FNB - Earnings call transcript Q4 2020

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Operator

Hello and welcome to the F.N.B. Corporation Fourth Quarter 2020 Quarterly Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, today's event is being recorded. to Investor conference Relations. like Lazzaro, to now of Manager would turn over the Matthew I Mr. Lazzaro, go please ahead.

Matthew Lazzaro

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

Vince Delie

call. our Good morning and welcome earnings to

asset with I'll year's highlights, our Vince review about last Joining financial accomplishments, Officer. will Chief Chief strategic objectives. Officer. And discussion and Financial me review and Gary will Calabrese, discuss our morning Today, Credit XXXX touch our wrap-up our financials. this Guerrieri, a Gary the on Vince are quality

questions. then for will open the call We

measures highlight preserve pandemic, to to from our like implementing metrics employees shareholder to took some resulting and the significant navigated management financial and the as increase from results. protect profitability, substantial our value, Despite key we challenges improve I'd efficiency actions XXXX First, pandemic.

operating reported building per common And the of equity return Looking the operating at to peers XX%, upper on quartile of to $X.XX. XXXX. earnings nine months share on first FNB fourth the tangible returns relative through quarter, increased

highest our in the X% performance $X.X internal Because fiscal total profitability building common book to significant operating of levels record generation, value equity $XXX tangible and net income culture, pay an management ratio FNB while and reserves in Turning strong associated per $X.XX, pandemic. year per attractive XXXX, statement These economic increasing revenue driving dividend. to share for decades share address to and resulted FNB with the risk billion, the to prudent reported of million risk capital tangible the operating by in continued our earnings the CETX of $X.XX. of to credit levels income

added growth Our portfolios bankers with due Paycheck and expand XX% full footprint XX% average in our respectively. the the to of was our deposit balanced year and of growth southeastern legacy Protection across the continue resiliency with growth of to contributions Program, loan This market. success our and and

returns objectives laid environment. generation we internal number shareholders, significant operational on XXXX letter made to set We per growth out to drive the in in in XXXX, Our value book capital of tangible difficult progress those objectives, year's and operating during long-term share. common towards and a equity prioritized our spite designed Reflecting on tangible out peer-leading drive deliver of a financial leadership to initiatives team fiscal last results. year we

out this track performance Our trajectory, the average over value, this XXXX relative equity our industry. XX% in of book protect of common in to delivering execution attractive to financial in tandem, above our In Sustaining return deployment. and the tangible optimizing strategy on growth we this tangible to X% others set continued capital peers. valuation with while dividend, environment, compared time increase a should challenging

year stock million a repurchase to million optimize environment. stock and we've to returning CECL, previously dividend $XXX completed of we leading capital this program, over For $XX current the From deployment paid directly in stated enhanced full out planning shareholders. surpassed target the adoption cash and capital $XXX our nearly perspective, both now under in our repurchased flexibility million of to

actions, interest to notably quarter, During future increase considering grow all is capital the in year, were credit we by the reduce prudent program, buybacks increasing overall balance accretion more related to an cost total total steps maintaining and to the consumed to revenue FNB our second liabilities. COVID-XX the while uncertainty tangible In through combined, to value, in loan goal XX% exposure of of arching took that metric. our superior levels. actions with the The share quality the significant inaugural capital in industries shares due quarter, resulting sensitive returns November, to sale the FNB's pleased cycle. and enhance higher year-end When pandemic. liquidity Approximately reducing the half report These the future halted we book of loan auto and through prudently risk, to after management we are by and prepayment risk-adjusted of repurchased below in moving culture reduce risk overall was dividend the organization the forward. activity resumed share deposit portfolios, expense us provides and first fourth credit the repurchase sheet

low-cost loan environment, difficult exceeded our deposits. focus operating while and targets, a teams improving During funding deposit bringing a our origination mix through of many on in

when continue loans the As loan and of even sale. grow impact a point, portfolio auto proof excluding PPP to the

surpassed to percentage in to a deposit $X billion year an the addition as the side, end mix, non-interest-bearing deposit non-interest-bearing improved deposit. On of deposits

FNB namely fee-based loan loan liquidity increased total of capital meaningfully growth markets, XX% our income in a our mortgage liquidity. future Our percentage with with non-interest-bearing non-interest a strengthened very to contributed ago. fund ratio level. Diversification deposits of strong record management is businesses to wealth in up capital from five position deposit banking years XX% and and and significantly to enhanced growth XX%,

records many markets, had our Our increased revenue. businesses strong respectively. $XX outstanding due contributions $XX million XXXX The by expansion mortgage of to to solutions strategy providing performance fee-based achieved for In all-time $XX management banking an year driven capital was wealth setting borrowers. and geographic revenue value-added million, million and groups and with

solution We look mezzanine markets non-interest debt to Through Total banking needs. fee continue physical provide and streams FNB's to executing $XXX our income the XXXX. meet exceeded and our income continuous channels, capabilities. million as enhancing our growing to we their strategic to in delivery initiatives group aspire with our intuitive capital operating for efficient ways such and digital diversify in on both investment finance by customers

in front digital added XXXX, banking to in the users new users increased attributable last have mobile from the On exponentially XX% to months. platform in growth adoption rates nine the

FNB the limited to years, XXX These novo over management in branches, infrastructure de opened disruption we our market diligently overall improving our the in the five for actions platforms capabilities have bank XX back enable ATM last experience. now invested We've and customers. technology attractive and XXX by in retail branches customer our exceed locations. expanded consolidated with footprint Looking optimize to upgrading and risk

deployment we particularly evaluate consolidations Washington regional with on take we store providing to the throughout enables and to Metropolitan, geographic entered our banking announced XXXX. with cash D.C., to an with operator offering, XXX of Building region locations a broader in Royal that in connect us continue products effect Mid-Atlantic market in distribution essential online services services XX region. a strategy access mobile Baltimore ATM than regarding grow distribution We Farms, a to effort and robust the to banking convenience convenient consolidation agreement presence and more FNB's network as its

ATM also capabilities transfers the to even feature check Royal and increased several access customers greater Farms to In flexibility to provide will depositing and inquiries addition product withdrawals, broader and with of balance cash offerings.

