FNB Corp. Reports Net Income of $116.3M in Q1

PITTSBURGH, Pa. – F.N.B. Corp. reported first quarter earnings Wednesday afternoon, with net income of $116.3 million, or 32 cents per diluted common share.

That was down from the $144.5 million, or 40 cents per diluted common share, reported in the first quarter of 2023, but up significantly from the fourth quarter of 2023, when earnings totaled $48.7 million, or 13 cents per diluted common share.

“F.N.B. Corp. reported a solid first quarter performance resulting in operating earnings per diluted common share of 34 cents,” said Vincent J. Delie Jr., F.N.B. Corp. chairman, president and CEO. “A key contributor to our earnings this quarter was a near-record level of noninterest income totaling $88 million as capital markets, wealth management, treasury management and mortgage banking produced strong results.”

Additionally, Delie reported that F.N.B.’s continued profitability grew the capital base, leading to a record tangible common equity ratio (non-GAAP) of 8%. Tangible book value (non-GAAP) grew by 11%, year-over-year, and reached an all-time high of $9.64.

Other highlights included period-end year-over-year total loans and leases increasing $1.9 billion, or 6.2%; commercial loans and leases increasing $1.0 billion, or 5.3%; and consumer loans increasing $873.8 million, or 7.8%. 

Since the fourth quarter, period-end loans and leases increased $261.4 million, or 3.3% annualized, with an increase in consumer loans of $208.7 million and commercial loans and leases of $52.6 million.

Period-end total deposits increased by $545.3 million, or 1.6%, from a year ago, and $25.4 million from the end of December 2023.

“We also are very pleased with our strong credit results in this environment, which is a testament to our risk management culture,” Delie said.

Other highlights:

• Net interest income totaled $319 million, a decrease of $5.0 million from the prior quarter.
• Noninterest income totaled $87.9 million.
• Noninterest expense totaled $237.1 million, an increase of 7.8%.
• The ratio of nonperforming loans and other real estate owned (OREO) to total loans and OREO decreased five basis points to 0.33%.

F.N.B. Corp. trades on the New York Stock Exchange under the symbol FNB.

The complete F.N.B. report can be viewed HERE.

Published by The Business Journal, Youngstown, Ohio.