11-K 1 fnb-11xk2022.htm 11-K Document



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
                     
 
FORM 11-K
 
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND
SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934


ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
 
Commission File Number: 001-31940
                

A.     Full title of the plan and the address of the plan, if different from that of the issuer named below:

F.N.B. Corporation Progress Savings 401(k) Plan


B.     Name of issuer of the securities held pursuant to the plan and the address of its principal executive offices:
F.N.B. Corporation
12 Federal Street
One North Shore Center
Pittsburgh, PA 15212


F.N.B. Corporation
Progress Savings 401(k) Plan
Audited Financial Statements
and Supplemental Schedule
Years Ended December 31, 2022 and 2021


Contents
 


Report of Independent Registered Public Accounting Firm

To the Plan Administrator and Plan Participants of
the F.N.B. Corporation Progress Savings 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the F.N.B. Corporation Progress Savings 401(k) Plan (the Plan) as of December 31, 2022 and 2021, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2022 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its forms and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Baker Tilly US, LLP

We have served as the Plan’s auditor since 2015.

Pittsburgh, Pennsylvania
June 28, 2023
1

F.N.B. Corporation
Progress Savings 401(k) Plan
Statements of Net Assets Available for Benefits
December 31, 2022 and 2021
 
20222021
Assets
Cash$23,411 $85,805 
Investments, at fair value:
Common collective trust fund— 29,375,707 
Mutual fund investments271,415,893 294,957,196 
F.N.B. Corporation common stock101,991,817 88,528,385 
Total373,407,710 412,861,288 
Receivables:
Employer contributions - cash3,988,581 2,869,424 
Notes receivable from participants8,115,994 7,821,504 
Total receivables12,104,575 10,690,928 
Net assets available for benefits$385,535,696 $423,638,021 
See accompanying notes to financial statements.
2

F.N.B. Corporation
Progress Savings 401(k) Plan
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 2022 and 2021
 
20222021
Investment income:
Dividend and interest income$9,237,185 $29,909,455 
Net (depreciation) appreciation in fair value of investments(50,900,257)34,993,946 
Net investment (loss) income (41,663,072)64,903,401 
Contributions:
Participant24,978,278 23,755,706 
Participant rollover6,258,607 2,310,900 
Employer - cash20,290,071 18,777,687 
Total contributions51,526,956 44,844,293 
Deductions:
Distributions to participants or beneficiaries47,753,768 38,646,531 
Administrative expenses212,441 70,420 
Total deductions47,966,209 38,716,951 
Net (decrease) increase (38,102,325)71,030,743 
Net assets available for benefits:
Beginning of year423,638,021 352,607,278 
End of year$385,535,696 $423,638,021 
See accompanying notes to financial statements.

3

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements
December 31, 2022 and 2021
1. Description of Plan
The following description of the F.N.B. Corporation Progress Savings 401(k) Plan (the Plan) provides only general information. Participants should refer to the summary plan description for a more complete description of the Plan’s provisions.
General
The Plan is a qualified 401(k) defined contribution plan, covering all eligible employees of F.N.B. Corporation (the Corporation), and eligible affiliates, as defined by the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
All non-temporary employees are eligible to participate in the Plan. An eligible employee may enroll in the Plan the day following the date the employee commences employment. An eligible employee who does not enroll in the Plan will be automatically enrolled in the Plan following 30 days of employment, unless the employee opts out of the Plan before then.
In June 2022, the appointed trustee for all Plan assets was changed from T. Rowe Price Trust Company to Fidelity Management Trust Company.
In January 2022, the Corporation completed a merger with Howard Bancorp, Inc. ("Howard"). In connection with the merger, employees who were active participants in the defined contribution plan sponsored by Howard were permitted to immediately participate in the Plan. In December 2022, the Corporation completed a merger with UB Bancorp & Subsidiaries (“Union"). In connection with the merger, employees who were active participants in the defined contribution plan sponsored by Union were permitted to immediately participate in the Plan.
Contributions
Participants may contribute up to 50% of their pre-tax annual compensation. An eligible employee who is automatically enrolled in the Plan will be deemed to have elected to have 3% of his or her compensation contributed on a pre-tax basis to the Plan. Participants who have attained age 50 by the end of the plan year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified plans (rollovers). Participants direct the investment of their vested contributions into various investment options offered by the Plan. Participants can also designate some or all of the participants' elective deferral as Roth elective deferrals.
The Corporation matched 100% of a participant’s elective pre-tax contribution, up to 6% of the participant’s compensation in 2022 and 2021. The Plan also provides for a discretionary performance-based contribution determined annually by the Corporation. The discretionary performance-based contribution to the Plan can be up to 3% of a participant’s compensation, based on the extent to which the Corporation achieved its performance goals for the year. The discretionary performance-based contribution will only be made on behalf of eligible participants who are employed by the Corporation on the last day of the Plan year. Discretionary performance-based contributions amounted to 1.3% of eligible compensation for 2022 or $3,988,581. Discretionary performance-based contributions amounted to 1.0% of eligible compensation for 2021 or $2,869,424.
Matching contributions and discretionary performance-based contributions are made in the form of either shares of F.N.B Corporation common stock or cash used to acquire shares of F.N.B. Corporation common stock.