recent a growth our experienced markets of to data in of of share our half MSAs according we execution XX strategy, spectrum achieved in compete those FDIC illustrating FNB most effectively MSAs, against successful position footprint. of nearly five ability evidence across our broad XX in to growth of our competitors. further deposit top the As

by million. goal we continue manage to improve is XXXX costs Additionally, achieving cost strive $XX evident FNB This efficiency. stated savings of to and our

despite In period. to addition ratio its continued XXXX. full level additional capital roughly million our of achieved XXXX in in year of expense our net rate When at a FNB on total over an plan than interest XXXX to expenses and the target $XX good reduce Because pressures proactive the in environment, including reduction a cost amounts a this income also million challenging initiative, three-year XX%, remained management technology. expense target, more at to $XX during in achieving investment million efficiency in $XX

and credit performance Gary? proven is asset ask this by To as quality topic, improvement varying continued many on on cycles, quality. solid through key in metrics. to Gary strategy focus the comment on expand evidenced I'll Our

Gary Guerrieri

Thank you, Vince, everyone. morning, and good

Our credit the in perform into we portfolio XXXX. portfolio fourth pleased in of to a satisfactory we with continued quarter position as the move very are and our manner

which the metrics exposure steps proactively drove impacted in number a environment, reduction reduce level quarter after credit improvement in key during showed a COVID-sensitive the across categories Our NPLs. delinquency took of and this of we to to most borrowers

portfolio, at hit in were now and exclusive PPP of XX%, the of asset our position loan reducing nearly to industry the exposure our successful which improved X.X% Specifically, only that further loan hardest we this lobbing stands by limited hotel balances. in class

some now some Let's full quarter results, COVID-sensitive covering both fourth followed and year highlights commentary by the around of review deferrals. the and portfolios

OREO points, linked-quarter stood sales level point And linked-quarter this bps OREO quarter, improvement very volume, PPP in points. positive while $XX at ending XX first five have an XX for credit excluding level. $X basis OREO a The Turning historically loans, a The of loan basis level of at quality. and the a to of delinquency low prior at of representing the of non-GAAP level reduction over X.XX%, ended level, We NPLs PPP which X.XX%. saw December came basis when to an balance excluding activity million, million the delinquency would good totaled contributed very quarter. improvement X

the moving were books credits books, XX we which balance million to levels. were credits several off NPL further for off the quarter COVID-sensitive previously to the $XX.X points reserves. these reflects utilizing annualized, QX actions reducing or in thereby established move basis during Net taken the the proactively strategically de-risk sheet, successful select Additionally, charge-offs

Our GAAP ending reserve million a a for the quarter expense XX came X.XX%. December at charge-off $XX in net very basis full points. solid position totaled Provision the for at with year

When loan Excluding our linked-quarter these PPP with you at COVID-impacted remaining in NPL X.X%. reflecting across again volume, ACL stands exposure discount, at X.XX% the update the COVID-sensitive point loan sectors. reductions position like provide total basis also exposure. decrease, due and or favorable acquired a X including the coverage non-GAAP remains on to slight now our stands improvement reserve levels XXX%, I'd a industry The an deferral coverage linked-quarter. to at unamortized

our X.X% As under it December deferral was deferral, portfolio, to XX. loan PPP, borrowers the of excluding plan payment relates a at requesting COVID-related

during of we segments to X.X% total the was risk are Loan nearly higher As this the loan XXXX and higher million deferrals earlier, quarter made only a progress of COVID-sensitive reduction by stands a I to declined higher my positioned. by further at driver with from risk decrease well only of ended made primary noted On at food the portfolio. and segments, progress exposure, of pleased earlier In in remarks, quarter. the limited final $XX at hotel have we led our very the segments deferral the XX% year at levels level in in exposure of the which loan mentioned The risk of closing, only portfolio. energy. as stand year very $XX prior million we the leisure, during to enter quarter in three X.X% satisfactory services end credit the down reduce third we the the to metrics linked-quarter environment as at travel significant total ending X%, exposure very basis, the with including our

risk managing to our these as We industries to portfolio face and on in exposure that closely higher current environment. we monitor to sectors further the uncertainty reduce remain our COVID-impacted risk continue continue in to book focused work

we look expanded As improving we to now the Officer, and call Calabrese, economy will opportunities turn over for I ahead. the Vince our a new year, an Chief Financial move remarks. to forward his lending into

Vince Calabrese

of our and Gary, our Today, good morning. some results will discuss I financial expectations. Thanks, discuss and current

million on EPS fourth of noted quarter. items. the significant $X.XX, Slide totaled $XX As Full XXXX totaled $X.XX, after of an operating increase X, compared quarter third for year X% EPS operating adjusting to

were of we increased strong volatile mentioned, in challenges, our value markets, year repurchases we generation. our positioned put an increase environment While unique capital peer book to tangible brought combined this above provide $X.XX, the us equity well year Despite levels. share XXXX. and and to yield economic a per share adapt median Vince to for X% internal dividend

XXXX, we leverage lead overall will operating confident positive to generating core quarterly XXXX. at to performance Looking basis are that on returning compared to a better

a balances Let's sheet loan what as largely page remittances loans level XX. throughout XX%, for balances $XXX we for forgiveness rates X.X% quarter on which as SBA review from was balances the economy due third decreased normal $XXX about in below with Commercial in million fourth or total funded November a are on the the as is growth quarter XXXX. X% to would previously million upside that the spot decreased we sale basis utilization the received mentioned auto characterize indirect PPP of line $XXX Linked-quarter December. creating balance starting completed loan in million improves. the Average

Turning grew provided deposits deposits, an time continued growth to XXXX. growth additional and continue from with during total deposits. expense deposit us the $X.XX X% the liquidity $XXX interest-bearing a million fourth extinguishment quarter. rate and in down terminated to offset debt will a decrease of year borrowings ample that the average in Including quarter, afforded million deposits were non-interest-bearing partially X% FHLB the X% $XXX opportunity This the FHLB deposits, and third an of in with savings in through by growth X% total pay with borrowings during

strong As very Vince and to capital, fund position noted, growth, strengthen liquidity. FNB in future a is loan enhance

third to PPP X.XX%. margin increased to as added interest and of the points quarter accounting points quarter benefit interest basis fourth the interest third Turning to purchase spot basis net million compared basis in cash interest increased compared net acquired income of loans the the to to from the Interest-bearing a $X.X statement, PPP costs income impact basis average higher to down to points net deposit points points. improved another million $X.X from basis net basis increased points negative lower quarter eight XX three XX. X.X% And XX margin points or level on offsetting the seven balances and were XX the on three of loans. basis income basis

