PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

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

TABLE 27.1


Balance Sheets (in millions) December 31	2023		2022
Assets
Cash and cash equivalents	$	375	$	662

Other assets	98		21
Investment in bank subsidiary	6,014		5,762
Investments in and advances to non-bank subsidiaries	572		481
Total Assets	$	7,059	$	6,926
Liabilities
Other liabilities	$	110	$	45
Advances from affiliates	197		197
Long-term borrowings	695		1,023
Subordinated notes:
Short-term	6		7
Long-term	1		1
Total Liabilities	1,009		1,273
Stockholders’ Equity	6,050		5,653
Total Liabilities and Stockholders’ Equity	$	7,059	$	6,926

TABLE 27.2


Statements of Income (in millions) Year Ended December 31	2023		2022		2021
Income
Dividend income from subsidiaries:
Bank	$	382	$	254	$	215
Non-bank	3		6		5
	385		260		220
Interest income	16		16		13
Other income	1		—		—
Total Income	402		276		233
Expenses
Interest expense	47		34		25
Other expenses	21		17		17
Total Expenses	68		51		42
Income Before Taxes and Equity in Undistributed Income of Subsidiaries	334		225		191
Income tax benefit	15		9		7
	349		234		198
Equity in undistributed income of subsidiaries:
Bank	130		200		207
Non-bank	6		5		—
Net Income	$	485	$	439	$	405

TABLE 27.3


Statements of Cash Flows (in millions) Year Ended December 31	2023		2022		2021
Operating Activities
Net income	$	485	$	439	$	405
Adjustments to reconcile net income to net cash flows from operating activities:
Undistributed earnings from subsidiaries	(136)		(203)		(207)
Other, net	(4)		—		(2)
Net cash flows provided by operating activities	345		236		196
Investing Activities

Net increase in advances to subsidiaries	(75)		(18)		(78)
Payment for further investment in subsidiaries	(9)		3		(12)
Increase in premises and equipment	(8)		—		—
Net cash received in business combinations	—		9		—
Net cash flows used in investing activities	(92)		(6)		(90)
Financing Activities


Decrease in long-term debt	(331)		(3)		(2)
Increase in long-term debt	2		351		2
Other, net	(29)		(32)		(27)

Cash dividends paid:
Preferred stock	(8)		(8)		(8)
Common stock	(174)		(171)		(156)
Net cash flows provided by (used in) financing activities	(540)		137		(191)
Net Increase (Decrease) in Cash and Cash Equivalents	(287)		367		(85)
Cash and cash equivalents at beginning of year	662		295		380
Cash and Cash Equivalents at End of Year	$	375	$	662	$	295
Cash paid during the year for:
Interest	$	48	$	34	$	25