What changed in this filing

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Item 1. Financial Statements

2025-11-05 compared with 2025-08-06 · 199 added, 163 removed, 1448 unchanged (20% of the section changed)

3 unchanged sentences

(Dollars in millions, except share and per share data)

September 30,

2025 December 31,

44 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

49 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

3 unchanged sentences

Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $ 3 , $ 21 , $ 18 and $ 18

19 2 52 ( 11 )

Derivative instruments:

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Income (Loss) Treasury

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Balance at beginning of period $ 4 $ 4,690 $ 1,820 $ ( 243 ) $ ( 181 ) $ 6,090

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Issuance of common stock — ( 1 ) — 1 —

Repurchase of common stock ( 3 ) ( 3 )

Restricted stock compensation 4 4

Balance at end of period $ 4 $ 4,693 $ 1,886 $ ( 154 ) $ ( 180 ) $ 6,249

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Balance at beginning of period $ 4 $ 4,691 $ 2,112 $ ( 92 ) $ ( 191 ) $ 6,524

11 unchanged sentences

Income (Loss) Treasury

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Balance at beginning of period $ 107 $ 4 $ 4,692 $ 1,669 $ ( 235 ) $ ( 187 ) $ 6,050

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Balance at end of period $ — $ 4 $ 4,693 $ 1,886 $ ( 154 ) $ ( 180 ) $ 6,249

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Balance at beginning of period $ — $ 4 $ 4,695 $ 1,952 $ ( 169 ) $ ( 180 ) $ 6,302

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(In millions)

Six Months Ended

Nine Months Ended

September 30,

Operating Activities

44 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

September 30, 2025

The terms “FNB,” “the Corporation,” “we,” “us” and “our” throughout this Report mean F.N.B.

10 unchanged sentences

and Charleston, South Carolina.

As of June 30, 2025, we had 351 branches throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington D.C.

As of September 30, 2025, we had 354 branches throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington D.C.

and Virginia.

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Such reclassifications had no impact on our net income and shareholders' equity.

Events occurring subsequent to June 30, 2025 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.

Events occurring subsequent to September 30, 2025 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.

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Standard Description Financial Statements Impact

ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software:

Targeted Improvements to the Accounting of Internal-Use Software This Update removes reference to software development project stages and requires entities to start capitalizing software costs when both of the following occur:

(1) management has authorized and committed funds to the software project and (2) it is probable the project will be completed and the software will be used to perform the intended function.

This Update is to be applied prospectively for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods.

Early adoption is permitted as of the beginning of an annual reporting period.

Modified transition and retrospective approaches are permitted.

We are currently evaluating the effect of this Update, and the adoption of this ASU is not expected to have a material impact on our consolidated financial statements.

Income Statement

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(1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (DD&A).

Additionally, this Update also requires entities to disclose selling expense on both an annual and interim bases.

Additionally, this Update also requires entities to disclose selling expense on both an annual and interim basis.

This Update does not change the requirements for the presentation of expenses on the face of the income statement.

4 unchanged sentences

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 June 30, 2025 and December 31, 2024.

Accrued interest receivable on AFS debt securities totaled $ 14.7 million at June 30, 2025 and $ 14.3 million at December 31, 2024, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets.

There was no ACL associated with the AFS portfolio at September 30, 2025 and December 31, 2024.

Accrued interest receivable on AFS debt securities totaled $ 14.1 million at September 30, 2025 and $ 14.3 million at December 31, 2024, 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.

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Debt Securities AFS:

June 30, 2025

September 30, 2025

Treasury $ 274 $ 2 $ — $ 276

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The amortized cost and fair value of HTM debt securities are presented in the following table.

The ACL for the HTM portfolio was $ 0.19 million and $ 0.25 million at June 30, 2025 and December 31, 2024, respectively.

Accrued interest receivable on HTM debt securities totaled $ 15.2 million and $ 14.6 million at June 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets.

The ACL for the HTM portfolio was $ 0.15 million and $ 0.25 million at September 30, 2025 and December 31, 2024, respectively.

Accrued interest receivable on HTM debt securities totaled $ 14.4 million and $ 14.6 million at September 30, 2025 and December 31, 2024, 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.

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Debt Securities HTM:

June 30, 2025

September 30, 2025

Treasury $ 1 $ — $ — $ 1

GSE 30 — — 30

Residential MBS:

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Total debt securities HTM $ 3,979 $ 3 $ ( 338 ) $ 3,644

There were no significant gross gains or gross losses realized on investment securities during the six months ended June 30, 2025 or 2024.

There were no significant gross gains or gross losses realized on investment securities during the nine months ended September 30, 2025 or 2024.

Net unrealized losses on the AFS and HTM portfolios are primarily due to the increase in market interest rates since the time of purchase, with 86.2 % of these securities backed or sponsored by the U.S.

government as of June 30, 2025.