$XX.X the non-interest $XX XX income income historical slides with look margins now when million, contributions Let's extinguishment. gain levels. FHLB loss on non-interest and from the to remained on results banking at million and on expense totaled sale above-average million $XX and XX. debt the Pittsburgh regions from income compared excluding Mid-Atlantic and Operating benefited Mortgage at strong large

the on businesses third served $XX aggregate, wealth XXXX, providing and record For diversified to from banking, increased markets, banking of five Capital X% for the mortgage the last we've market are revenue year or and XXXX. due quarter million. of low management $XXX this management, the Wealth revenue under insurance reaching to management. strategically full $XX a XX% from the XX% expanded us businesses mortgage increased impacts environment. footprint positive years, interest streams in million increased million full rate in the In year over well invested these that have assets

XXXX of Looking in COVID-XX or on million expenses branch million quarter. COVID-XX consolidation which $X.X expense non-interest $XXX.X million related $XX.X of XX.X%, included an expenses XX, compared in and increase quarter $X.X of the the million, slide million of fourth of totaled third $XX.X expenses to

September our Ratio by XX X.X%, and and PPP respectively. $X and as ratios loan to and XX the the September commissions XX to the million assets impacting XXst reflecting points of with outside primarily ratio impact year-end FNB's COVID-XX loan million day XXth, from basis PPP services. tangible CECL as XXXX, estimated to expenses, incentives increased adoption to in Compared or expense ago quarter, tangible improved non-interest XX XX and basis, production-related consolidation basis ratio one X.XX% branch over due impact. December increased optimize points TCE to to basis year XXXX points XXXX. XXXX primarily a driven these increased higher compared Excluding negatively decreased to $X.X an points -- capital CETX linked-quarter and X.X%, net XXth, balances the equity to to basis On five common by deployment strategy well

the will quarterly assumptions outlook, account of take into our to do that Turning of level the recently impact we offer I'll full first of for guidance note high quarter the and our announced some not stimulus programs. expectations XXXX for year XXXX.

additional to of loans first the low quarter. For period-end PPP decline in of XXst, million loans expect $XXX December first to relative forgiveness we approximately assuming single-digits the quarter,

Excluding PPP at interest we fourth income level similar accounting, first quarter net quarter. to the expect a to purchase and be compared

continued high in fee-based We in mortgage the and solid continued total resulting $XX non-interest markets banking range. capital income strength with expect contributions in from businesses to mid million

be quarter expenses to to the expect We operating slightly level. down fourth compared

does increase assume expect we stimulus additional where improve of and conditions any any from U.S. government and are throughout For full we This of XXXX. XXXX, low accounting is by single-digits. would impact to deposits originations. the XXXX. would as expect purchase to expect account not the PPP line in credit to increase note some new from total in today. year I'll from to decline stimulus forgiveness offset to end full transaction organic PPP from utilization the mid excluding for single-digits of basis, PPP the net XXXX, line mid excluding top stand level We contributions expected year-end economic year revenues loans a on this the year of compared We of growth single-digits grow reduced of

in million macroeconomic million our full range on current assumptions. provision to for $XX the to be $XX year based expect We losses credit

from execute savings we the as million, operating down full in level our infrastructure continuing million and XXXX, while year in expect on $XX invest slightly expenses XXXX. $XXX technology target of We to be on expense to

be change effective the rate XX% turn of to expect to the call assuming the we rate no XX%. back Lastly, around corporate to Vince. tax will I tax statutory now

Vince Delie

year, optimizing our investing improve efforts on technology. operational the our well and delivery Thanks the focus we Vince. Throughout efficiency, and continue last to customer in our to as as improve online experience, physical infrastructure channels

providing and will improved having initiative loans our space. to Our channels to again, offering in of first the instrumental Once cost in received serving number in a of Global terms business. our mobile to app an fee-based portion FNB commitment was delivery Northeast features banking and clients deposits for regional by savings digital recognition a our the application our success, top features client. quarter, reinvesting in banks our in be adding we of in functionality for S&P national mobile a growing

As continue to digital new investment evolve, our households enable expanded reach in to consumer us footprint. platform will our our preferences in

our Moving and on forward focused of online the through channels. are we interactions mobile number increasing

We FNB offering, to customer multiple are robust confident products and provide our interface of omni-channel ways and innovative services. utilize for complete will digital our offering presence clients our

the and Their into safer better dedication call turning challenging over team would operator, determination and lifetime. like for company operating the on most for the all work I work, of to XXXX. work their our shareholder value environment difficult hard we efforts and as and a to our Before moved positions thank through outcomes of the as preservation environment in we our resulted

the take the move vaccine perform We level accelerating the higher expect as of the year. rollout at hold, we of to activity effect a through and business economic economy U.S. stimulus expected a as and growth resilient

in value. employees engaging constituency deliver communities, greater We will to by shareholder to dedicated and serve continuously our investing working actively Operator? continue our with

Operator

you. Thank Yes.

Frank session. Instructions] Schiraldi first comes will We Piper the [Operator And question now the question-and-answer with Sandler. from begin

Frank Schiraldi

morning. Good

Vince Delie

Frank. morning, Good

Frank Schiraldi

on just to I first just buybacks. ask wanted

the you how back would there's wonder I few shares to wondering any opportunity characterize shares ex-PPP fourth bought kind thoughts if And you then that you'd quarters. I next you also get the X% to So ratio I was in well? quarter. TCE the change higher on believe as -- buyback an recovered to over thought levels. here your with of some just having

Vince Calabrese

on comment can I that. Frank. Sure,

in ended from X.X ratio saw our we at capital as both comment TCE on perspective, mentioned, we X.X did levels. the ratio we Just past CETX year PPP you as you excluding and expect XX the XXXX. the And to first half with and X move a of of slides, and good

very And know, of really it for to actions take of we've be that ratios to fourth XX% to forecast overall that you did sheet, for the these in of our opportunistic. our these the was that the to fourth are We're quarter. balance mean, is We out is we And then valuation kind we attractive As confidence position done taken still to able kind were authorized credit as XX think during that going bolster of which we repurchase levels. XXX the tangible to activity, of the us here. below gradually measure. accretion levels had. the was the capital to within profile those of to far look back high and nice we've continue I quarter, program from buy in capital at the nearly from reflective strength build guidance book to as What buyback value,

opportunistic. there's a the to goes. going If of year. that. and tool be look how slows and function growth So, and as it's deploy loan we'll through we we growth I be to to we're But loan more see mean, loan have going to to going do growth It's be go a definitely opportunity

