F.N.B. Reports Net Income of $140.4M in Q2
PITTSBURGH, Pa. – F.N.B. Corp., the holding company of First National Bank, reported second-quarter earnings of $140.4 million, or 39 cents per diluted common share.
The net income is ahead of the second quarter of 2022, with earnings of $107.1 million, or 30 cents per diluted common share. In the first quarter of 2023, net income available to common stockholders totaled $144.5 million, or 40 cents per diluted common share.
“We are pleased with our solid performance during the second quarter and first half of 2023. The second quarter’s earnings per diluted common share grew 30% compared to the prior year, and our liquidity metrics continue to be favorable,” Vincent J. Delie Jr., F.N.B. Corp.’s chairman, president and CEO, said in a statement. “Our capital position remains strong with CET1 at our targeted operating level of 10%, while supporting loan growth and share repurchase activity in the quarter.”
Other highlights cited by F.N.B. include:
- Period-end total loans and leases increased $3.3 billion, or 11.8%.
- On a linked-quarter basis, period-end total loans and leases increased $680.6 million, or 2.2%.
- Total average deposits grew $69.6 million, or 0.2%.
- On a linked-quarter basis, period-end deposits decreased $365.4 million, or 1.1%.
- Net interest income increased $75.6 million, or 29.8%, to $329.2 million.
- Net interest margin (FTE) (non-GAAP) increased 61 basis points to 3.37%.
Published by The Business Journal, Youngstown, Ohio.