As of June 30, 2025, the amortized cost and fair value of debt securities, by contractual maturities, were as follows:

government as of September 30, 2025.

As of September 30, 2025, the amortized cost and fair value of debt securities, by contractual maturities, were as follows:

Available for Sale Held to Maturity

14 unchanged sentences

Following is information relating to investment securities pledged:

(dollars in millions) June 30,

(dollars in millions) September 30,

2025 December 31,

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Debt Securities AFS

June 30, 2025

September 30, 2025

government agencies 7 $ 12 $ — 10 $ 19 $ — 17 $ 31 $ —

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Total 43 $ 1,104 $ ( 10 ) 213 $ 1,670 $ ( 148 ) 256 $ 2,774 $ ( 158 )

We evaluated the AFS debt securities that were in an unrealized loss position at June 30, 2025.

We evaluated the AFS debt securities that were in an unrealized loss position at September 30, 2025.

Based on the credit ratings and/or 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.

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Department of the Treasury, 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 June 30, 2025 is highly rated with an average rating of AA and 98 % of the portfolio is rated A or better.

Our municipal bond portfolio, with a carrying amount of $ 1.0 billion as of September 30, 2025 is highly rated with an average rating of AA and 98 % of the portfolio is rated A or better.

All of the investment securities in the municipal portfolio are general obligation bonds.

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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 $ 52.4 million as of June 30, 2025 consists of debentures of banks and bank holding companies.

Our corporate bond portfolio, with a carrying amount of $ 57.3 million as of September 30, 2025 consists of debentures of banks and bank holding companies.

The average holding size of the securities in the corporate bond portfolio is $ 3.4 million.

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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 June 30, 2025 and 2024, we had no significant provision expense and no charge-offs or recoveries for the investment securities portfolio.

The ACL on the HTM portfolio was $ 0.19 million, consisting of $ 0.07 million relating to the municipal bond portfolio and $ 0.12 million relating to other debt securities, as of June 30, 2025, and $ 0.07 million relating to the municipal bond portfolio and $ 0.18 million relating to other debt securities as of December 31, 2024.

The AFS securities portfolios did no t have an ACL at June 30, 2025 or December 31, 2024 and there were no investment securities that were past due or on non-accrual at either date.

For the year-to-date periods ending September 30, 2025 and 2024, we had no significant provision expense and no charge-offs or recoveries for the investment securities portfolio.

The ACL on the HTM portfolio was $ 0.15 million, consisting of $ 0.07 million relating to the municipal bond portfolio and $ 0.09 million relating to other debt securities, as of September 30, 2025, and $ 0.07 million relating to the municipal bond portfolio and $ 0.18 million relating to other debt securities as of December 31, 2024.

The AFS securities portfolios did no t have an ACL at September 30, 2025 or December 31, 2024 and there were no investment securities that were past due or on non-accrual at either date.

LOANS AND LEASES

Accrued interest receivable on loans and leases, which totaled $ 124.7 million at June 30, 2025 and $ 128.4 million at December 31, 2024, 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.

Accrued interest receivable on loans and leases, which totaled $ 126.8 million at September 30, 2025 and $ 128.4 million at December 31, 2024, 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:

(in millions) June 30, 2025 December 31, 2024

(in millions) September 30, 2025 December 31, 2024

Commercial real estate $ 12,568 $ 12,705

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Total loans and leases, net of unearned income $ 34,957 $ 33,939

The remaining accretable discount included in the amortized cost of acquired loans was $ 25.4 million and $ 31.6 million at June 30, 2025 and December 31, 2024, respectively.

The remaining accretable discount included in the amortized cost of acquired loans was $ 22.9 million and $ 31.6 million at September 30, 2025 and December 31, 2024, 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:

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The following table shows occupancy information relating to commercial real estate loans:

September 30,

2025 December 31,

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(in millions) 2025 2024 2023 2022 2021 Prior Revolving Loans Amortized Cost Basis Total

June 30, 2025

September 30, 2025

Commercial Real Estate:

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(in millions) 2025 2024 2023 2022 2021 Prior Revolving Loans Amortized Cost Basis Total

June 30, 2025

September 30, 2025

Direct Installment:

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Leases Non-accrual with No ACL

June 30, 2025

September 30, 2025

Commercial real estate $ 10 $ — $ 59 $ 69 $ 12,499 $ 12,568 $ 13

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Following is a summary of non-performing assets:

(dollars in millions) June 30,

(dollars in millions) September 30,

2025 December 31,

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Non-performing assets plus 90 days or more past due / total loans and leases plus OREO

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 $ 1.1 million at June 30, 2025 and $ 1.2 million at December 31, 2024.

The recorded investment of residential-secured consumer OREO for which formal foreclosure proceedings are in process at June 30, 2025 and December 31, 2024 totaled $ 17.1 million and $ 10.6 million, respectively.

