F.N.B. Corporation Reports Third Quarter 2024 Earnings
Deposit Growth of
On an operating basis, third quarter of 2024 earnings per diluted common share (non-GAAP) was
"FNB's third quarter operating earnings per diluted common share (non-GAAP) totaled
Third
Quarter 2024 Highlights
(All comparisons refer to the third quarter of 2023, except as noted)
- Period-end total loans and leases increased
$1.6 billion , or 4.9%. Commercial loans and leases increased$1.0 billion , or 5.1%, and consumer loans increased$530.9 million , or 4.4%. FNB's loan growth was driven by the continued success of our strategy to grow high-quality loans and deepen customer relationships across our diverse geographic footprint. - On a linked-quarter basis, period-end total loans and leases decreased
$39.6 million , or 0.1%, with an increase in commercial loans and leases of$92.6 million and a decrease in consumer loans of$132.2 million . InSeptember 2024 , FNB sold approximately$431 million of performing indirect auto loans as part of its balance sheet management repositioning actions. The related loss on sale of$11.6 million is reflected as a significant item impacting earnings in other non-interest expense. The loan sale positively impacted the loan-to-deposit ratio by approximately 120 basis points and the Common Equity Tier 1 (CET1) regulatory capital ratio by approximately 10 basis points. Excluding the indirect auto loan sale, period-end loans and leases increased$391.4 million , or 1.2%. - Period-end total deposits increased
$2.2 billion , or 6.2%, driven by an increase of$1.9 billion in shorter-term time deposits and$1.5 billion in interest-bearing demand deposits offsetting the decline of$833.2 million in non-interest-bearing demand deposits and$357.6 million in savings deposits with customers continuing to opt for higher-yielding deposit products. - On a linked-quarter basis, period-end total deposits increased
$1.8 billion , or 5.1%, with increases in interest-bearing demand deposits of$1.3 billion and shorter-term time deposits of$783.4 million offsetting the slight decline in non-interest-bearing demand deposits of$191.5 million and savings deposits of$117.0 million . The mix of non-interest-bearing deposits to total deposits equaled 27% atSeptember 30, 2024 , compared to 29% at the prior quarter end, reflecting the strong interest-bearing deposit growth and fairly stable non-interest-bearing deposit balances. - The loan-to-deposit ratio was 92% at
September 30, 2024 , compared to 96% atJune 30, 2024 , reflecting$1.8 billion of linked-quarter deposit growth and the previously-mentioned indirect auto loan sale. - Net interest income totaled
$323.3 million , an increase of$7.4 million , or 2.4%, from the prior quarter, primarily due to improved earning asset yields and loan growth, as well as lower short-term borrowing levels, offsetting the higher cost of interest-bearing deposits. - Net interest margin (FTE) (non-GAAP) remained stable with a 1 basis point decline to 3.08% from the prior quarter, reflecting an 8 basis point increase in the total yield on earning assets (non-GAAP) and a 10 basis point increase in the total cost of funds.
- Non-interest income totaled a record
$89.7 million , an increase of 10.0% from the year-ago quarter, benefiting from our diversified business model and related revenue generation. - Pre-provision net revenue (non-GAAP) totaled
$163.6 million , a 7.7% decrease from the prior quarter. On an operating basis, pre-provision net revenue (non-GAAP) totaled$178.8 million , a 0.5% increase from the prior quarter, driven by continued strong non-interest income generation and growth in net interest income, offset by an increase in non-interest expense. - Reported non-interest expense totaled
$249.4 million , compared to$226.6 million in the prior quarter, which included$15.3 million 1 of significant items in the third quarter of 2024 and$0.8 million 2 in the second quarter of 2024. When adjusting for the significant items, non-interest expense increased$8.4 million , or 3.7%, linked-quarter on an operating basis (non-GAAP). The efficiency ratio (non-GAAP) remained at a solid level of 55.2%, compared to 51.7% for the year-ago quarter, and 54.4% for the prior quarter. - The provision for credit losses was
$23.4 million , an increase of$3.2 million from the prior quarter with net charge-offs of$21.5 million compared to$7.8 million in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO totaled 0.39%, compared to 0.33% in the prior quarter, and total delinquency increased 16 basis points from the prior quarter to 0.79%. Overall, asset quality metrics continue to remain near historically low levels. - The CET1 regulatory capital ratio was 10.4% (estimated), compared to 10.2% at both
September 30, 2023 , andJune 30, 2024 . Tangible book value per common share (non-GAAP) of$10.33 increased$1.31 , or 14.5%, compared toSeptember 30, 2023 , and$0.45 , or 4.6%, compared toJune 30, 2024 . Accumulated other comprehensive income/loss (AOCI) reduced the tangible book value per common share (non-GAAP) by$0.43 as ofSeptember 30, 2024 , primarily due to the impact of interest rates on the fair value of available-for-sale (AFS) securities, compared to a reduction of$1.06 as ofSeptember 30, 2023 , and$0.67 as ofJune 30, 2024 .