4

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022 and 2021
1. Description of Plan (continued)
Dividends on F.N.B. Corporation common stock are automatically reinvested in the Plan for all participants. However, participants may make a special request to receive a cash distribution of dividend payments on F.N.B. Corporation common stock.
Participant Accounts
Each participant’s account is credited with their voluntary contribution, the Corporation’s matching contributions, discretionary performance-based contributions, and an allocation of the Plan’s net earnings, as defined by the Plan. The voluntary contribution and employer match is paid biweekly at the end of each payroll period. The discretionary performance-based contributions, if any, are paid after the end of the plan year.
Vesting
Participants are immediately vested in their voluntary contribution, Corporation’s matching contribution, and cash dividends paid on F.N.B. Corporation common stock, plus actual earnings thereon. Participants are 100% vested in the Corporation’s discretionary performance-based and actual earnings thereon after three years of service.
Participants also become 100% vested in all discretionary contributions when attaining the age of 65 or in the event of death or permanent disability.
Forfeitures
Upon a participant’s separation from service, the non-vested portion of the participant’s account will be forfeited upon the earlier of the date the participant receives an account distribution or the date the participant incurs a five-year break in service. Forfeited amounts are used to reduce the Plan’s administrative expenses or to reduce future Corporation contributions. The ending forfeiture balance at December 31, 2022 and 2021 totaled $10,932 and $222,022, respectively. Forfeitures of $260,000 were used to reduce Corporation contributions in 2022. Forfeitures of $41,250 and $20,625 were used to reduce administrative expenses for 2022 and 2021, respectively.
5

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022 and 2021
1. Description of Plan (continued)
Payment of Benefits
Upon separation of service, vested account balances of less than $1,000 will be paid in a single lump sum as soon as practicable after separation. Vested account balances greater than $1,000 will be distributed when requested by the participant.
The Plan permits withdrawals before separation of service under certain circumstances. Voluntary pre-tax contributions may be withdrawn provided the participant has an immediate and heavy financial need (as defined by the Internal Revenue Code). Also, after reaching age 59 and 1/2, participants may withdraw all or a portion of a vested account balance.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.
Participants who remain actively employed by the Corporation may borrow from their accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms may not exceed five years, unless the participant uses the proceeds of the loan to acquire a principal residence, in which case the repayment period must be reasonable as determined by the Plan Administrator. Loans are secured by the balance in the participant’s account and bear an interest rate of prime plus 1%, set at the time of the loan request. The loan rates at December 31, 2022 range from 4.25% to 8.00%. Principal and interest are paid ratably through payroll deductions.
Plan Termination
Although it has not expressed any intent to do so, the Corporation has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, the participants will become 100% vested in their accounts.

6

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022 and 2021
2. Summary of Significant Accounting Policies
Basis of Presentation
The financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
Investment Valuation and Income Recognition
Investments held by a defined contribution plan are required to be carried at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for a discussion of fair value measurements.
Dividend income is recorded on the ex-dividend date. Interest income from other investments is recorded as earned on an accrual basis.
Purchases and sales of securities are recorded on a trade-date basis.
Administrative Expenses
Administrative expenses are paid by the Plan, if not paid by the Corporation. Expenses paid by the Corporation generally consist of audit, custody and recordkeeping services. Administrative expenses paid by the Corporation on behalf of the Plan totaled $26,450 and $21,500 for plan years 2022 and 2021, respectively.
Contributions
Participant contributions are recorded in the month withheld from participants’ wages. Corporation matching contributions are paid and recorded in the same month as participant contributions. Other annual Corporation contributions are made after the end of the plan year.
7