Approximately $ 178.3 million of commercial loans are collateral dependent at June 30, 2025.

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 $ 0.9 million at September 30, 2025 and $ 1.2 million at December 31, 2024.

The recorded investment of residential-secured consumer OREO for which formal foreclosure proceedings are in process at September 30, 2025 and December 31, 2024 totaled $ 14.2 million and $ 10.6 million, respectively.

Approximately $ 138.7 million of commercial loans are collateral dependent at September 30, 2025.

Repayment is expected to be substantially made through the operation or sale of the collateral on the loan.

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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 $ 0.04 million and $ 0.05 million at June 30, 2025 and June 30, 2024, respectively, and is excluded from the amortized cost of loan modifications in the tables that follow.

Accrued interest receivable on loan modifications totaled $ 0.08 million and $ 0.07 million at September 30, 2025 and September 30, 2024, 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 during the period 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:

(dollars in millions) Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Term Extension

Commercial real estate $ 1.0 0.01 % The modified loans had an average increase in term of 10 months,

extending the maturity date.

Commercial and industrial 0.3 — The modified loans had an average increase in term of 72 months, extending the maturity date.

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Consumer lines of credit 0.2 0.01 The modified loans had an average increase in term of 129 months extending the maturity date.

Commercial real estate 1.3 0.01 The majority resulted in a 3 -month deferral on principal payments.

Commercial and industrial 0.9 0.01 The majority resulted in a 3 -month deferral on principal payments.

Term Extension and Rate Reduction

Residential mortgages 0.7 0.01 Multiple modifications were made with no material financial effect.

Commercial real estate 0.8 0.01 Multiple modifications were made with no material financial effect.

Commercial and industrial 1.3 0.02 Multiple modifications were made with no material financial effect.

Total Outstanding Modified $ 5.4

Six Months Ended June 30, 2025

(dollars in millions) Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect

Nine Months Ended September 30, 2025

Term Extension

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Term Extension and Rate Reduction

Commercial and industrial 0.1 — Multiple modifications were made with no material financial effect.

Residential mortgages 1.9 0.02 The term was extended, with weighted average yield reductions of 100 basis points to 475 basis points with extensions up to 28 years.

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(dollars in millions) Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Term Extension

Commercial real estate $ 0.3 — % The modified loans had an average increase in term of 7 months, extending the maturity date.

Direct installment 0.1 — The modified loans had an average increase in term of 19 months, extending the maturity date.

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Residential mortgages 0.1 — Multiple modifications were made with no material financial effect.

Consumer lines of credit 0.2 0.02 Multiple modifications were made with no material financial effect.

Commercial real estate 0.1 — 3 to 9 month payment deferrals with no income being earned on these loans.

Balloon Payment

Commercial real estate 0.1 — Modifications were made with no material financial effect.

Commercial real estate 0.5 — Reduction of cash flow due to lower payments.

Total Outstanding Modified $ 2.2

Six Months Ended June 30, 2024

(dollars in millions) Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect

Nine Months Ended September 30, 2024

Term Extension

Commercial real estate $ 0.3 — % The modified loans had an average increase in term of 7 months, extending the maturity date.

Commercial and industrial 0.1 — The modified loans had an average increase in term of 3 months, extending the maturity date.

Direct installment 1.0 0.04 The modified loans had an average increase in term of 51 months, extending the maturity date.

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Term Extension and Rate Reduction

Commercial real estate 0.9 0.01 Multiple modifications were made with no material financial effect.

Residential mortgages 0.8 0.01 Multiple modifications were made with no material financial effect.

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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 six months of 2025.

There were no additional funds committed to borrowers whose loans were modified during the first nine months of 2025.

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 $ 2.6 million and $ 8.1 million in specific reserves for commercial loans modified at June 30, 2025 and December 31, 2024, respectively, and pooled reserves for individual loans of $ 1.3 million and $ 1.8 million for those same periods, respectively, based on loan segment LGD.

There were $ 0.3 million and $ 8.1 million in specific reserves for commercial loans modified at September 30, 2025 and December 31, 2024, respectively, and pooled reserves for individual loans of $ 1.9 million and $ 1.8 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 $ 1.1 million and $ 3.4 million as of June 30, 2025 and December 31, 2024, respectively.

Our ACL included pooled reserves for these classes of loans of $ 1.2 million and $ 3.4 million as of September 30, 2025 and December 31, 2024, respectively.

Upon default of an individual loan, our charge-off policy is followed for that class of loan.