|
|
|
|
|
|
|
1 Third quarter 2024 non-interest expense significant items included |
||||||
2 Second quarter 2024 non-interest expense significant item included |
||||||
|
||||||
Non-GAAP measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release. For more information regarding our use of non-GAAP measures, please refer to the discussion herein under the caption, Use of Non-GAAP Financial Measures and Key Performance Indicators. |
Quarterly Results Summary |
3Q24 |
|
2Q24 |
|
3Q23 |
Reported results |
|
|
|
|
|
Net income available to common stockholders (millions) |
$ 110.1 |
|
$ 123.0 |
|
$ 143.3 |
Net income per diluted common share |
0.30 |
|
0.34 |
|
0.40 |
Book value per common share |
17.38 |
|
16.94 |
|
16.13 |
Pre-provision net revenue (non-GAAP) (millions) |
163.6 |
|
177.2 |
|
190.1 |
Operating results (non-GAAP) |
|
|
|
|
|
Operating net income available to common stockholders (millions) |
$ 122.2 |
|
$ 123.7 |
|
$ 143.3 |
Operating net income per diluted common share |
0.34 |
|
0.34 |
|
0.40 |
Operating pre-provision net revenue (millions) |
178.8 |
|
178.0 |
|
190.1 |
Average diluted common shares outstanding (thousands) |
362,426 |
|
362,701 |
|
361,778 |
Significant items impacting earnings(a) (millions) |
|
|
|
|
|
Pre-tax |
$ — |
|
$ (0.8) |
|
$ — |
After-tax impact of |
— |
|
(0.6) |
|
— |
Pre-tax software impairment |
(3.7) |
|
— |
|
— |
After-tax impact of software impairment |
(2.9) |
|
— |
|
— |
Pre-tax loss on indirect auto loan sale |
(11.6) |
|
— |
|
— |
After-tax impact of loss on indirect auto loan sale |
(9.1) |
|
— |
|
— |
Total significant items pre-tax |
$ (15.3) |
|
$ (0.8) |
|
$ — |
Total significant items after-tax |
$ (12.0) |
|
$ (0.6) |
|
$ — |
|
|
|
|
|
|
Capital measures |
|
|
|
|
|
Common equity tier 1 (b) |
10.4 % |
|
10.2 % |
|
10.2 % |
Tangible common equity to tangible assets (non-GAAP) |
8.17 |
|
7.86 |
|
7.54 |
Tangible book value per common share (non-GAAP) |
$ 10.33 |
|
$ 9.88 |
|
$ 9.02 |
|
|
|
|
|
|
(a) Favorable (unfavorable) impact on earnings. |
|||||
(b) Estimated for 3Q24. |
Third
Quarter 2024 Results – Comparison to
(All comparisons refer to the third quarter of 2023, except as noted)
Net interest income totaled
The net interest margin (FTE) (non-GAAP) decreased 18 basis points to 3.08%. The yield on earning assets (non-GAAP) increased 40 basis points to 5.51% driven by a 50 basis point increase in yields on investment securities to 3.33% which benefited from the balance sheet restructuring in late 2023 and a 34 basis point increase in yields on loans to 6.03%. Total cost of funds increased 63 basis points to 2.56% with a 72 basis point increase in interest-bearing deposit costs to 3.08%, and an increase of 66 basis points in total borrowing costs. Our total cumulative spot deposit beta since the
Average loans and leases totaled
Average deposits totaled
Non-interest income totaled a record
Non-interest expense totaled
The ratio of non-performing loans and OREO to total loans and OREO increased 3 basis points to 0.39%. Total delinquency increased 16 basis points to 0.79%, compared to 0.63% at
The provision for credit losses was
The effective tax rate was 21.4%, compared to 11.5% in the third quarter of 2023, with the prior year rate favorably impacted by renewable energy investment tax credits recognized as part of a solar project financing transaction.