Frank Schiraldi

Got you.

the million things. on savings of expense XXXX. side Okay. And secondly just targeted expense then in for $XX

the job years. guys over a nice few You done past have pairing expenses

well, given or guys. see course in any saves saves And further acceleration of, be you just par the for but to tough the digital the And environment, channel tough Thanks. further for actually there $XX the is rate also likely the opportunity million if reinvested? would I wondered in so sort is, XXXX, given cost maybe -- more like maybe

Vince Calabrese

think, And, When with becomes pretty job we've the good over aggregate, you Hey, cost margin despite look Frank, this at years. Vince. year. each million I headwinds cutting difficult. done in is three it's more $XX It a it

that continuously cost process So a set actually for we up opportunities. the inside have company look save we've to

keep wouldn't out that would that's period initially additional. to a million looking. out rule at much what we pretty cycle a timing that we I And The of I So year. say puts we us do multiyear do of that. well opportunity of That's it always to we're in accomplishing But guide number expense the there's efficiency. company included why path additional we've the look our to guide within -- for at areas could the over $XX drive an set down and year. a

as we've comments, we mentioned this fairly look our think the was branch my I at in That year, significantly. paired XXX network back comment I prepared branches.

We pair to continue look the for retain feel to opportunities have we where we customers. to ability back

would run. ATM ratio that lower of our help market not new That's distribution, That's the out I and Obviously the XX the particularly been coverage the and ability love continue in lose channels on see last we'd Mid-Atlantic us channel our leverage to say the customers, target to think in the long Ohio the weed efficiency it. I to us always is digital our around be XX% hopefully strategy. the gives marketplace. our below performing months right XX%. was we branches overarching But to focus move with in in which the to the will ATM -- delivery enhancing attract

growth feel We're higher And success those too. good some markets very confident of about going in this, that half growth that revenue And comes we markets. seeing of we've to the entered. you final the I that with tell was

revenue. economy So on focused growth start markets, hopefully We're not will, We're outsized just improves starts as expense. contributions line help growth efficiency revenue our driving to trajectory improve ratio. and which see those the on obviously, from focused we to top the

Frank Schiraldi

quickly want on was to added just Got sure total basis contribution is just to us XX Vince just wise? points I make was you it. right if could And Calabrese Did what heard, then XQ? XQ that remind say -- PPP. so you And I sorry, the

Vince Calabrese

was third points that. XX basis the to The quarter fourth quarter X Yeah. fourth points was the of basis the and contribution -- to

Frank Schiraldi

Okay. Thank you.

Vince Calabrese

Welcome.

Operator

Thank from Haire question next Jefferies. with the you. And comes Casey

Casey Haire

the it's wanted like Yeah. Can to loan a CRE sounds was I'm we've higher Thank on some morning, markets. us I assuming single-digits. going it on it's well. CRE pretty Good color you guide you. other basis strong. -- the your momentum the And product as mid come to on But give seen guys. -- just touch -- -- growth from shows growth,

that Just credit the liquidity strength? with then just what's I'm utilization also square among of line Vince flush to Calabrese, concerns mentioned what's -- backstopping very there given situation And that driving is trying And in you obviously borrowers. some this.

some growth? just the loan more on little a color So

Vince Delie

They markets Mid-Atlantic southeastern XX%… overall substantial to in the X% slightly, the Well, particular and region. think, have fairly I is pipelines. down The pipeline

Gary Guerrieri

X% to XX%, Vince.

Vince Delie

say the And add the based to Midwest. You're to And we're the that? growth our up want to we opportunities. know quality out pipeline, Gary, think, …on expanded mean, They're pick C&I Charleston and in activity, a good expecting Asheville The time would and I well. potential. Asheville, in markets a expecting we're more robust. C&I book. is of from is southeastern doing year-over-year the to opportunities the better pipelines Mid-Atlantic basis, but I more the direction, half Carolina then also is in We in seeing some I CRE the in exceptionally we're legacy and spent markets still North second that add the the sorting where year. see region are industrial moving perspective. real some if are. more right I in And of seeing fairly both don't you

come seeing the opportunities You're over.

Gary Guerrieri

Yes.

Vince, they've and more opportunities. been new brought point, Southeast bankers seeing I think, mentioned, as this active. We on you some at active a been has few the than regions the other new

some some new seeing board, we're bankers those those solid brought experienced So very very of markets. with in that new names new and nice we opportunities bankers on out

fourth we see utilization, range. the in terms line X.X% about Casey, quarter. the it In into actually It of moved up credit of did the bottom mid-XX

So, base. our we standpoint next growth in are a will half, year expecting some as the latter from see the industrial economy we improves utilization over with the

So that's kind expectation of there. the

Vince Delie

a of sitting there's balance the mind, cash in sidelines. Yes. lot on Keep sheets corporate on

we're So cycles sales to several through cash. that have deplete to to go going

the revolvers stimulus when a see -- on year the its the of driven, from so Some is say, I'd of balance expansion you'll there's start second to half perspective.

Casey Haire

sense Great. the looks quantify will accounting. and what way Thank on we you. Is get a contribution the in there I appreciate can a so XXXX revenue be what the outlook to purchase the PPP core for better those the like? items, color of

Vince Calabrese

Yes.

