FNB Reports a Record $1.2B Revenue in 2021

PITTSBURGH, Pa. — F.N.B. Corp., the parent company of First National Bank, reported a record full-year revenue of $1.2 billion last year, leading to earnings per common share of $1.23.

Fourth quarter net income available to common stockholders was $96.5 million, or $0.30 per diluted common share, down from $109.5 million, or $0.34 per share in Q3, and up from $70.2 million or $0.22 per share for Q4 2020. Full year, net income available to common stockholders was $396.6 million, or $1.23 per diluted common share, up from $278 million, or $0.85 per share a year ago.

“F.N.B. Corporation has delivered an exceptional performance with record full year total revenue of $1.2 billion and record operating net income available to common stockholders of $400 million. Full year 2021 earnings per share of $1.23 was the highest since the divestiture in 2004, and fourth quarter earnings were strong at $0.30 per share,” said Chairman, President and CEO Vincent J. Delie, Jr. “FNB’s performance resulted in a return on tangible common equity of 15% with tangible book value per common share increasing 9% compared to 2020. Non-interest income also reached a record level of $330 million, an increase of $36 million from last year.

“We achieved three consecutive quarters of loan growth, excluding Paycheck Protection Program (PPP) loans, leading to 6% growth for the full year. We enter 2022 ready to capitalize on several growth initiatives, such as the rollout of our eStore digital banking platform, our enhanced Physicians First program and the integration of Howard Bank. I’d also like to thank our employees for their outstanding performance and continued commitment to FNB.”

Average loans and leases totaled $24.7 billion, a decrease of $921.3 million, or 3.6%, primarily due to forgiveness of PPP loans. Excluding PPP loans, period-end total loans and leases increased $1.3 billion, or 5.7%, including growth of $817.2 million in commercial loans and leases and $514.7 million in consumer loans.

In the fourth quarter, period-end total loans and leases, excluding PPP loans, increased $1.3 billion, or 5.7%, as commercial loans increased $817.2 million, or 5.3%, and consumer loans increased $514.7 million, or 6.4%. Total period-end loans and leases decreased $489.9 million, or 1.9%, due to a $1 billion, or 5.8%, decrease in commercial loans driven by $1 billion of PPP originations and PPP loan forgiveness of $2.9 billion since Dec. 31, 2020.

Other highlights cited in the bank’s earnings report include:

• Total assets of $39.5 billion as of Dec. 31, compared to $39.4 billion at Sept. 30 and $37.4 billion at Dec. 31, 2020.
• Total interest income of $244.7 million as of Dec. 31, compared to $255.6 million at Sept. 30 and $270.8 million at Dec. 31, 2020.
• Total deposits of $31.7 billion as of Dec. 31, compared to $31.4 billion at Sept. 30 and $29.1 billion at Dec. 31, 2020.

Key performance ratios for the quarters ended Dec. 31, 2021, Sept. 30, 2021, and Dec. 31, 2020 are:

• Net interest margin: 2.55%, 2.72%, 2.87%.
• Return on average equity: 7.64%, 8.74%, 5.81%.
• Return on average assets: 0.99%, 1.14%, 0.77%.
• Efficiency ratio: 58.1%, 55.43%, 56.52%.

Published by The Business Journal, Youngstown, Ohio.