The CET1 regulatory capital ratio was 10.4% (estimated) at
|
|
|
|
|
|
|
3 Third quarter 2024 non-interest expense significant items included |
Third
Quarter 2024 Results – Comparison to Prior Quarter
(All comparisons refer to the second quarter of 2024, except as noted)
Net interest income totaled
Average loans and leases totaled
Average deposits totaled
Non-interest income totaled a record
Non-interest expense totaled
The ratio of non-performing loans and OREO to total loans and OREO increased 6 basis points to 0.39%, and delinquency increased 16 basis points to 0.79%. Overall, asset quality metrics continue to remain near historically low levels. The provision for credit losses was
The effective tax rate was 21.4%, compared to 21.6%.
The CET1 regulatory capital ratio was 10.4% (estimated), compared to 10.2% at
|
|
|
|
|
|
|
4 Third quarter 2024 non-interest expense significant items included |
||||||
5 Second quarter 2024 non-interest expense significant item included |
Use
of Non-GAAP Financial Measures and Key Performance Indicators
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common stockholders, operating earnings per diluted common share, return on average tangible equity, return on average tangible common equity, operating return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, pre-provision net revenue (reported), operating pre-provision net revenue, operating non-interest expense, efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.
These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the
Management believes items such as merger expenses,
To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2024 and 2023 were calculated using a federal statutory income tax rate of 21%.
Cautionary Statement Regarding Forward-Looking Information
This document may contain statements regarding
FNB's forward-looking statements are subject to the following principal risks and uncertainties:
- Our business, financial results and balance sheet values are affected by business, regulatory, economic and political circumstances, including, but not limited to: (i) developments with respect to the
U.S. and global financial markets; (ii) supervision, regulation, enforcement and other actions by several governmental agencies, including theFederal Reserve Board ,Federal Deposit Insurance Corporation ,Financial Stability Oversight Council ,U.S. Department of Justice (DOJ ),Consumer Financial Protection Bureau ,U.S. Treasury Department ,Office of the Comptroller of the Currency and Department of Housing and Urban Development, state attorney generals and other governmental agencies, whose actions may affect, among other things, our consumer and mortgage lending and deposit practices, capital structure, investment practices, dividend policy, annualFDIC insurance premium assessment, growth opportunities, money supply, market interest rates or otherwise affect business activities of the financial services industry; (iii) a slowing of theU.S. economy in general and regional and local economies within our market area; (iv) inflation concerns; (v) the impacts of tariffs or other trade policies of theU.S. or its global trading partners; and (vi) the sociopolitical environment in theU.S. - Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards.
- Competition can have an impact on customer acquisition, growth and retention, and on credit spreads, deposit gathering and product pricing, which can affect market share, loans, deposits and revenues. Our ability to anticipate, react quickly and continue to respond to technological changes and significant adverse industry and economic events can also impact our ability to respond to customer needs and meet competitive demands.
- Business and operating results can also be affected by difficult to predict uncertainties, such as widespread natural and other disasters, wars, pandemics, global events and geopolitical instability, including the
Ukraine -Russia conflict and the potential for broader conflict in theMiddle East , shortages of labor, supply chain disruptions and shipping delays, terrorist activities, system failures, security breaches, significant political events, cyber-attacks, international hostilities or other extraordinary events which are beyond FNB's control and may significantly impact theU.S. or global economy and financial markets generally, or us or our counterparties, customers or third-party vendors specifically. - Our ability to take certain capital actions, including returning capital to shareholders, is subject to us meeting or exceeding minimum capital levels. Our regulatory capital ratios in the future will depend on, among other things, our financial performance, the scope and terms of final capital regulations then in effect and management actions affecting the composition of our balance sheet.
- Historically we have grown our business in part through acquisitions, new strategic and business initiatives and new products. Potential risks and uncertainties include those presented by the nature of the business acquired, the strategic or business initiative or the new product, including in some cases those associated with our entry into new business lines or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, increased scrutiny associated with the regulatory approval process, other regulatory issues stemming from such acquisitions or new initiatives or product lines, the integration of the acquired businesses into us after closing or any failure to execute strategic, risk management or operational plans.
- Legal, regulatory and accounting developments could have an impact on our ability to operate and grow our businesses, financial condition, results of operations, competitive position, and reputation. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and the ability to attract and retain talent. These developments could include:
- Policies and priorities of the current
U.S. presidential administration, including legislative and regulatory reforms, more aggressive approaches to supervisory or enforcement priorities with consumer and anti-discrimination lending laws by the federal banking regulatory agencies and theDOJ , changes affecting oversight of the financial services industry, regulatory obligations or restrictions, consumer protection, taxes, employee benefits, compensation practices, pension, bankruptcy and other industry aspects, and changes in accounting policies and principles. - Ability to continue to attract, develop and retain key talent.