Let because, moving of some there. of pieces the lot me a in go through parts there's

was up the net million, PPP quarter, fourth third interest was the from for quarter. So, $XX contribution $XX income million, million $XXX right? in

it our is we that $XXX reflects that remaining assumptions So life. had kind of updates -- for of forgiveness and million about

the So down to million. CECL so deteriorated million, $X quarter, okay, accretion from $XX is the credit purchase with million third related $X

kind underneath all basis just income, kind and margin right? this will just points. which million, about at was cash if is a other of interest by The and accounting, the $XXX So at from look up so cash of purchase activity. X reduce NIM also PPP that net item excluding position in, we we're had So the position, you the million, slightly $XXX

$XXX PPP quarter, relatively look the we're PPP $XX good million then comes So, all $XX ahead expect million income of at these kind purchase $XX confidence of interest couple days million contribution, million think even for to of NIM. first point another we down with fewer forgiveness. again, assuming be contribute the that to the you million, of to be accounting, underlying an of a of the we net quarter. probably When so. purchase excluding, kind to in have you that couple accounting to inflection our or will The And stable and

and a the touch kind as everybody then, other, just XX couple purchase at of accounting of key We basis moving so kind for And down me of ended came parts the we interest-bearing deposit those in spot basis drivers PPP. just for far a points. on costs, quarter So slide XX. to as the XX key are the on, to mentioned

roll to business a the gives the that down. So still us there more some continue opportunity start to And on side. first basis X of deposit consumer The there's quarter. kind point CDs head

in X.X%. month a X.X% million to $XXX of kind the million to off around Those at first maturities have are of quarter. We $XXX coming

points. CDs coming XX on basis are New at

So, rate higher new which is loans during opportunity yield. pure a at we came basis the from portfolio that than create quarter, the the continues kind the made X coupon on to paid And of side. point then XXX, that on standpoint,

So the at obviously, rates quarter, the on that lastly, for helps points rolling That the budging stuff T-bills then basis side. in excluding during And loan stabilization, securities portfolio the XX we had XXX. off were that purposes. reinvestment some

in headwind the I the think loan helps, relation well So, of opportunity there's deposit portfolio continued to new stabilizing But yield side. and a the as little there. on as ones bit a the

So, I sorry all drivers. for the through key those long answer, to of go wanted but kind

Casey Haire

Appreciate helpful. no No, Very great. that's it. Yes.

Vince Calabrese

position. complicated a give May

Vince Delie

We PPP we started launched our originated -- day and first roughly just million X,XXX the portal. just in for applications $XXX

day So now. two we're in

So we will be adding footings.

Vince Calabrese

That's not guidance. our in

Vince Delie

That's not guide. in the

Casey Haire

Yes. Understood.

Vince Delie

will that So sheet. be on coming the balance

Casey Haire

you. Got

for Okay. last me. Gary. A one question for And just

the And loss year just I'm $XX million million And the of wondering So provision lands CECL like ratio what guide? XXXX? guys for at kind forecast. the your of have where looks ACL progression the that with to end the $XX you obviously provision,

Vince Delie

Gary?

Gary Guerrieri

half we about with were assets actions at done feel know, did call dives what year-end reduce deep the the three And the of the solid of we come Year. a in credit, that and done around into reserve we've amount levels mentioned, a our on lot of things the higher to quarter we levels. latter And of our Reviewed we work top you normal year in of that the coming in, with COVID-impacted in reviews our across Casey, portfolios. COVID-impacted as portfolio. the the of what New fourth the credit one the plus that we've risk updated significant sectors book at good to really some took those exposure lot

Our book. position charge-offs points, XX in we've at about done the and the the and the for feel good really came work year full we basis of

expecting be good So, ranges charge-offs loan we the guide provision will would to in to continue our in what that about portfolio we're growth we with as we And there. with around expectations subject improve. look guide economy feel that expectations forward some call XXXX normal to is that the

the have forward has that work feel about information and of with we lot gone it, we a good So, you. into

Casey Haire

you. Thank Great.

Operator

next And the you. Fargo with Wells Thank from Jared comes Securities. question Shaw

Jared Shaw

guys. morning Good

Vince Delie

Jared. Hey

Jared Shaw

million that where the quarter. the the and to have some a really with do of of over that credit sticking to discussion. year assume allowance utilize over the $XX economy, -- it that see provision you do and just that declines was? for we at saw And $XX qualitative million we in reduction look overlay as Maybe significant allowances to -- you your what this did comment When How the about to should for the we improving that keep qualitative we ratio? expectation guide much of overlay sort

Gary Guerrieri

utilize of qualitative That We Yes. majority book. is year qualitative based some did position end of the the of of -- but quantitative, overlay. overlay on the the ACL is review our said, ACL, the we with there the

with housing As economy as we that in the in GDP, the improvement there play an that coming appropriately. The continue economy manage improves, markets. to we'll utilized improving QX unemployment, into well metrics Jared also as

will a generally, in forecast X% year, Unemployment And gradual about continue to after. X% and our at it's So, and steady horizon. grows year improvement. decline we're X% over the just GDP next looking

this mean are good we our those you I can give it of feel I of and the that ACL some -- position into that's about at inputs point. the So,

Jared Shaw

we on the excluded Okay. looking there? were second you the quickly, on second And to pretty $X.X see get when in went you you know able the on with peaking? the And do then round at put do PPP round, that yes, the -- I where guidance, think and how your it's but first from round billion

Vince Delie

too just we're think tell feel total I was a originated I -- last running I there it's -- and we're X% can at don't tell. that about rush. to I that time early you of the Yes, was mean mad

So, I don't happening. see that

I continue we'll think that to originate.

at night. X,XXX when said million is I roughly off applications with what it we $XXX we X,XXX -- took last As cut we're

So had just that the opened. that had -- portal and

for tell $X.X sustained to at think product. can be won't I -- expect So, that. would billion the what there demand we we And you I be hit I it's won't say hard to

Jared Shaw

that sort of people going is organic know that got officers portal this that, With that or is letting for proactive out your there it customers it your there's it demand being that and out? the growth, in is loan

Vince Delie

round, and in was via -- the XX,XXX those had communication -- banker of the PPP physically. we up And captured pertinent to Every bankers communication SBA where loans a we we also communication. at maintained we've or first set one have originated contact and everybody's system update periodically a company. been banker e-mail information. addresses Yes, e-mail when clients in single happening a assigned XX,XXX And we've the They assigned program. what's those to the the with were about

So, feel we I for with time. that that coming pretty that qualify we're say that active first tranche the what folks we are seeing and would back, are back. this were originated they base And they're XX,XXX coming they

I so been it's And very fluid managed. would And us. it's been say for yes

Our our developed -- we portal in-house.

