KBRA Affirms Ratings for F.N.B. Corporation
4 Sep 2026 | New York
KBRA affirms the senior unsecured debt rating of A-, the subordinated debt rating of BBB+, and the short-term debt rating of K2 for Pittsburgh, PA-based F.N.B. Corporation (NYSE: FNB) (“the company”). KBRA also affirms the deposit and senior unsecured debt ratings of A, the subordinated debt rating of A-, and the short-term deposit and debt ratings of K1 for the lead subsidiary, First National Bank of Pennsylvania. The Outlook for all long-term ratings is Stable.
The ratings are supported by FNB’s comparatively stable operating performance, buoyed by an experienced and stable leadership team that employs a sound growth strategy and relatively conservative approach to lending. The company has generally reported an ROAA that has tracked between 1.0% - 1.2% since 2021 despite volatile industry trends during this period related to interest rate movements by the FOMC. FNB’s consistent earnings performance is, in large part, driven by its rather durable revenue base, coupled with well-managed operating expenses (~2.0% of average assets) and limited credit costs (<0.2% of average assets). The company’s revenue base remains skewed towards spread-related income, though FNB’s noninterest income, which has been a consistent 20% of total revenues over a multi-year period, is considered to be relatively more diverse with seven key drivers contributing meaningful fee income enabling a more stable level of noninterest income throughout various economic cycles.
FNB’s funding profile includes a broad retail branch footprint complemented by its competitive online and digital banking services, providing the company with a durable, lower-cost deposit base (1.74% total cost of deposits in 1H26). However, the company’s NIM tracks below peer averages, largely due to its lower-risk, lower-yielding loan portfolio. Following a period of increasing levels, capital ratios have been managed rather consistently in recent periods, including a CET1 ratio in the mid-11% range. While capital levels remain below rated peer averages, KBRA considers FNB’s capital position adequate given the company’s overall risk profile.
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