- Changes to laws and regulations, including changes affecting the oversight of the financial services industry along with changes in enforcement and interpretation of such laws and regulations, and changes to accounting standards governing bank capital requirements, loan loss reserves and liquidity standards.
- Changes in governmental monetary and fiscal policies, including interest rate policies and strategies of the
Federal Open Market Committee . - Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or inquiries. These matters may result in monetary judgments or settlements, enforcement actions or other remedies, including fines, penalties, restitution or alterations in our business practices, including financial and other types of commitments, and in additional expenses and collateral costs, and may cause reputational harm to us.
- Results of the regulatory examination and supervision process, including our failure to satisfy requirements imposed by the federal bank regulatory agencies or other governmental agencies.
- Business and operating results that are affected by our ability to effectively identify and manage risks inherent in our businesses, including, where appropriate, through effective use of policies, processes, systems and controls, third-party insurance, derivatives, and capital and liquidity management techniques.
- The impact on our financial condition, results of operations, financial disclosures and future business strategies related to the impact on the allowance for credit losses due to changes in forecasted macroeconomic conditions as a result of applying the "current expected credit loss" accounting standard, or CECL.
- A failure or disruption in or breach of our operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or campaigns.
- Increased funding costs and market volatility due to market illiquidity and competition for funding.
- Policies and priorities of the current
FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2023 Annual Report on Form 10-K (including the MD&A section), our subsequent 2024 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other 2024 filings with the
Conference Call
Participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10192978/fd90570726. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
Dial-in Access: The conference call may be accessed by dialing (844) 802-2440 (for domestic callers) or (412) 317-5133 (for international callers). Participants should ask to be joined into the
Webcast Access: The audio-only call and related presentation materials may be accessed via webcast through the "About Us" tab of the Corporation's website at www.
Presentation Materials: Presentation slides and the earnings release will also be available on the Corporation's website at www.fnbcorporation.com by accessing the "About Us" tab and clicking on "Investor Relations" then "Investor Conference Calls."
A replay of the call will be available shortly after the completion of the call until
About
FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate,
The common stock of
F.N.B. CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|||