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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 June 30, 2025

Consumer lines of credit $ 0.1 $ — $ — $ — $ 0.1

Total consumer loans 0.1 — — — 0.1

(in millions) Term Extension Term Extension and Rate Reduction Other Total Outstanding Modified

Three Months Ended September 30, 2025

Commercial real estate $ 0.1 $ — $ — $ 0.1

Total commercial loans and leases 0.1 — — 0.1

Total $ 0.1 $ — $ — $ 0.1

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Commercial real estate $ 1.1 $ — $ 1.9 $ 3.0

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(in millions) Term Extension Term Extension and Rate Reduction Balloon Payment Other Total Outstanding Modified

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Commercial real estate $ — $ — $ 0.1 $ — $ 0.1

Commercial and industrial — — — 0.9 0.9

Total commercial loans and leases — — 0.1 — 0.1

Direct installment 0.4 — — — 0.4

Residential mortgages 0.3 0.1 — — 0.4

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Total $ 0.7 $ 0.1 $ 0.1 $ — $ 0.9

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Commercial real estate $ 0.7 $ — $ 0.7 $ 8.9 $ 10.3

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Total commercial loans and leases 20.9 0.2 0.7 10.5 32.3

Direct installment 0.5 — — — 0.5

Residential mortgages 1.9 0.1 — — 2.0

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(in millions) Current 30-89 Days Past Due 90+ Days Past Due

June 30, 2025

September 30, 2025

Commercial real estate $ 20.9 $ — $ 1.3

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(in millions) Current 30-89 Days Past Due 90+ Days Past Due

June 30, 2024

September 30, 2024

Commercial real estate $ 13.5 $ — $ —

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Offs) Recoveries Provision for Credit Losses Balance at

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Commercial real estate $ 179.5 $ ( 9.2 ) $ 0.4 $ ( 8.8 ) $ 7.4 $ 178.1

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Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 453.1 $ ( 22.2 ) $ 2.5 $ ( 19.7 ) $ 24.0 $ 457.4

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Commercial real estate $ 166.9 $ ( 19.8 ) $ 1.0 $ ( 18.8 ) $ 30.0 $ 178.1

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Losses Balance at

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Commercial real estate $ 157.7 $ ( 13.8 ) $ 0.9 $ ( 12.9 ) $ 40.1 $ 184.9

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Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments $ 440.6 $ ( 30.1 ) $ 8.6 $ ( 21.5 ) $ 23.5 $ 442.6

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Commercial real estate $ 166.6 $ ( 24.1 ) $ 2.1 $ ( 22.0 ) $ 40.3 $ 184.9

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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• the historical through-the-cycle mean was calculated using an expanded period to include a prior recessionary period.

At June 30, 2025 and December 31, 2024, we utilized a third-party consensus macroeconomic forecast reflecting the current and projected macroeconomic environment.

For our ACL calculation at June 30, 2025, the macroeconomic variables that we utilized included, but were not limited to:

(i) the purchase only Housing Price Index, which increases 5.6 % over our R&S forecast period, (ii) a Commercial Real Estate Price Index, which decreases 1.3 % over our R&S forecast period, (iii) S&P Volatility, which increases 87.7 % in 2025 and decreases 22.7 % in 2026 and (iv) personal and business bankruptcies, which increase steadily over the R&S forecast period but average below the historical through-the-cycle period.

At September 30, 2025 and December 31, 2024, we utilized a third-party consensus macroeconomic forecast reflecting the current and projected macroeconomic environment.

For our ACL calculation at September 30, 2025, the macroeconomic variables that we utilized included, but were not limited to:

(i) the purchase only Housing Price Index, which increases 3.4 % over our R&S forecast period, (ii) a Commercial Real Estate (CRE) Price Index, which decreases 4.0 % over our R&S forecast period, (iii) S&P Volatility, which increases 91.1 % in 2025 and decreases 19.8 % in 2026 and (iv) personal and business bankruptcies, which increase steadily over the R&S forecast period but average below the historical through-the-cycle period.

While we have not changed our ACL modeling methodology, we continually assess our key macroeconomic variables and their correlation to our historical and expected portfolio performance.

During the quarter ended September 30, 2025, we changed certain macroeconomic variables used for ACL modeling purposes as we believe the new variables better correlate to our historical performance over the economic cycles.

Macroeconomic variables that we utilized for our ACL calculation as of December 31, 2024 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 3.9 % over our R&S forecast period, (iii) S&P Volatility, which increases 34.9 % in 2025 and 2.5 % in 2026 and (iv) personal and business bankruptcies, which increase steadily over the R&S forecast period but average below the historical through-the-cycle period.

The ACL on loans and leases of $ 432.1 million at June 30, 2025 increased $ 9.3 million, or 2.2 %, from December 31, 2024.

Our ending ACL coverage ratio at June 30, 2025 was 1.25 %, unchanged from December 31, 2024.

Total provision for credit losses for the three months ended June 30, 2025 was $ 25.7 million, compared to $ 20.2 million for the same period of 2024.

The second quarter of 2025 reflected net charge-offs of $ 21.8 million, or 0.25 % annualized of average total loans, compared to $ 7.8 million, or 0.09 % annualized, in the second quarter of 2024.

