F.N.B. Reports Net Income of $144.5M in Q1
PITTSBURGH, Pa. – F.N.B. Corp., the holding company of First National Bank, reports first-quarter earnings of $144.5 million, or 40 cents per diluted common share.
The net income is ahead of the first quarter of 2022, with earnings of $51 million, or 15 cents per diluted common share. In the fourth quarter of 2022, net income available to common stockholders totaled $137.5 million, or 38 cents per diluted common share.
“F.N.B. Corp.’s first-quarter earnings per diluted common share totaled 40 cents, with strong momentum on several key performance metrics, including return on average tangible common equity of 20%, return on average assets of 1.4% and an efficiency ratio of 50.6%,” Vincent J. Delie Jr., F.N.B. Corp. chairman, president and CEO, said in a statement. “Our strong financial performance was due to the consistent execution of our conservative business model and focus on customer primacy, which led to stable deposit balances, solid capital with a CET1 ratio of 10% and ample liquidity to cover our uninsured and non-collateralized deposits by 170%.”
Total average deposits grew $1.2 billion, or 3.7%, led by increases in average time deposits of $1.2 billion, or 42.1%, average noninterest-bearing deposits of $154.6 million, or 1.4%, and average savings deposits of $148.5 million, or 3.8%, offsetting the decline in average interest-bearing demand deposits of $323.5 million, or 2.2%.
Other highlights cited by F.N.B. include:
- On a linked-quarter basis, average deposits increased $274.2 million, or 0.8%.
- On a linked-quarter basis, period-end deposits decreased $579.7 million, or 1.7%.
- Period-end total loans and leases increased $3.8 billion, or 14.3%.
- On a linked-quarter basis, period-end total loans and leases increased $418.3 million, or 1.4%.
- Net interest income increased $102.6 million, or 43.8%, to $336.7 million.
Published by The Business Journal, Youngstown, Ohio.