and going first -- very a Our but draw, we've processes. fantastic because there's monitor And when complicated, going or website job for we're we live, flawlessly automated us. a draw went worked on, of those that with people a We we constant the second It's did there’s changes planning have with it. forgiveness SBA. all the still the

end-to-end digital. So we're -- and

people for with easy with how this and impressed the to use is what our customers. very I'm pleased So, have very done

Jared Shaw

that that over guess great expect fees. million XXXX COVID-sensitive and the Great. you back to Thanks. or that's where what's COVID-sensitive we in now think on tail COVID that ratio target. waived expense whether just Should expenses when or finally we the efficiency we do in expenses were missing is those a fees? get XXXX, we And XXXX? And the with the then $XX that's side, for look accommodations, I at me on

Vince Calabrese

a on of supplies have $XX the first still the just expense we'll side, some least. of maybe the things. just I I to looking ahead couple level off would that -- at quarter say and mean, million,

still So, given kind that just where of be there will we some of level are.

non-interest at on year-over-year. service charges bottom, At could income it the you look income XX%. down are see about down the the side, XX% that about the you was If side, fee

into to you see as activity customer seen go moved up. yet. definitely But of kind pre-pandemic we've we'll back guess, I back XXXX. So, levels Not

thing from I want that bricks is, have see guess, over wherever key that I the to a they behavior on the forward other behavior bank. customer And can, so maybe think mention But we're going closely we're I you consolidation of a more are we that digital we wanted everybody too, opportunities investing changes as and definitely time that customer job as for the go of there We've one expenses here. is, clicks to initiatives been actively and at to to things and the process time. over -- that We've working even years initiatives. -- to customers then more. initiatives monitor I we're using bank the can all think in streamline processes improvement one robotics some is few last definitely done how of looking on these that over great monitoring evolves else RPA

efficiency that, implementing would time do ratio And help think if too. we of even And and on it we year a have the guide. number of we're better there's I that be baked will these so the some can opportunity this some initiatives there first more the good of into that's techniques,

Vince Delie

data in year. features through and analytics, heavily move online That products you whole We're data pretty we're invested today website to includes the where realm. loan We've products adding purchase interface, this digitally our can checking the process end-to-end. digital from adding The warehousing. account

to enhanced the mobile score, also Our mobile the taking We're app new mobile is and application. user a going picture immediately through chat, mobile interface, e-statements, bill ability pay, shop in application, enroll people have to credit the application, that's the center and -- a without actually with within going can the into mobile to into disparate solution going website website. optimized so be center incorporated on the solution our mobile

because we kept areas, there. going on. should competitive, Fintechs. think competitors what's in lose with us I think on And investing in those there's hanging a that's don't we're and I lot So, focus larger

that we've can market and shared You well, growth. in, of with done I terms data the MSA see that share we're just from in about every you,

with I know So, don't we're the headwinds that I dealing think on battles margin. over.

that but focus. that still some investment, delayed it of or of kind we've to some needs be of curtailed a So,

Jared Shaw

lot. Great. Thanks a

Vince Delie

you. right. All Thank

Vince Calabrese

All right. Jared. Thanks

Operator

And you. with next Truist the Thank from Michael comes Securities. question Young

Michael Young

taking Hey. Thanks for the question.

Vince Delie

Hey, Michael.

Vince Calabrese

Michael. Hey,

Michael Young

do a follow-up maybe quick the Wanted to side. expense on

would million little on about expense from cost businesses got of the assume, million there'd $XX planned year-over-year inflation, particular a tailwind be And fee in of in bit kind you've basis maybe a savings. of $XX mortgage. So, I core of lower

going that could maybe, other square of comment kind So, your are for you to fee businesses do better in with the or XXXX? that outlook expectations mortgage maybe that maybe

Vince Calabrese

phenomenal contribution. his in a Yes, you plus remarks. markets, as wealth, capital mean, say, I fee the look I with Vince had XXXX business insurance, increase there at When in fee in million $XX has levels year plus plus mortgage the commented would record

XX.X. set As we when strong, said very would very quarter. strong record again, in we our level. mortgage did with an guide, that at there was contribution the continue going don't we're mortgage quarter, to we a a you following I every last But XX.X to have look know this as quarter,

year. particularly We that of team still the the over geographically, a upside there's in come and folks joined mortgage So, business. We've in have those invested lot more we've think markets businesses. expanded some the the with last to

other the that's you third cost we saves, as there. kind guide and the million first the the to is that's the in of -- XXX-ish the the you the And side, first to of that things hence guide say from initiatives guiding kind at second, look had slightly XXXX which there's would taxes going jump savings and that been out the that efficiency. I right flat quarter. overall around quarter through levels. as cost But of expenses fourth well $XX get down And payroll has quarters, on expense always up the of if kind improve kind Now in

of through of where you kind quarter kind get get increase there. that's once first you So seasonal the to

Michael Young

environment throughout guess, I last you out in my is, quickly, felt prudent those credit of And more competed wider point early coming interest had were as cycle. to was grow would I cycle that while remember, we the time, the away to second spreads that back guys kind it cycle. of in the only rate question get go like the zero at

of when would So on comfortable being aggressive way? loan maybe on cycle just more early aggressive growth kind more out of an again update in and stepping that you being feel and there view your on kind this

Vince Delie

always strategy be has been to Our through cycles. consistent

economy. spreads gain We while better and financial been of because changed. out margins grow that's through So of That changed faster the hasn't to play crisis. credit the able in depth injected the What's throughout cycle. marketplace the trillions into were to of stimulus broadening the is, were capital we here the

additional if think, I because the attribute or on I even for the metrics retrenching but issues to changed credit originating, marketplace out the has which returning would happen we So federally essentially in superior, of be it And we PPP. providing to is while in an the this checks with are game. That concerns. these Essentially, didn't opportunity that, segment the capital That have unprecedented. be work FNB's providing a capital, stimulus, my guaranteed others belief would bank that we're would through capital. in to cycle stimulus relying it's because without be provide didn't the for consumer companies

there be of day eventually So because very be about what a with reckoning. will careful have we that, we originate to

rate think benefit the additional to would think will because all-in we LIBOR I we an focus deploy rate. we're areas receptive net we that have -- given basis When doesn't zero robust their rate out It's much. most say, been XX we're those in you times. the even capital points think, in one-month about the a -- and about borrowers So that the just you to environment, areas as I not LIBOR got optimistic on continuing get And I the if change to floors. have more

second, when our some this we're at still that I and -- and up quarter demand So that the of think third believe in commercial will aggressively fourth the originations well year. here pick turn loan to calling we what segment, point starts

answer, for the the long view. but Sorry that's

Michael Young

opportunities some last Vince. there just quick sheet other Are makes quarters. the one be taken actions – And ahead? that And that any in No, last or maybe balance two for can one sense. you've taken

that should So we out if anything else there just curious there's expect?

