growth. This financial foundation is critical as FNB seeks to expand its market share and enhance its service offerings.

Long-Term Vision

F.N.B. Corporation’s long-term vision is to maintain its status as a trusted partner in financial services while adapting to the evolving needs of its customers and communities. Continuous investment in technology and a focus on sustainable practices will be pivotal in achieving this vision.

Core Values of F.N.B. Corporation (FNB)

Core Value: Integrity

Integrity is fundamental to F.N.B. Corporation's operations, ensuring that all actions taken reflect honesty and transparency. This core value drives the company to uphold ethical standards in all business dealings.

F.N.B. demonstrates its commitment to integrity through rigorous compliance programs and transparent reporting practices. For instance, the company has maintained robust governance structures, including regular audits and assessments, to ensure adherence to regulatory standards. As of June 30, 2024, F.N.B. reported a non-performing loan ratio of just 0.33%, reflecting its proactive approach to risk management and ethical lending practices.

Core Value: Customer Focus

Customer focus emphasizes the importance of understanding and meeting customer needs. F.N.B. Corporation prioritizes customer satisfaction and strives to enhance the customer experience across all service channels.

In 2024, F.N.B. launched several initiatives aimed at improving customer engagement. One notable program is the eStore®, which offers streamlined online banking services. The bank reported an increase in non-interest income, reaching $87.9 million in Q2 2024, which can be partly attributed to enhanced customer service offerings.

Core Value: Innovation

Innovation is crucial for F.N.B. to maintain a competitive edge in the financial services industry. The company invests in technology and new solutions to improve operational efficiency and customer service.

In 2024, F.N.B. increased its investment in digital banking technologies, leading to a 3.6% growth in loans quarter-over-quarter. The bank's commitment to innovation is evident in its adoption of advanced analytics to enhance customer insights and drive product development.

Core Value: Community Engagement

Community engagement reflects F.N.B. Corporation's commitment to giving back to the communities it serves. The bank actively participates in local initiatives and supports various charitable organizations.

For instance, in 2024, F.N.B. contributed over $1 million to community development projects and local charities, reinforcing its role as a community leader. The bank's employees also volunteered over 5,000 hours in community service during the year.

Core Value: Accountability

Accountability is essential for fostering trust and responsibility within F.N.B. Corporation. The company holds itself accountable to stakeholders through transparent practices and regular performance assessments.

F.N.B.'s tangible common equity ratio remained strong at approximately 8% as of June 30, 2024, underscoring its commitment to maintaining financial stability and accountability to shareholders.