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.