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022 and 2021

2. Summary of Significant Accounting Policies (continued)
Distributions to Participants
Distributions to participants are recorded when paid by the trustee.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan invests in various investments. These investments are exposed to various risks such as interest rate, market, liquidity and credit risks. Market risks include global events which could impact the value of investment securities, such as pandemic or international conflict. Due to the level of risk associated with certain investments and the sensitivity of certain fair value estimates to changes in valuation assumptions, it is at least reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.
As of December 31, 2022 and December 31, 2021 the Plan had one significant investment, consisting solely of an investment in the Corporation’s common stock further described in Note 5, in the amount of $101,991,817 and $88,528,385, respectively.
Subsequent Events
In preparing these financial statements, subsequent events were evaluated through the time the financial statements were issued. In compliance with applicable accounting standards, all material subsequent events have been either recognized in the financial statements or disclosed in the notes to the financial statements.
The Secure 2.0 Act of 2022 was signed into law on December 29, 2022. This legislation includes a vast array of provisional changes to retirement plans, becoming effective in 2023 and beyond. Plan management is evaluating the impact of the adoption and implementation of this legislation on the Plan.
8

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022 and 2021
3. Fair Value Measurements
The Fair Value Measurement topic of the Financial Accounting Standards Board Accounting Standards Codification (Topic 820) provides the framework for measuring fair value. That framework provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy are described as follows:
Level 1
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
Level 2
Inputs to the valuation methodology include:
-quoted prices for similar assets or liabilities in active markets;
-quoted prices for identical or similar assets or liabilities in inactive markets;
-inputs other than quoted prices that are observable for the assets or liability, and;
-inputs that are derived principally from or corroborated by observable market data by correlation or other means.
If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.
Level 3
Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The unobservable inputs reflect the Plan's own assumptions about the assumptions that market participants would use in pricing an asset or liability.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used must maximize the use of observable inputs and minimize the use of unobservable inputs.
9

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022 and 2021

3. Fair Value Measurements (continued)
Following is a description of the valuation methodologies used for investments measured at fair value. There have been no changes in the valuation methodologies used during 2022 and 2021.
F.N.B. Corporation common stock: The common stock of the Corporation is traded on a national exchange and is valued using last trading price on the last business day of the plan year.
Mutual funds: Shares of mutual funds are valued at the net asset value (NAV) of shares held by the Plan at year end, based upon published market quotations on national exchanges.
Common collective trust fund: The common collective trust fund is valued at the NAV of units of a bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investments for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain instruments could result in a different fair value measurement at the reporting date.
10

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022 and 2021
3. Fair Value Measurements (continued)
The following tables set forth by level within the fair value hierarchy the Plan’s investments at fair value as of December 31, 2022 and 2021, respectively:
 Assets at Fair Value as of December 31, 2022
 Level 1Level 2Level 3Total
F.N.B. Corporation common stock$101,991,817 $— $— $101,991,817 
Mutual fund investments271,415,893 — — 271,415,893 
Investments at fair value$373,407,710 $— $— $373,407,710 

 
Assets at Fair Value as of December 31, 2021
 Level 1Level 2Level 3Total
F.N.B. Corporation common stock$88,528,385 $— $— $88,528,385 
Mutual fund investments294,957,196 — — 294,957,196 
Total assets in the fair value hierarchy383,485,581 — — 383,485,581 
Investments measured at NAV (a)— — — 29,375,707 
Investments at fair value$383,485,581 $— $— $412,861,288 
(a) Certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.
11

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022 and 2021
3. Fair Value Measurements (continued)
There were no investments in 2022 for which fair value is measured using the NAV per share practical expedient. The following table summarizes investments for which fair value is measured using NAV per share practical expedient as of December 31, 2021. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.
 
 Fair ValueUnfunded
Commitments		Redemption
Frequency (if
currently
eligible)		Redemption
Notice
Period
 December 31, 2021
Common collective trust fund$29,375,707 N/ADaily12 months
12

F.N.B. Corporation
Progress Savings 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2022 and 2021
4. Income Tax Status
The Plan received a determination letter from the Internal Revenue Service dated August 17, 2017, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax-exempt.
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2022 and 2021 there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing authorities; however, there are currently no audits for any tax years in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2019.
5. Parties-in-Interest Transactions
Certain plan investments are interests in a common collective trust (Stable Value Common Trust Fund) issued by T. Rowe Price and certain mutual funds managed by T. Rowe Price and Fidelity Management Trust Company. T. Rowe Price was the trustee as defined by the Plan until June 2022 when Fidelity Management Trust Company was appointed the trustee for all Plan assets and, therefore, these transactions qualify as party-in-interest transactions. Fees paid to T. Rowe Price for administration services, included in administrative expenses in the accompanying statements of changes in net assets available for benefits, were $0 and $3,968 during 2022 and 2021, respectively. Fees paid to Fidelity Management Trust Company for administration services, included in administrative expenses in the accompanying statements of changes in net assets available for benefits, were $118,909 during 2022. Additionally, an affiliate of the Corporation provides certain investment advisory services to the Plan. Fees related to these services, included in administrative expenses in the accompanying statements of changes in net assets available for benefits were $103,225 and $61,775 in 2022 and 2021, respectively. Additionally, certain administrative functions of the Plan are performed by officers or employees of the Corporation. No such officer or employee receives compensation from the Plan.
One of the investment options in the Plan is F.N.B. Corporation common stock. Notes receivable from participants are also considered party-in-interest transactions. The following table summarizes the FNB Corporation common stock activity for the years ending 2022 and 2021.