Vince Calabrese

Yes. We lot there's sheet there's $XXX XXXX. loan about took ways if the analyzing always the see balance there. a in kind I would if that the so. we're as billion look sit in million matures of you improve action say so I advances to of position. we short today, full the $X.X or here home say at would to XXXX, life

our right does sense plans we $X it another Michael. do evaluate to make but it here it's assessment to markets don't and of billion kind today, sheet. continue so regular have But that, other part any there's and we mean, of as any to actions. I to we have balance do just we'll plans now, that the the or sit of don't So evaluation potentially for any see

Michael Young

Okay. Thanks.

Operator

the comes Preston Thank Brody with And you. Inc. from Stephens question next

Brody Preston

good everyone. Hi, morning

Vince Delie

Brody. morning, Good

Brody Preston

Hi, reduction sales, Gary. I any weaker credits to due hotel to in want the you didn't wanted pay the just that of of higher was risk or to the like some loan ask retain? portfolios was that downs maybe

Gary Guerrieri

moving moved book. them Yes. million moved sheet. of classified them a million as the we of that We $XX we in We of handful sell that $XX business, $XX hotels. did in in normal higher off risk course balance hotels the million the

And $XX we amount. million. did only of small similar it business-related move other was some So a items dollar

Brody Preston

Okay.

Gary Guerrieri

of that of moved was sheet. balance that than the other the But just majority off

Brody Preston

those tied there $XX sales? that to that million any sold that Of was Okay. charge-offs were you

Gary Guerrieri

terms of amount reserved totally charge-offs, million. the business going for of on million, total were The sales. we that $X had stuff of some charge-offs book the at And including right small Yes. that the that Brody. that, $XX And moved we in was into

was it neutral. provision So

a was very good. it So

Brody Preston

a sorry quarter? Okay. you And criticized trended I'm classified how and us loans if but it, this give I could for missed sense

Gary Guerrieri

Yeah. a being over The million. up classifieds $XX special were the touch million, $XXX down just criticized criticized were And mention.

movement slight classifieds, had we increase category. special in good the mention in So

Brody Preston

Okay. All pipeline. today? the Vince to right. color new the But get Maybe sense are just I yields a to new loan and -- to C&I the on originations, new appreciate CRE just turning for, wanted like what

Vince Delie

running in range the more right spread. I detail. Vince We're you We're can that. getting XXX I answer maybe mean, On probably can originations, -- give

Vince Calabrese

up over midyear. spread XX the XXbps And about bps to is

a spread are perspective. we seeing improvement So from

Vince Delie

said I earlier, right? floors a moved down think And as I little the were XX We bps. bit, seeing

XX we're Now seeing bps.

focusing I crisis. bit not beginning spread the that to a of gotten core, the on lot have there's would get but at at competition particular, we're -- little a there, in competition. still able of out there's the of but them, in same So, mean, the we

Brody Preston

right. I spread is LIBOR, that All or what's over And the benchmark? guess,

Vince Delie

I'm spread talking And LIBOR. over is talking floor. Gary

Brody Preston

more right, of, a understood. or use fund up loans should And the hold Okay, you in all deployed securities. would of then, again, moving off to rather strategy liquidity that Is and ticked which you some we that the forward? that expect

Vince Delie

Well, I we're every monitoring be day it will kind to mean, which combination. of, decide, way go. that a to

behind, we evaluate I deposits right? letting more vaccine in the is going put the quarter. through earlier fourth Like the been we would year. you economic And out utilize cash changes again securities the as that subject that again to activity and good of that. as picks be, some did that portion to And have down there get earlier, the But portfolio they to flows that that I in that some around. run additional that right hope to commented We continue said, to move we'll there. rates the just liquidity. get came down in up of pay start borrow and cash other the And liquidity of bring Vince the you reinvested plan as the stimulus XXXX. to borrowings. into and and customers plan the would So, now securities be through We then, flat use work The year then banks, to of is some portfolio, hold think

actively time I powder. be we'll think very our prospects that at I the table. And so on well the that teams their as calling right having think are like as we well-positioned. They're So clients, when comes

Brody Preston

And are right Vince? security new Okay. what yields now

Vince Calabrese

basis really mean, around XXX I pretty around to I well. -- they're want points say

Brody Preston

Okay.

expecting balance then, get some of much Are the just, throughout or wanted sheets active middle not with on I much to year, customers for more is to the so need liquidity there market you of ask right as your just capital a markets. now? Okay. outlook And

Vince Delie

No.

continue I that capital the there realm. for to will think to markets be us execute opportunities

will environment. our second want year, there'll year, the particularly through that the move the in of advantage be take we As of I borrowers to more the and rate low half think activity

a we So, start it to focusing fund as of term debt. perspective, tranches fixing on working lead we're not borrowings. principally will We're to embedded opportunities From working capital capital.

play, frequently. So that come into doesn't really

Brody Preston

Okay.

Vince Delie

of from CRE capital reloading expect But an us active And a to are area. still to see syndications continue perspective, both would level opportunities. areas I our CRE and their that's markets C&I pipelines. decent

So, half of -- second I a completing pick in for of we're to made. capital we -- also And forming up take the in M&A the debt formation our year broker-dealer we're of borrowers the a move think that the fees corporate will large stage the again. that final yes, advantage markets of

we'll us should shortly, as our be haven't this year. clients, able finalized accept debt we offerings well that done. which these and will for So help to be That

Brody Preston

that. Okay. Thanks for

quick of couple left. a Just ones

a Just there of or to as component commercial insurance just how individual related wondering I that to -- on ask to add much well? is policies, is your insurance, wanted

Vince Delie

employee small. commercial. relatively pretty It's The commercial. it small. typical of It's It's benefits, risk-based policies is for your and individual mostly piece