Total provision for credit losses for the six months ended June 30, 2025 was $ 43.1 million, compared to $ 34.1 million in the same period of 2024.

Net charge-offs were $ 34.3 million, or 0.20 % annualized of average total loans, during the six months ended June 30, 2025, compared to $ 20.6 million, or 0.13 % annualized, for the same period of 2024.

The ACL on loans and leases of $ 437.3 million at September 30, 2025 increased $ 14.5 million, or 3.4 %, from December 31, 2024.

Our ending ACL coverage ratio at September 30, 2025 was 1.25 %, unchanged from December 31, 2024.

Total provision for credit losses for the three months ended September 30, 2025 was $ 24.0 million, compared to $ 23.5 million for the same period of 2024.

The third quarter of 2025 reflected net charge-offs of $ 19.7 million, or 0.22 % annualized of average total loans, compared to $ 21.5 million, or 0.25 % annualized, in the third quarter of 2024.

Total provision for credit losses for the nine months ended September 30, 2025 was $ 67.1 million, compared to $ 57.5 million in the same period of 2024.

Net charge-offs were $ 54.0 million, or 0.21 % annualized of average total loans, during the nine months ended September 30, 2025, compared to $ 42.1 million, or 0.17 % annualized, for the same period of 2024.

LOAN SERVICING

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The unpaid principal balance of mortgage loans serviced for others is listed below:

(in millions) June 30,

(in millions) September 30,

2025 December 31,

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

7 unchanged sentences

Fair value, end of period 87.0 75.2 87.0 75.2

There was a $ 0.1 million valuation allowance for MSRs at both June 30, 2025 and December 31, 2024.

There was a $ 0.2 million valuation allowance for MSRs at September 30, 2025 and the valuation allowance for MSRs as of December 31, 2024 was $ 0.1 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.

3 unchanged sentences

Following is a summary of the sensitivity of the fair value of MSRs to changes in key assumptions:

(dollars in millions) June 30,

(dollars in millions) September 30,

2025 December 31,

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The exercise of lease renewal options is at our sole discretion.

As of June 30, 2025, we had operating lease right-of-use assets and operating lease liabilities of $ 196.0 million and $ 237.7 million, respectively, including $ 72.1 million in operating right-of-use assets and $ 103.3 million in operating lease liabilities with a related party.

As of June 30, 2025, we had finance lease right-of-use assets and finance lease liabilities of $ 33.5 million and $ 36.1 million, respectively.

As of September 30, 2025, we had operating lease right-of-use assets and operating lease liabilities of $ 195.7 million and $ 237.1 million, respectively, including $ 71.4 million in operating right-of-use assets and $ 102.3 million in operating lease liabilities with a related party.

As of September 30, 2025, we had finance lease right-of-use assets and finance lease liabilities of $ 32.9 million and $ 35.8 million, respectively.

Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of June 30, 2025, we have certain operating lease agreements, primarily for administrative office space, that are expected to commence in 2025 with lease terms of up to 20 years.

As of September 30, 2025, we have certain operating lease agreements, primarily for administrative office space, that are expected to commence in 2026 with lease terms of up to 20 years.

At commencement, it is expected that these leases will add approximately $ 5.0 million in right-of-use assets and $ 5.0 million in other liabilities.

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

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Other information related to leases is as follows:

Six Months Ended

Nine Months Ended

September 30,

(dollars in millions) 2025 2024

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(in millions) Operating Leases Finance Leases Total Leases

June 30, 2025

September 30, 2025

0 - 12 months $ 36 $ 2 $ 38

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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.

Additionally, we have an operating lease with a related party with a maximum exposure to loss of $ 72.1 million.

Additionally, we have an operating lease with a related party and a maximum exposure to loss of approximately $ 70 million and FNBPA made a construction loan to the same related party.

For further information about this unconsolidated VIE, please see Note 7, "Leases."

(in millions) Total Assets Total Liabilities Maximum Exposure to Loss

June 30, 2025

September 30, 2025

Trust preferred securities (1)

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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.

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.

7 unchanged sentences

The following table presents the balances of our LIHTC, HTC and NMTC investments and related unfunded commitments:

(in millions) June 30,

(in millions) September 30,

2025 December 31,

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

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Following is a summary of short-term borrowings:

(in millions) June 30,

(in millions) September 30,

2025 December 31,

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Securities are pledged to these customers in an amount at least equal to the outstanding balance.

Of the total short-term FHLB advances, $ 385.0 million, or 43.5 %, had overnight maturities as of June 30, 2025, compared to $ 335.0 million, or 57.3 %, as of December 31, 2024.

At June 30, 2025 and December 31, 2024, none of the short-term FHLB advances were swapped to fixed rates.

Of the total short-term FHLB advances, $ 415.0 million, or 48.0 %, had overnight maturities as of September 30, 2025, compared to $ 335.0 million, or 57.3 %, as of December 31, 2024.