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
|
|
|
|
|
|
|
|||||
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
(Unaudited) |
|
|
|
|
|
|
% Variance |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
3Q24 |
|
3Q24 |
|
For the Nine Months Ended |
|
% |
||
|
3Q24 |
|
2Q24 |
|
3Q23 |
|
2Q24 |
|
3Q23 |
|
2024 |
|
2023 |
|
Var. |
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees |
|
|
|
|
|
|
4.4 |
|
13.2 |
|
$ 1,491,226 |
|
$ 1,278,329 |
|
16.7 |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
48,541 |
|
47,795 |
|
37,373 |
|
1.6 |
|
29.9 |
|
142,391 |
|
108,567 |
|
31.2 |
Tax-exempt |
7,007 |
|
7,067 |
|
7,178 |
|
(0.8) |
|
(2.4) |
|
21,179 |
|
21,549 |
|
(1.7) |
Other |
11,276 |
|
8,207 |
|
12,835 |
|
37.4 |
|
(12.1) |
|
28,661 |
|
32,619 |
|
(12.1) |
Total Interest Income |
582,772 |
|
557,188 |
|
513,361 |
|
4.6 |
|
13.5 |
|
1,683,457 |
|
1,441,064 |
|
16.8 |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
199,036 |
|
179,960 |
|
139,008 |
|
10.6 |
|
43.2 |
|
549,394 |
|
334,898 |
|
64.0 |
Short-term borrowings |
29,934 |
|
32,837 |
|
23,207 |
|
(8.8) |
|
29.0 |
|
90,472 |
|
54,992 |
|
64.5 |
Long-term borrowings |
30,473 |
|
28,501 |
|
24,565 |
|
6.9 |
|
24.1 |
|
85,364 |
|
58,695 |
|
45.4 |
Total Interest Expense |
259,443 |
|
241,298 |
|
186,780 |
|
7.5 |
|
38.9 |
|
725,230 |
|
448,585 |
|
61.7 |
Net Interest Income |
323,329 |
|
315,890 |
|
326,581 |
|
2.4 |
|
(1.0) |
|
958,227 |
|
992,479 |
|
(3.5) |
Provision for credit losses |
23,438 |
|
20,189 |
|
25,934 |
|
16.1 |
|
(9.6) |
|
57,517 |
|
58,511 |
|
(1.7) |
Net Interest Income After Provision for Credit Losses |
299,891 |
|
295,701 |
|
300,647 |
|
1.4 |
|
(0.3) |
|
900,710 |
|
933,968 |
|
(3.6) |
Non-Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges |
24,024 |
|
23,332 |
|
21,245 |
|
3.0 |
|
13.1 |
|
67,925 |
|
62,043 |
|
9.5 |
Interchange and card transaction fees |
12,922 |
|
13,005 |
|
13,521 |
|
(0.6) |
|
(4.4) |
|
38,627 |
|
39,419 |
|
(2.0) |
Trust services |
11,120 |
|
11,475 |
|
10,526 |
|
(3.1) |
|
5.6 |
|
34,019 |
|
31,767 |
|
7.1 |
Insurance commissions and fees |
5,118 |
|
5,973 |
|
5,047 |
|
(14.3) |
|
1.4 |
|
17,843 |
|
18,830 |
|
(5.2) |
Securities commissions and fees |
7,876 |
|
7,980 |
|
6,577 |
|
(1.3) |
|
19.8 |
|
24,011 |
|
20,980 |
|
14.4 |
Capital markets income |
6,194 |
|
5,143 |
|
7,077 |
|
20.4 |
|
(12.5) |
|
17,668 |
|
19,754 |
|
(10.6) |
Mortgage banking operations |
5,540 |
|
6,956 |
|
3,914 |
|
(20.4) |
|
41.5 |
|
20,410 |
|
13,676 |
|
49.2 |
Dividends on non-marketable equity securities |
6,560 |
|
6,895 |
|
5,779 |
|
(4.9) |
|
13.5 |
|
19,648 |
|
15,354 |
|
28.0 |
Bank owned life insurance |
6,470 |
|
3,419 |
|
3,196 |
|
89.2 |
|
102.4 |
|
13,232 |
|
9,016 |
|
46.8 |
Net securities gains (losses) |
(28) |
|
(3) |
|
(55) |
|
— |
|
— |
|
(31) |
|
(78) |
|
— |
Other |
3,892 |
|
3,747 |
|
4,724 |
|
3.9 |
|
(17.6) |
|
12,120 |
|
10,488 |
|
15.6 |
Total Non-Interest Income |
89,688 |
|
87,922 |
|
81,551 |
|
2.0 |
|
10.0 |
|
265,472 |
|
241,249 |
|
10.0 |
Non-Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
126,066 |
|
120,917 |
|
113,351 |
|
4.3 |
|
11.2 |
|
