F.N.B. Corp. Reports Record $1.4B Revenue in 2022
PITTSBURGH – F.N.B. Corp., the holding company of First National Bank of Pennsylvania, reported fourth quarter and 2022 earnings Monday.
For the fourth quarter, F.N.B. reported net income per common share of $137.5 million, or 38 cents per diluted common share, comparatively higher than the fourth quarter of 2021, which had a net income of $96.5 million, or 30 cents per diluted common share. The fourth quarter was also higher than the third quarter of 2022, which totaled $135.5 million, or 38 cents per diluted common share.
For the full year, the net income available to common stockholders was $431.1 million, or $1.22 per diluted common share, which was comparatively higher than the full year of 2021, which weighed in at $396.6 million, or $1.23 per diluted common share.
Vincent J. Delie Jr., F.N.B. Corp. chairman, president and CEO, called the fourth quarter earnings results “exceptional,” noting the operating earnings per diluted common share (non-GAAP) totaled a record 44 cents, while revenue reached an all-time high of $415 million, and F.N.B. continued strong loan growth of 5.1% linked-quarter.
“The fourth-quarter finished out an impressive year, during which FNB grew loans by $5.3 billion, bringing total assets to nearly $44 billion through a strategic combination of footprint-wide organic growth and two value-added acquisitions,” Delie said. “FNB’s full-year operating earnings per diluted common share totaled $1.40, one of the highest levels in company history, led by record revenue of $1.4 billion.”
Delia further noted FNB was able to return more than $220 million to shareholders through common dividends and through the active share repurchase program. Total delinquencies ended the year at 71 basis points, net charge-offs of 6 basis points for the full year and a reserve coverage ratio of 1.33% for the end of the year, according to Delie.
“The strength of our balance sheet, coupled with the momentum produced by consistent performance, puts us in an advantageous position as we continue to navigate changing economic conditions,” Delie said.
Some other fourth quarter highlights included the completion of the Dec. 9 acquisition of UB Bankcorp, including its wholly owned subsidiary, Union Bank, which added loans and deposits with estimated fair values of $651 million and $956 million, respectively.
Additionally, the period ended with total loans and leases increasing by 21.2%, or $5.3 billion, which includes the $651 million in Union Bank acquired loans, the $1.8 billion in Howard Bancorp Inc. acquired loans from earlier in the year, a $2.8 billion increase in commercial loans and leases and a $2.5 billion increase in consumer loans.
Finally, FNB reported net interest income increased $111.6 million, or 50.0%, to $334.9 million, primarily due to the benefit of growth in earning assets, the impact from the higher interest rate environment, strong deposit growth and prudent management of deposit betas.
The complete FNB report is available HERE.
Published by The Business Journal, Youngstown, Ohio.