At September 30, 2025 and December 31, 2024, none of the short-term FHLB advances were swapped to fixed rates.

Federal funds purchased are overnight funds borrowed from other financial institutions.

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Following is a summary of long-term borrowings:

(in millions) June 30,

(in millions) September 30,

2025 December 31,

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Total long-term borrowings $ 2,099 $ 3,012

Our banking affiliate has available credit with the FHLB of $ 12.4 billion, of which $ 2.3 billion was utilized and included in short-term and long-term borrowings and $ 450.0 million was utilized for letters of credit for pledging of public funds as of June 30, 2025.

These advances are secured by $ 17.3 billion of 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 2025 while the long-term borrowings are scheduled to mature periodically through 2028.

Effective interest rates paid on long-term fixed rate FHLB advances held during 2025 ranged from 3.69 % to 4.69 % for the three months ended June 30, 2025, and 3.69 % and 4.88 % for the year ended December 31, 2024.

The effective interest rate paid on variable rate long-term FHLB advances was Overnight SOFR plus an average spread of 35 basis points for the three months ended June 30, 2025, compared to an average spread of 34 basis points for the year ended December 31, 2024.

The following table provides information relating to our senior notes and other subordinated debt as of June 30, 2025.

Our banking affiliate has available credit with the FHLB of $ 12.6 billion, of which $ 9.7 billion was available for borrowing as of September 30, 2025.

The outstanding FHLB advances (including both short-term and long-term borrowings) are secured by $ 17.6 billion of loans collateralized by residential mortgages, home equity lines of credit and commercial real estate.

The short-term borrowings are scheduled to mature in various amounts periodically through 2026 while the long-term borrowings are scheduled to mature periodically through 2028.

Effective interest rates paid on long-term fixed rate FHLB advances held during 2025 ranged from 3.69 % to 4.69 %, and 3.69 % and 4.88 % for the year ended December 31, 2024.

The effective interest rate paid on variable rate long-term FHLB advances was Overnight SOFR plus an average spread of 35 basis points for the three months ended September 30, 2025, compared to an average spread of 34 basis points for the year ended December 31, 2024.

The following table provides information relating to our senior notes and other subordinated debt as of September 30, 2025.

The subordinated notes are eligible for treatment as tier 2 capital for regulatory capital purposes.

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Senior Notes:

5.150 % Senior Notes due August 25, 2025

$ 350 $ 347 $ 350 8/25/2025 5.150 %

5.722 % Fixed-To-Floating Rate Senior Notes due December 11, 2030 (1)

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For the debt assumed from acquisitions, this is the fair value of the debt at the time of the acquisition.

During the third quarter of 2025, $ 350.0 million in senior debt that was issued in August 2022 matured.

During the second quarter of 2025, we redeemed $ 25.0 million in other subordinated debt assumed from our previous acquisition of UB Bancorp that was set to reprice at a higher interest rate.

In October 2025, $ 100.0 million in other subordinated debt that was issued in October 2015 matured.

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.

1 unchanged sentence

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 June 30, 2025:

The following table provides information relating to the Trusts as of September 30, 2025:

(dollars in millions) Trust

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Other Credit Availability

Our banking affiliate has additional unused other wholesale credit availability of $ 6.3 billion as of June 30, 2025.

Our banking affiliate has additional unused other wholesale credit availability, excluding FHLB, of $ 7.1 billion as of September 30, 2025.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

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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:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Notional Fair Value Notional Fair Value

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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 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:

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

Six Months Ended

June 30, Six Months Ended

Nine Months Ended

September 30, Nine Months Ended

September 30,

(in millions) 2025 2024 2025 2024

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The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships:

Six months ended June 30,

Nine months ended September 30,

(in millions) Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings Interest Income - Loans and Leases Interest Expense - Short-Term Borrowings

4 unchanged sentences

Amount of gain (loss) reclassified from AOCI into net income ( 19 ) — ( 37 ) 7

As of June 30, 2025, the maximum length of time over which forecasted interest cash flows are hedged is 4.5 years.

In the twelve months that follow June 30, 2025, we expect to reclassify from the amount currently reported in AOCI net derivative losses of $ 2.0 million ($ 1.6 million net of tax), in association with interest on the hedged loans.

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 June 30, 2025.

As of September 30, 2025, the maximum length of time over which forecasted interest cash flows are hedged is 4.3 years.

In the twelve months that follow September 30, 2025, we expect to reclassify from the amount currently reported in AOCI net derivative gains of $ 3.2 million ($ 2.5 million net of tax), in association with interest on the hedged loans.

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 September 30, 2025.

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 six months ended June 30, 2025 and 2024, 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.

Also, during the nine months ended September 30, 2025 and 2024, 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

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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 $ 574 million as of June 30, 2025 have remaining terms ranging from two months to 16 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 at both June 30, 2025 and December 31, 2024.