376,109 |
|
347,544 |
|
8.2 |
Net occupancy |
22,384 |
|
18,632 |
|
18,241 |
|
20.1 |
|
22.7 |
|
60,611 |
|
52,300 |
|
15.9 |
Equipment |
23,469 |
|
24,335 |
|
23,332 |
|
(3.6) |
|
0.6 |
|
71,576 |
|
66,749 |
|
7.2 |
Amortization of intangibles |
4,376 |
|
4,379 |
|
5,040 |
|
(0.1) |
|
(13.2) |
|
13,197 |
|
15,203 |
|
(13.2) |
Outside services |
24,383 |
|
23,250 |
|
20,796 |
|
4.9 |
|
17.2 |
|
70,513 |
|
60,733 |
|
16.1 |
Marketing |
6,023 |
|
4,006 |
|
5,419 |
|
50.3 |
|
11.1 |
|
15,460 |
|
13,063 |
|
18.3 |
|
10,064 |
|
9,954 |
|
8,266 |
|
1.1 |
|
21.8 |
|
32,680 |
|
23,102 |
|
41.5 |
Bank shares and franchise taxes |
3,931 |
|
3,930 |
|
3,927 |
|
— |
|
0.1 |
|
11,987 |
|
12,025 |
|
(0.3) |
Merger-related |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2,215 |
|
(100.0) |
Other |
28,735 |
|
17,209 |
|
19,626 |
|
67.0 |
|
46.4 |
|
61,006 |
|
56,936 |
|
7.1 |
Total Non-Interest Expense |
249,431 |
|
226,612 |
|
217,998 |
|
10.1 |
|
14.4 |
|
713,139 |
|
649,870 |
|
9.7 |
Income Before Income Taxes |
140,148 |
|
157,011 |
|
164,200 |
|
(10.7) |
|
(14.6) |
|
453,043 |
|
525,347 |
|
(13.8) |
Income taxes |
30,045 |
|
33,974 |
|
18,919 |
|
(11.6) |
|
58.8 |
|
97,572 |
|
91,169 |
|
7.0 |
Net Income |
110,103 |
|
123,037 |
|
145,281 |
|
(10.5) |
|
(24.2) |
|
355,471 |
|
434,178 |
|
(18.1) |
Preferred stock dividends |
— |
|
— |
|
2,010 |
|
— |
|
(100.0) |
|
6,005 |
|
6,030 |
|
(0.4) |
Net Income Available to Common Stockholders |
|
|
|
|
|
|
(10.5) |
|
(23.2) |
|
$ 349,466 |
|
$ 428,148 |
|
(18.4) |
Earnings per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ 0.30 |
|
$ 0.34 |
|
$ 0.40 |
|
(11.8) |
|
(25.0) |
|
$ 0.97 |
|
$ 1.19 |
|
(18.5) |
Diluted |
0.30 |
|
0.34 |
|
0.40 |
|
(11.8) |
|
(25.0) |
|
0.96 |
|
1.18 |
|
(18.6) |
Cash Dividends per Common Share |
0.12 |
|
0.12 |
|
0.12 |
|
— |
|
— |
|
0.36 |
|
0.36 |
|
— |
F.N.B. CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
% Variance |
||
|
|
|
|
|
|
|
3Q24 |
|
3Q24 |
|
3Q24 |
|
2Q24 |
|
3Q23 |
|
2Q24 |
|
3Q23 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ 596 |
|
$ 448 |
|
$ 409 |
|
33.0 |
|
45.7 |
Interest-bearing deposits with banks |
1,482 |
|
1,432 |
|
1,228 |
|
3.5 |
|
20.7 |
Cash and Cash Equivalents |
2,078 |
|
1,880 |
|
1,637 |
|
10.5 |
|
26.9 |
Securities available for sale |
3,494 |
|
3,364 |
|
3,145 |
|
3.9 |
|
11.1 |
Securities held to maturity |
3,820 |
|
3,893 |
|
3,922 |
|
(1.9) |
|
(2.6) |
Loans held for sale |
193 |
|
132 |
|
110 |
|
46.2 |
|
75.5 |
Loans and leases, net of unearned income |
33,717 |
|
33,757 |
|
32,151 |
|
(0.1) |
|
4.9 |
Allowance for credit losses on loans and leases |
(420) |
|
(419) |
|
(401) |
|
0.2 |
|
4.7 |
Net Loans and Leases |
33,297 |
|
33,338 |
|
31,750 |
|
(0.1) |
|
4.9 |
Premises and equipment, net |
505 |
|
489 |
|
460 |
|
3.3 |
|
9.8 |
|
2,478 |
|
2,477 |
|
2,477 |
|
— |
|
— |
Core deposit and other intangible assets, net |
56 |
|
60 |
|
74 |
|
(6.7) |
|
(24.3) |
Bank owned life insurance |
657 |
|
667 |
|
660 |
|
(1.5) |
|
(0.5) |
Other assets |
1,398 |
|
1,415 |
|
1,261 |
|
(1.2) |
|
10.9 |
Total Assets |
$ 47,976 |
|
$ 47,715 |
|
$ 45,496 |
|
0.5 |
|
5.5 |