F.N.B. Corporation Common Stock Plan Data
20222021
F.N.B. Corporation common stock shares held by the Plan at end of year7,815,287 7,298,301 
F.N.B. Corporation common stock value held by the Plan at end of year$101,991,817 $88,528,385 
F.N.B. Corporation common stock dividends received$3,590,679 $3,383,017 
F.N.B. Corporation common stock shares purchased by the Plan2,161,685 2,125,669 
F.N.B. Corporation aggregate cost of purchased common stock$24,727,629 $21,405,472 
F.N.B. Corporation common stock shares sold by the Plan1,522,560 1,797,675 
F.N.B. Corporation proceeds from sale of common stock$18,347,766 $18,534,556 
In-kind shares of F.N.B. Corporation stock distributed122,139 98,287 
13

F.N.B. Corporation
Progress Savings 401(k) Plan
EIN #25-1255406         Plan #002
Schedule H, Line 4(i) – Schedule of Assets
(Held at End of Year)
December 31, 2022
(a)(b)
Identity of Issue, Borrower,
Lessor, or Similar Party		 (c)
Description of Investment Including Maturity Date,
Rate of Interest, Collateral, Par, or Maturity Value		(d)
Cost		(e)
Current Value
JPMorgan US Value R6Mutual Fund Investments **$14,805,084 
Baird Core Plus InstMutual Fund Investments **13,335,480 
C&S Realty Shares ZMutual Fund Investments **3,223,559 
Vanguard Cr Fed Money Market AdmMutual Fund Investments **31,109,316 
Baird Short term Bond ISMutual Fund Investments **220,619 
American Century Small Cap Value R6Mutual Fund Investments **7,230,490 
Allspring Spl Mid Cap Value R6Mutual Fund Investments **8,404,594 
MFS Mid Cap Growth R6Mutual Fund Investments **7,363,789 
*Fidelity US Bond IndexMutual Fund Investments **848,293 
*Fidelity 500 IndexMutual Fund Investments **25,193,816 
*Fidelity Global Ex US IndexMutual Fund Investments **954,962 
*Fidelity Mid Cap IndexMutual Fund Investments **8,561,747 
*Fidelity Small Cap IndexMutual Fund Investments **6,742,594 
*Fidelity Total Market IndexMutual Fund Investments**9,268,504 
*Fidelity FDM Index Inc IPRMutual Fund Investments **194,910 
*Fidelity FDM Index 2005 IPRMutual Fund Investments **421,757 
*Fidelity FDM Index 2010 IPRMutual Fund Investments **1,398,458 
*Fidelity FDM Index 2015 IPRMutual Fund Investments **1,365,897 
*Fidelity FDM Index 2020 IPRMutual Fund Investments **8,059,232 
*Fidelity FDM Index 2025 IPRMutual Fund Investments **15,027,366 
*Fidelity FDM Index 2030 IPRMutual Fund Investments **21,076,458 
*Fidelity FDM Index 2035 IPRMutual Fund Investments **15,080,505 
*Fidelity FDM Index 2040 IPRMutual Fund Investments **12,442,888 
*Fidelity FDM Index 2045 IPRMutual Fund Investments **11,920,355 
*Fidelity FDM Index 2050 IPRMutual Fund Investments **7,839,520 
*Fidelity FDM Index 2055 IPRMutual Fund Investments **5,076,119 
*Fidelity FDM Index 2060 IPRMutual Fund Investments **2,837,060 
*Fidelity FDM Index 2065 IPRMutual Fund Investments **351,053 
*Fidelity Blue Chip Growth K6Mutual Fund Investments**15,088,248 
*Fidelity International Cap Appr K6Mutual Fund Investments**10,241,039 
*Fidelity Small Cap Growth K6Mutual Fund Investments**5,732,181 
Total Mutual Fund Investments$271,415,893 
*F.N.B. Corporation Common Stock **101,991,817 
*Participant LoansInterest rates ranging from 4.25% to 8.00% maturing
through 2042		$08,115,994 
$381,523,704 
 * Indicates party-in-interest to the Plan.
** Cost omitted for participant-directed investments.
14

EXHIBITS

15

SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.
 F.N.B. Corporation Progress Savings 401(k) Plan
Date: June 28, 2023/s/ Vincent J. Calabrese, Jr.
 Vincent J. Calabrese, Jr.
 Chief Financial Officer
16