FNB Corp. Reports Net Income of $110M in Q3

PITTSBURGH, Pa. – F.N.B. Corp., the parent company of First National Bank, announced third-quarter net income available to common stockholders was $110.1 million, or 30 cents per diluted common share.  

That was down from both the second quarter’s $123 million, or 34 cents per share, and the year-ago quarter’s mark of $143.3 million, or 40 cents per share.

F.N.B. highlighted deposit growth of $1.8 billion, or 5%, as well as linked-quarter and tangible book value per share (non-GAAP) growth of 15% from a year ago.

Here are other highlights F.N.B. noted in its quarterly earnings report Thursday:

• Period-end total loans and leases increased $1.6 billion, or 4.9%, over the same period in 2023. Commercial loans increased $1.0 billion, or 5.1%, and consumer loans increased $530.9 million, or 4.4%.

• On a linked-quarter basis, period-end total loans and leases decreased $39.6 million, or 0.1%, but with a commercial loan increase of $92.6 million and a $132.2 million decrease in consumer loans.

• Period-end total deposits increased $2.2 billion, or 6.2%, driven by an increase of $1.9 billion in short-term deposits and $1.5 billion in interest-bearing demand deposits offsetting the decline of $833.2 million in noninterest-bearing demand deposits and $357.6 million in savings deposits.

• The loan-to-deposit ratio was 92% at Sept. 30, compared with 96% at June 30.

“FNB’s robust linked-quarter deposit growth of $1.8 billion, or 5%, highlights our ability to leverage our significant client relationships, digital and data analytics capabilities as part of our Clicks to Bricks strategy and our diverse geographic footprint to manage the loan-to-deposit ratio, which improved nearly 500 basis points from last quarter to 91.7%,” said Vincent J. Delie, Jr., F.N.B. Corp. chairman, president and CEO. “FNB’s capital levels reached all-time highs with tangible common equity ratio (non-GAAP) at 8.2% and CET1 ratio at 10.4%. Our credit metrics ended the quarter at solid levels with the reserve coverage ratio up slightly given our proactive approach to credit risk management. F.N.B. is well-positioned to continue execution of our proven strategies for ongoing success.”

The full report can be viewed HERE.

Published by The Business Journal, Youngstown, Ohio.