FNB Corp. reports third-quarter net income of $110 million

PITTSBURGH, Pa. – FNB Corp., the parent company of First National Bank, said third-quarter net income available to common shareholders was $110.1 million, or 30 cents per diluted common share.

That was down from both the second quarter’s $123 million, or 34 cents per share, and the year-ago quarter’s figure of $143.3 million, or 40 cents per share.

FNB highlighted deposit growth of $1.8 billion, or 5%, and linked quarter and non-GAAP tangible book value per share (non-GAAP) growth of 15% year over year.

Here are other highlights FNB mentioned in its quarterly earnings report on Thursday:

• Total loans and leases at the end of the period increased $1.6 billion, or 4.9%, compared to the same period in 2023. Commercial loans increased $1.0 billion, or 5.1%, and consumer loans increased $530.9 million, or 4.4%.

• On a quarterly basis, total loans and leases at the end of the period decreased $39.6 million, or 0.1%, although commercial loans increased $92.6 million and consumer loans decreased $132. $2 million.

• Total deposits increased by $2.2 billion, or 6.2%, at the end of the period, reflecting a $1.9 billion increase in short-term deposits and a $1.5 billion increase in interest-bearing demand deposits which offset the $833.2 million decline in interest-bearing demand deposits and $357.6 million decline in interest-bearing demand deposits.

• The loan-to-deposit ratio was 92% as of September 30, compared to 96% as of June 30.

“FNB’s robust deposit growth in the linked quarter of $1.8 billion, or 5%, underscores our ability to leverage our significant customer relationships, digital and data analytics capabilities as part of our clicks-to-bricks strategy, and our diverse geographic footprint to manage the loans “Deposit ratio, which improved nearly 500 basis points from last quarter to 91.7%,” said Vincent J. Delie, Jr., chairman, president and CEO of FNB Corp. “FNB’s capital position reached all-time highs with a tangible common equity (non-GAAP) ratio of 8.2% and a CET1 ratio of 10.4%. Our credit metrics ended the quarter at solid levels, with the reserve ratio increasing slightly due to our proactive approach to credit risk management. FNB is well positioned to continue implementing our proven strategies for continued success.”

The full report can be viewed HERE.

Published by The Business Journal, Youngstown, Ohio.