F.N.B. Corporation

Good morning, everyone, and welcome to the FNB first quarter 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using a touch-tone telephone. To draw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I'd like to turn the conference call over to Lisa Hajdu, Manager of Investor Relations. Please go ahead.

Good morning, and welcome to our earnings call. This conference call of FMB Corporation and the reports it files with the Securities and Exchange Commission often contain forward-looking statements and non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported results prepared in accordance with GAAP. Reconciliations of GAAP to non-GAAP operating measures to the most directly comparable GAAP financial measures are included in our presentation materials and in our earnings release. Please refer to these non-GAAP and forward-looking statement disclosures contained in our related materials, reports, and registration statements filed with the Securities and Exchange Commission and available on our corporate website. A replay of this call will be available until Thursday, April 24th, and the webcast link will be posted to the About Us Investor Relations section of our corporate website. I will now turn the call over to Vince Gilley, Chairman, President, and CEO.

Thank you. Welcome to our first quarter earnings call. Joining me today are Vince Calabrese, our Chief Financial Officer, and Gary Guerrero, our Chief Credit Officer. FMB reported net income available to common shareholders of $116.5 million, or $0.32 per share. The first order had positive momentum on several key metrics, including tangible book value per share growth of 12%, totaling $10.83, record capital levels with CET1 of 10.7%, and tangible common equity to tangible assets of 8.4%. The ever-changing macroeconomic environment emphasizes the importance of the continued execution of our long-term strategy, particularly around diversifying revenue streams, active balance sheet management, generating ample capital and liquidity, and maintaining a balanced, well-positioned loan portfolio with consistent underwriting and robust credit monitoring. F&B generated modest revenue growth this quarter, reporting total revenue of $411.2 million, driven by net interest income growth and solid non-interest income. We benefited from a higher level of earning assets and stable margin with directional improvement during the quarter. Non-interest income totaled $87.8 million. benefiting from the strategic investments we have made to develop and expand high-value business units that diversify revenue and enhance product capabilities for our clients. During the past 10 years, we have significantly enhanced our capital markets offerings, which has led to revenues more than doubling during that timeframe. We recently announced our acquisition of a critique investment banking firm focused on delivering financial advisory services to public and private companies. This team of experienced bankers has advised on hundreds of transactions with an aggregate value of nearly $40 billion across a variety of industries for middle market and large corporate clients. Given the scale of our company, the growth of our client base, and the changing economic outlook, this is an opportune time to invest in expanding our capabilities. The first quarter annualized loan and deposit growth in a seasonally slower period were 3.5% and 1.4% respectively, demonstrating our success in growing client relationships and market share. F&B remains focused on being our client's primary operating bank by prioritizing high-touch services and a superior digital delivery channel, including our award-winning e-stores. This month, we launched automated direct deposit switch capabilities, the latest enhancement to our award-winning digital banking experience, which provides the option for customers to move their payroll direct deposits instantaneously with a few simple steps. Our comprehensive digital strategy, including the use of AI, is designed to drive client acquisition, engagement, convenience, and primacy. and is a major force behind our success gaining share throughout our footprint and broadening our client relationships. As we demonstrated during the 2008 financial crisis, the pandemic, and the more recent banking liquidity crisis, FMB maintains a diversified and granular deposit base, consistent and conservative underwriting, solid capital and liquidity levels, and sound risk management policies and governance. These practices have always been integral to F&B's long-term strategy and are ingrained in our culture and enterprise risk management program. Our team frequently engages in regular liquidity stress test analysis, capital stress testing, CISO reserve model analysis, and diligent and proactive credit monitoring, ensuring we are prepared for a range of economic scenarios. In response to the recent tariff announcements, Our team completed liquidity, capital, and credit stress tests. The results show strong coverage and ample liquidity in a severe scenario, once again demonstrating our preparedness. Our credit team has worked closely with our bankers to complete an extensive survey to identify any risk related to the tariff policy. According to our findings, F&B remains well positioned at this point, with manageable exposure to the most heavily tariff impacted businesses and consumer portfolios. We will continue to diligently monitor our loan portfolio and engage in active dialogues. FMB's approach to credit risk management has a proven history of providing strong and stable asset quality through various economic cycles, and I am confident that we will be able to manage through the current economic environment. I will now turn the call over to Gary who will provide additional details about the potential impact of tariffs and review our overall credit performance.