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Non-interest-bearing demand |
$ 9,870 |
|
$ 10,062 |
|
$ 10,704 |
|
(1.9) |
|
(7.8) |
Interest-bearing demand |
15,999 |
|
14,697 |
|
14,530 |
|
8.9 |
|
10.1 |
Savings |
3,231 |
|
3,348 |
|
3,588 |
|
(3.5) |
|
(9.9) |
Certificates and other time deposits |
7,671 |
|
6,887 |
|
5,793 |
|
11.4 |
|
32.4 |
Total Deposits |
36,771 |
|
34,994 |
|
34,615 |
|
5.1 |
|
6.2 |
Short-term borrowings |
1,562 |
|
3,616 |
|
2,066 |
|
(56.8) |
|
(24.4) |
Long-term borrowings |
2,515 |
|
2,016 |
|
1,968 |
|
24.8 |
|
27.8 |
Other liabilities |
879 |
|
999 |
|
953 |
|
(12.0) |
|
(7.8) |
Total Liabilities |
41,727 |
|
41,625 |
|
39,602 |
|
0.2 |
|
5.4 |
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Preferred stock |
— |
|
— |
|
107 |
|
— |
|
(100.0) |
Common stock |
4 |
|
4 |
|
4 |
|
— |
|
— |
Additional paid-in capital |
4,693 |
|
4,690 |
|
4,689 |
|
0.1 |
|
0.1 |
Retained earnings |
1,886 |
|
1,820 |
|
1,664 |
|
3.6 |
|
13.3 |
Accumulated other comprehensive loss |
(154) |
|
(243) |
|
(382) |
|
(36.6) |
|
(59.7) |
|
(180) |
|
(181) |
|
(188) |
|
(0.6) |
|
(4.3) |
Total Stockholders' Equity |
6,249 |
|
6,090 |
|
5,894 |
|
2.6 |
|
6.0 |
Total Liabilities and Stockholders' Equity |
$ 47,976 |
|
$ 47,715 |
|
$ 45,496 |
|
0.5 |
|
5.5 |
F.N.B. CORPORATION AND SUBSIDIARIES |
|
3Q24 |
|
2Q24 |
|
3Q23 |
||||||||||||
(Dollars in thousands) |
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
(Unaudited) |
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
|
$ 1,003,513 |
|
$ 11,276 |
|
4.47 % |
|
$ 868,390 |
|
$ 8,207 |
|
3.80 % |
|
$ 1,223,226 |
|
$ 12,835 |
|
4.16 % |
Taxable investment securities (2) |
|
6,177,736 |
|
48,317 |
|
3.13 |
|
6,154,907 |
|
47,564 |
|
3.09 |
|
6,046,294 |
|
37,140 |
|
2.46 |
Non-taxable investment securities (1) |
|
1,023,050 |
|
8,816 |
|
3.45 |
|
1,033,552 |
|
8,911 |
|
3.45 |
|
1,051,475 |
|
9,107 |
|
3.46 |
Loans held for sale |
|
300,326 |
|
5,729 |
|
7.61 |
|
110,855 |
|
2,519 |
|
9.09 |
|
109,568 |
|
2,416 |
|
8.80 |
Loans and leases (1) (3) |
|
33,802,701 |
|
511,564 |
|
6.03 |
|
33,255,738 |
|
492,902 |
|
5.96 |
|
31,739,561 |
|
454,780 |
|
5.69 |
Total Interest Earning Assets (1) |
|
42,307,326 |
|
585,702 |
|
5.51 |
|
41,423,442 |
|
560,103 |
|
5.43 |
|
40,170,124 |
|
516,278 |
|
5.11 |
Cash and due from banks |
|
414,536 |
|
|
|
|
|
387,374 |
|
|
|
|
|
445,341 |
|
|
|
|
Allowance for credit losses |
|
(427,826) |
|
|
|
|
|
(414,372) |
|
|
|
|
|
(415,722) |
|
|
|
|
Premises and equipment |
|
501,588 |
|
|
|
|
|
484,851 |
|
|
|
|
|
461,598 |
|
|
|
|
Other assets |
|
4,620,414 |
|
|
|
|
|
4,590,486 |
|
|
|
|
|
4,432,826 |
|
|
|
|
Total Assets |
|
$ 47,416,038 |
|
|
|
|
|
$ 46,471,781 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ 15,215,815 |
|
108,762 |
|
2.84 |
|
$ 14,662,774 |
|
98,211 |
|
2.69 |
|
|
|
75,840 |
|
2.15 |
Savings |
|
3,281,732 |
|
10,406 |
|
1.26 |
|
3,360,593 |
|
10,136 |
|
1.21 |
|
3,676,239 |
|
9,875 |
|
1.07 |
Certificates and other time |
|
7,234,412 |
|
79,868 |
|
4.39 |
|
6,645,682 |
|
71,613 |
|
4.33 |
|
5,698,129 |
|
53,293 |
|
3.71 |
Total interest-bearing deposits |
|
25,731,959 |
|
199,036 |
