F.N.B. Reports Net Income of $143.3M in Q3
PITTSBURGH, Pa. – F.N.B. Corp., the holding company of First National Bank, reported third-quarter earnings of $143.3 million, or 40 cents per diluted common share.
The net income is ahead of the third quarter of 2022, with earnings of $135.5 million, or 38 cents per diluted common share. In the second quarter of 2023, net income available to common stockholders totaled $140.4 million, or 39 cents per diluted common share.
“We are pleased with F.N.B. Corp.’s third quarter financial results, reporting 40 cents of earnings per diluted common share and an 18.2% return on tangible common equity,” said Vincent J. Delie Jr., F.N.B. chairman, president and CEO. “In addition, we continued to outperform the industry with our quarterly loan and deposit growth of 2.5% and 2.3%, respectively, while adhering to our conservative risk management standards.”
Other highlights cited by F.N.B. include:
- Period-end total loans and leases increased $3.4 billion, or 11.7%, which includes the UB Bancorp acquisition that closed in the fourth quarter of 2022. Commercial loans and leases increased $2 billion, or 10.8%, and consumer loans increased $1.4 billion, or 13.3%.
- On a linked-quarter basis, period-end total loans and leases increased $796.4 million, or 2.5%, as commercial loans and leases increased $470 million and consumer loans increased $326.4 million.
- On a linked-quarter basis, period-end total deposits increased $790.6 million.
- Total average deposits grew $507.3 million, or 1.5%.
- Net interest income increased $29.5 million, or 9.9%, to $326.6 million.
- Net interest margin (FTE) (non-GAAP) increased 7 basis points to 3.26%.
Published by The Business Journal, Youngstown, Ohio.