The fair values of risk participation agreements purchased and sold were $ 0.2 million and $ 0.1 million, respectively, at June 30, 2025 and $ 0.1 million and $ 0 , respectively, at December 31, 2024.

Risk participation agreements sold with notional amounts totaling $ 623 million as of September 30, 2025 have remaining terms ranging from three months to 16 years.

The fair values of risk participation agreements purchased and sold were $ 0.2 million and $ 0.1 million, respectively, at September 30, 2025, and $ 0.1 million and $ 0 , respectively, at December 31, 2024.

The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income:

Six Months Ended

Nine Months Ended

September 30,

(in millions) Consolidated Statements of Income Location 2025 2024

9 unchanged sentences

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 $ 0.1 million as of June 30, 2025 and $ 0.2 million as of December 31, 2024, in excess of amounts previously posted as collateral with the respective counterparty.

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 $ 0.9 million as of September 30, 2025 and $ 0.2 million as of December 31, 2024, 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:

5 unchanged sentences

Instruments Available for Offset Collateral Received/Pledged Net

June 30, 2025

September 30, 2025

Derivative Assets

21 unchanged sentences

Following is a summary of off-balance sheet credit risk information:

(in millions) June 30,

(in millions) September 30,

2025 December 31,

1 unchanged sentence

Standby letters of credit 250 271

At June 30, 2025, funding of 82.7 % of the commitments to extend credit was dependent on the financial condition of the customer.

At September 30, 2025, funding of 83.2 % 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.

4 unchanged sentences

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 $ 21.0 million at June 30, 2025 and $ 21.4 million at December 31, 2024.

Our AULC for commitments that are not unconditionally cancellable, which is included in other liabilities on the Consolidated Balance Sheets, was $ 20.1 million at September 30, 2025 and $ 21.4 million at December 31, 2024.

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.

27 unchanged sentences

The assumptions used for this valuation include stock price volatility, risk-free interest rate and dividend yield.

We granted 1,324,978 and 1,249,783 restricted stock units during the six months ended June 30, 2025 and 2024, respectively, including 313,842 and 331,182 performance-based restricted stock units during those same periods, respectively.

We granted 1,413,805 and 1,271,502 restricted stock units during the nine months ended September 30, 2025 and 2024, respectively, including 316,112 and 334,082 performance-based restricted stock units during those same periods, respectively.

We have shareholder approval under the Plan to issue up to 14,000,000 shares of common stock.

As of June 30, 2025, we had 7,579,694 remaining shares available for awards under the Plan.

As of September 30, 2025, we had 7,550,730 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.

1 unchanged sentence

The following table summarizes the activity relating to restricted stock units during the periods indicated:

Six Months Ended June 30,

Nine Months Ended September 30,

Units Weighted

7 unchanged sentences

The following table provides certain information related to restricted stock units:

Six Months Ended

Nine Months Ended

September 30,

(in millions) 2025 2024

2 unchanged sentences

Fair value of units vested 21 19

As of June 30, 2025, there was $ 15.4 million of unrecognized compensation cost related to unvested restricted stock units.

The components of the restricted stock units as of June 30, 2025 are as follows:

As of September 30, 2025, there was $ 13.5 million of unrecognized compensation cost related to unvested restricted stock units.

The components of the restricted stock units as of September 30, 2025 are as follows:

(dollars in millions) Service-

7 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(dollars in millions) 2025 2024 2025 2024

10 unchanged sentences

Effective tax rate 21.3 21.4 21.2 21.5

Although pretax income increased slightly for the six months ended June 30, 2025, the impact on income tax expense was partially offset by the recognition of tax-exempt benefits associated with BOLI and increased net LIHTC.

Income tax expense was higher for the nine months ended September 30, 2025, primarily due to higher pre-tax income, partially offset by increased net LIHTC.

Legislative Update

On July 4, 2025, the One Big Beautiful Bill (the Act) was signed into law in the U.S.

We have evaluated the impacts of the Act on our Consolidated Financial Statements.

We adopted the provisions allowing for 100% bonus depreciation on qualified property placed in service on or after January 20, 2025.

The Act also includes other provisions that are effective for tax years beginning after December 31, 2025.

While these provisions are not yet effective, we are evaluating their future impact and will recognize the effects of these provisions in the period they become effective or when they materially impact our Consolidated Financial Statements.

Deferred Income Taxes

1 unchanged sentence

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 $ 27.8 million and $ 57.9 million at June 30, 2025 and December 31, 2024, respectively, with the decline primarily from lower unrealized losses on investment securities available for sale.

On July 4, 2025, the One Big Beautiful Bill (the Act) was signed into law in the U.S.

We are currently evaluating income tax implications of the Act.

We do not expect the Act to have a material impact on our Consolidated Financial Statements.

Net deferred tax assets were $ 15.2 million and $ 57.9 million at September 30, 2025 and December 31, 2024, respectively.

