F.N.B. Corporation

Good day, and welcome to the FNB Third Quarter 2025 Earnings Conference Call. All participants will be in 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 then one on your telephone keypad, and to withdraw your question, please press star then two. Please note, today's event is being recorded. And now I'd like to turn the conference over to Lisa Hajdu, Manager of Investor Relations. Please go ahead.

Good morning, and welcome to our earnings call. This conference call of FMB 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 websites. A replay of this call will be available until Friday, October 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 Dilley, Chairman, President, and CEO.

Thank you, and welcome to our third quarter earnings call. Joining me today are Vince Calabrese, our Chief Financial Officer, and Gary Guerrero, our Chief Credit Officer. FNB's third quarter earnings per share were 14% leap quarter to a record $0.41, and reported net income available to common shareholders increased to $150 million. Operating pre-provisioned net revenue increased 18% from the year-ago quarter, contributing to positive operating leverage and a peer-leading efficiency ratio at 52%. F&B produced another quarter of record revenue totaling $457 million with strong contributions from fee-based businesses, most notably in capital markets and mortgage banking, driving total non-interest income to a record $98.2 million. F&B's capital position has reached record levels with tangible common equity at 8.7% and CET1 at 11%. Our growing capital base provided our company with flexibility to return $162 million to shareholders year-to-date through our active share repurchase program and quarterly dividends. The company's profitable quarter resulted in a return on average tangible common equity of 15% and tangible book value per share growth of 11% to $11.48. Period-end loans increased 3% on an annualized link order basis, with growth led by equipment finance, consumer lending, and seasonal residential mortgage production. Commercial and industrial loans grew 2% annualized link order, impacted by lower line utilization and higher than normal attrition, driven by outsized customer M&A activity. Equipment finance had a strong quarter, with 21% annualized loan growth. reflecting activity across our footprint, likely driven by fiscal policy. We continue to maintain our strict credit discipline with a primary focus on traditional C&I lending. We are not in the business of lending to private capital providers, particularly entities that engage in direct consumer and small business lending. As we've indicated on prior calls, two areas of focus that position FME for future growth are continuing to grow low-cost deposits and reducing our CRE concentration. This quarter, we made good progress on both fronts, with the loan-to-deposit ratio ending the quarter at 90.9%, and our CRE concentration improving to 214%. Our business model and its emphasis on a diverse and attractive footprint is contributing factor to growing deposits at a favorable level. Annualized linked quarter deposit growth of 7% outpaced the industry and reflected continued commercial client acquisition. The FDIC deposit market share data released in September revealed that FMV grew in nearly 75% of the MSAs we operate in. We now rank in the top five in nearly 50% of our MSAs and in the top three market share in nearly 30%. Non-interest-bearing deposits comprise 26% of total deposits, stable to the prior quarter, with favorable total deposit costs of 1.93% at quarter end. Our strategy has been to price our deposits competitively to support our client base while protecting our net interest margin by leveraging our digital capabilities and data analytics. We have successfully executed on broadening our household penetration, and becoming the primary bank for new and existing clients through our streamlined digital customer experience in our proprietary vStore and Common Application. Since our in-branch Common App pilot concluded in May 2025, the percentage of applications originated through the Common App has nearly tripled. Our data analytics team now mines the data and leverages AI to provide our customer-facing team with quality leads to accelerate sales and grow revenue. We've been able to gain insight on our customers' preferences in competitor pricing from data points housed in our enterprise data warehouse system and through external data aggregation. This allows us to strategically price our deposits and analyze the relationship holistically. Implementing this pricing approach contributed to our net interest margin expanding six basis points linked order. Our newly formed AI and innovation team is actively reviewing and prioritizing high impact use cases from across the organization. I am energized by the transformative potential of AI to elevate operational efficiency, accelerate revenue growth, and deepen client engagement. As we grow our AI footprint, We remain committed to strong risk management frameworks and controls, ensuring our innovation is both responsible and sustainable. With that, I would now like to turn the call over to Gary to discuss the strong credit results for the quarter. Gary?