Brody Preston

than Okay. the guidance, right the now. higher where appreciate bit your I just guidance outlook, just And but running expense on a you're imply little would then,

to expense us maybe number and to So, run of I closer full a year? walk for level expense could I timing that as wanted guess, the get when sense to some down sub-XXX you through, -- the you would just get if the for core

Vince Calabrese

of have a as expenses some just the higher the Kind commissions you are at typically of on little fourth on say we the points. bit up true would of in couple how everything year. close kind end based I a the there out I quarter of of you and production-related commented year. that mean Yes.

where we going couple in had related kind variety There's helping in these we've outside folks brought projects services, outsiders we fees like with a increase on a in of LIBOR that's all to dollar of out So, million help professional things have there. that projects of that with. and to some

not go in really there run of that's rate million So, There's a of forward. dollars as that. you kind for couple

were fees origination Our about FAS-XX lower. million deferred $X

So, increased expenses. the that

a to right a that through $XXX just which ago, why the had whip, little So, of for there's of parts if about run quarter, at of the the million lot comment earlier rate which around is the through quarter, fourth moving kind a you my you look once we couple kind fourth of been talking we're the quarters seasonal in second get there. expense

those initiatives most savings. $XX as the million get benefit go the would and the through initiative as that pretty mean, of is inclusive we timing the first kind $XX But I it place. in you the full rate of few of of year. those it's a lot lot Most I million So, it's of various run that But get would of of of of identified benefit. year -- so say, you a most expense is early we the starts expect, that it's months, so all within

Brody Preston

appreciate you for questions. much time. Great. I very my Thank all taking Everyone, the

Vince Calabrese

you. Thank

Operator

Thank question next with McMurray. Martin from And the you. Janney comes Brian

Brian Martin

of stuff Hey, has guys. my morning. been answered. Good Most

Just really is does year I on activity with it's growth, you off past, -- there could of comment this you M&A If this on thoughts to have pick if some pretty could thinking Could mean, consideration in be couple a up? organic any be M&A you you're the -- things. continues still if just maybe picking how about opportunistic about just it? give focus table. or activity the you guys was guys been adamant But the up year,

Vince Delie

there's we're expansion and de with definitely do for If them. experiencing we'll think, good more say while our our sense digital globally, I to we're mean would I Yes. at look whatever novo rollout going there success our the I opportunities. are transactions, makes platform that of opportunistic shareholders.

one thing impair sure for we're look I book value to doesn't going think substantially. that that though something for that is tangible

And rates of our significant back. capital our back Board be return, earn adamant to invested earn you and EPS past, about as accretion, and have internal short. relatively M&A would the from know, activity, So is

which those our through be in daunting assets, all I I our made will systems and we investments be move So, And key think as think infrastructure banks. will elements. significant do and we've platform our for smaller

be merge smaller accretive maybe acquire book So, provide to or value I take do decent cost and organizations with will in to accretion, and that capital. and think there some instances, opportunities out some to tangible

for So, the that's where we are. asking question. Thank you

Brian Martin

the Yes. deals, probably these And your -- you're it guess it at Vince, market like is what I looking way markets sounds entrance be would in today? than in just into mean, -- rather the thought I new

Vince Delie

spread a the We're within franchise. would still there's pretty work do geography. Yes, to I say broad across

shrinking of plenty that We've the take of opportunities be there's the significant with cost overlap. branch can So, with because, amount channel to delivery acquisitions of more priority been rollout would and we obviously, in-market digital out capabilities. do

So, our additional I with to owned and to across ability the think ATM coupled gap. XXX rollout of up branded with that We're bridging ATMs. sites kind our footprint

a with channel. That and to originate both digitally hand-in-hand goes network. our So, ability delivery physical the pretty have customers substantial through we

to So, is obviously, do. that easier footprint much within

Brian Martin

Got you.

what's Did year? color the what And in at the two kicked last as I the here? the the Vince are remaining the of unearned Vince. kind go Just collect then the new you I PPP. give before fees appreciate the point balance to for we just left of this -- Okay. program on other me. did through you guess

Vince Calabrese

the the Yes, end at year we Brian of $XX I million remaining have were that. unaccreted It's of -- fees.

start You on may in of kind we that recall to it $XX XXXX, depending was, left it would to in million -- kind $XX during forgiveness. come there's the the virtually million to And with of, of, all pace come that's expect of program.

Brian Martin

Got you.

anticipate better review that about macroeconomic levels and criticized and of I like sounds of criticized for the fourth the of are Gary I outlook how mean, you're a on maybe Is the classified quarter I on levels -- in was that the one today? just like portfolio last the kind thinking and based classified Okay. the And peak color kind guess, it you would outlook? guess level. do then Gary it your feel you from

Gary Guerrieri

at Brian. economy play would here, Naturally, to move I there. say going to from a help. the at Naturally, that year get this credit role think standpoint an temporarily throughout point that's could two you're a going would there. inflection play that are expect so I continuing we If a view the accurate to we from point yes, is a an move but number, rating a or I a have improvement

Brian Martin

Got you.

talked kind utilization year or partway maybe that kind you get then to do things back Can today? about it's half going And up think you back unfold levels you if at in the guys to get Okay. of look pre-COVID back trending of you I the maybe of back as guess. them

Gary Guerrieri

to think it's XXXX. slow half. Yes, it forward I would activity the back a to increased be a end year get in normal by not I to going level with latter expect grind

Brian Martin

you. Got

Okay. taking Thanks for question, the guys.

Vince Calabrese

Thanks Brian.

Gary Guerrieri

Brian thanks.

Operator

Thank you.

that As comments. return last the closing to to for was floor would management the question, any like I

Vince Delie

Hopefully, interest modeling. answer, really I questions. great they you. and And your employees were provide I guys transparent the appreciate again, the thought so one want we questions. more you can Thank I complete to Yes. thank were time. our able to

actions and was to I hard year. as say as very success. position enough. I can't were value this to a we to it them preserve looking that place made number that that think We possible normal. mean there weren't next we're year decisions, into company for management we're a but move challenging return shareholder forward to worked took well-positioned and easy and of I to a

So, the Appreciate interest. everybody. thank Take you, care.

Operator

that you And teleconference. today's Thank presentation. for conclude attending today's Thank does you.

You may your disconnect now lines.

F.N.B. (FNB) 20 Jan 212020 Q4 Earnings call transcript