The decline was primarily driven by lower unrealized losses on investment securities available for sale and the effects of 100% bonus depreciation as enacted under the Act.

OTHER COMPREHENSIVE INCOME (LOSS)

7 unchanged sentences

Obligations Total

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Balance at beginning of period $ ( 119 ) $ ( 15 ) $ ( 35 ) $ ( 169 )

11 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

( dollars in millions, except per share data)

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Diluted $ 0.41 $ 0.30 $ 1.09 $ 0.96

There were no anti-dilutive shares for the six months ended June 30, 2025 and 2024.

There were no anti-dilutive shares for the nine months ended September 30, 2025 and 2024.

CASH FLOW INFORMATION

Following is a summary of supplemental cash flow information:

Six Months Ended

Nine Months Ended

September 30,

(in millions) 2025 2024

4 unchanged sentences

Loans transferred to portfolio from held for sale 27 14

We did no t have any restricted cash as of June 30, 2025 and 2024.

We did no t have any restricted cash as of September 30, 2025 and 2024.

BUSINESS SEGMENTS

8 unchanged sentences

The Insurance segment also includes a reinsurer.

The interim segmentation and measurement basis for segment profit and loss as of June 30, 2025 is consistent to December 31, 2024.

The interim segmentation and measurement basis for segment profit and loss as of September 30, 2025 is consistent with December 31, 2024.

The following table provides financial information for these segments of FNB.

4 unchanged sentences

Other Consolidated

At or for the Three Months Ended June 30, 2025

At or for the Three Months Ended September 30, 2025

Interest income $ 595 $ — $ — $ 1 $ 596

27 unchanged sentences

Other Consolidated

At or for the Three Months Ended June 30, 2024

At or for the Three Months Ended September 30, 2024

Interest income $ 582 $ — $ — $ 1 $ 583

27 unchanged sentences

Other Consolidated

At or for the Six Months Ended June 30, 2025

At or for the Nine Months Ended September 30, 2025

Interest income $ 1,734 $ — $ — $ 4 $ 1,738

27 unchanged sentences

Other Consolidated

At or for the Six Months Ended June 30, 2024

At or for the Nine Months Ended September 30, 2024

Interest income $ 1,679 $ — $ — $ 4 $ 1,683

28 unchanged sentences

(in millions) Level 1 Level 2 Level 3 Total

June 30, 2025

September 30, 2025

Assets Measured at Fair Value

53 unchanged sentences

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:

(in millions) Other

Securities Loans Receivable Interest

(in millions) Loans Receivable Interest

Commitments Total

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Balance at beginning of period $ 53 $ 1 $ 54

14 unchanged sentences

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 six months of 2025, $ 13.0 million was transferred to loans receivable measured using the fair value option at Level 3, compared to $ 47.3 million during the first six months of 2024.

During the first nine months of 2025, $ 24.6 million was transferred to loans receivable measured using the fair value option at Level 3, compared to $ 49.2 million during the first nine months of 2024.

From time to time, we measure certain assets at fair value on a non-recurring basis.

3 unchanged sentences

(in millions) Level 1 Level 2 Level 3 Total

June 30, 2025

September 30, 2025

Collateral dependent loans $ — $ — $ 91 $ 91

6 unchanged sentences

Other real estate owned — — 2 2

The fair value amounts for collateral dependent loans and OREO in the table above were estimated at a date during the six months or twelve months ended June 30, 2025 and December 31, 2024, respectively.

The fair value amounts for collateral dependent loans and OREO in the table above were estimated at a date during the nine months or twelve months ended September 30, 2025 and December 31, 2024, 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 six months ended June 30, 2025 had a carrying amount of $ 97.7 million, which includes an allocated

ACL of $ 29.1 million.

The ACL includes a provision applicable to the current period fair value measurements of $ 31.5 million, which was included in provision for credit losses for the six months ended June 30, 2025.

MSRs measured at fair value on a non-recurring basis had a carrying value of $ 1.1 million, and a valuation allowance of $ 0.1 million as of June 30, 2025.

There was no provision relating to the valuation allowance included in earnings for 2025.

Collateral dependent loans measured or re-measured at fair value on a non-recurring basis during the nine months ended September 30, 2025 had a carrying amount of $ 91.1 million, which

includes an allocated ACL of $ 24.6 million.

The ACL includes a provision applicable to the current period fair value measurements of $ 41.4 million, which was included in provision for credit losses for the nine months ended September 30, 2025.

MSRs measured at fair value on a non-recurring basis had a carrying value of $ 1.3 million, and a valuation allowance of $ 0.2 million as of September 30, 2025.

The valuation allowance includes a provision of $ 0.1 million included in earnings for 2025.

Fair Value of Financial Instruments

4 unchanged sentences

Value Level 1 Level 2 Level 3

June 30, 2025

September 30, 2025

Financial Assets

28 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements