FNB Corp. Reports Net Income of $123M in Q2
PITTSBURGH, Pa. – F.N.B. Corp. reported a second-quarter net income of $123 million, or 34 cents per diluted common share, available to common stockholders.
That was down comparatively to the second quarter of 2023, when the net income totaled $140.4 million, but up from the first quarter of 2024 at $116.3 million.
“Through the continued execution of our disciplined business model, F.N.B. Corp. produced solid second quarter results with earnings per diluted common share (non-GAAP) totaling $0.34,” Vincent J. Delie Jr., F.N.B Corp. chairman, president and CEO, said in a statement. “Pre-provision net revenue (non-GAAP) increased over 4%, on a linked-quarter basis, supported by our well-managed expenses and continued strong non-interest income levels. Tangible book value per share grew 12% year-over-year to reach a record high at $9.88.”
Other highlights of the second quarter, compared with a year ago, included a $2.4 billion increase in period-end total loans and leases, with $1.4 billion of that commercial loans and leases. Total deposits increased by $1.2 billion since the second quarter of last year and $258.6 million over the first quarter of 2024.
Net interest income decreased by $3.1 million from the prior quarter, while the net interest margin decreased by 9 basis points during the same period.
Noninterest income totaled $87.9 million, a 9.5% increase from a year ago.
The efficiency ratio (non-GAAP) remained solid at 54.4%, compared with 50% a year earlier, but down from 56% from the first quarter of 2024.
The provision for credit losses was $20.2 million, an increase of $6.3 million from the prior quarter. Common Equity Tier 1 regulatory capital ratio was 10.2%.
During the second quarter of 2024, F.N.B. purchased 250,000 shares of common stock at a weighted average share price of $13.56, while maintaining capital at or above the state operating levels and supporting loan growth in the quarter.
The complete report can be found HERE.
Published by The Business Journal, Youngstown, Ohio.