|
3.08 |
|
24,669,049 |
|
179,960 |
|
2.93 |
|
23,371,920 |
|
139,008 |
|
2.36 |
Short-term borrowings |
|
2,345,960 |
|
29,934 |
|
5.06 |
|
2,640,985 |
|
32,837 |
|
4.99 |
|
2,245,089 |
|
23,207 |
|
4.09 |
Long-term borrowings |
|
2,314,914 |
|
30,473 |
|
5.24 |
|
2,164,983 |
|
28,501 |
|
5.29 |
|
1,974,017 |
|
24,565 |
|
4.94 |
Total Interest-Bearing Liabilities |
|
30,392,833 |
|
259,443 |
|
3.39 |
|
29,475,017 |
|
241,298 |
|
3.29 |
|
27,591,026 |
|
186,780 |
|
2.69 |
Non-interest-bearing demand deposits |
|
9,867,006 |
|
|
|
|
|
9,921,073 |
|
|
|
|
|
10,772,923 |
|
|
|
|
Total Deposits and Borrowings |
|
40,259,839 |
|
|
|
2.56 |
|
39,396,090 |
|
|
|
2.46 |
|
38,363,949 |
|
|
|
1.93 |
Other liabilities |
|
985,545 |
|
|
|
|
|
1,037,452 |
|
|
|
|
|
850,382 |
|
|
|
|
Total Liabilities |
|
41,245,384 |
|
|
|
|
|
40,433,542 |
|
|
|
|
|
39,214,331 |
|
|
|
|
Stockholders' Equity |
|
6,170,654 |
|
|
|
|
|
6,038,239 |
|
|
|
|
|
5,879,836 |
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ 47,416,038 |
|
|
|
|
|
$ 46,471,781 |
|
|
|
|
|
|
|
|
|
|
Net Interest Earning Assets |
|
$ 11,914,493 |
|
|
|
|
|
$ 11,948,425 |
|
|
|
|
|
|
|
|
|
|
Net Interest Income (FTE) (1) |
|
|
|
326,259 |
|
|
|
|
|
318,805 |
|
|
|
|
|
329,498 |
|
|
Tax Equivalent Adjustment |
|
|
|
(2,930) |
|
|
|
|
|
(2,915) |
|
|
|
|
|
(2,917) |
|
|
Net Interest Income |
|
|
|
$ 323,329 |
|
|
|
|
|
$ 315,890 |
|
|
|
|
|
$ 326,581 |
|
|
Net Interest Spread |
|
|
|
|
|
2.12 % |
|
|
|
|
|
2.14 % |
|
|
|
|
|
2.42 % |
Net Interest Margin (1) |
|
|
|
|
|
3.08 % |
|
|
|
|
|
3.09 % |
|
|
|
|
|
3.26 % |
|
|
(1) |
The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. |
(2) |
The average balances and yields earned on taxable investment securities are based on historical cost. |
(3) |
Average balances for loans include non-accrual loans. Loans and leases consist of average total loans and leases less average unearned income. |
F.N.B. CORPORATION AND SUBSIDIARIES |
|
Nine Months Ended |
||||||||||
(Dollars in thousands) |
|
2024 |
|
2023 |
||||||||
(Unaudited) |
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
|
|
Average |
|
Income/ |
|
Yield/ |
|
Average |
|
Income/ |
|
Yield/ |
|
|
Balance |
|
Expense |
|
Rate |
|
Balance |
|
Expense |
|
Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with banks |
|
$ 915,076 |
|
$ 28,661 |
|
4.18 % |
|
$ 1,093,206 |
|
$ 32,619 |
|
3.99 % |
Taxable investment securities (2) |
|
6,151,500 |
|
141,706 |
|
3.07 |
|
6,114,577 |
|
107,860 |
|
2.35 |
Non-taxable investment securities (1) |
|
1,032,573 |
|
26,698 |
|
3.45 |
|
1,055,505 |
|
27,473 |
|
3.47 |
Loans held for sale |
|
216,403 |
|
12,534 |
|
7.73 |
|
109,282 |
|
5,854 |
|
7.15 |
Loans and leases (1) (3) |
|
33,148,858 |
|
1,482,613 |
|
5.97 |
|
31,070,965 |
|
1,276,718 |
|
5.49 |
Total Interest Earning Assets (1) |
|
41,464,410 |
|
1,692,212 |
|
5.45 |
|
39,443,535 |
|
1,450,524 |
|
4.91 |
Cash and due from banks |
|
404,234 |
|
|
|
|
|
438,456 |
|
|
|
|
Allowance for credit losses |
|
(417,393) |
|
|
|
|
|
(410,701) |
|
|
|
|
Premises and equipment |
|
485,378 |
|
|
|
|
|
454,738 |
|
|
|
|
Other assets |
|
4,588,437 |
|
|
|
|
|
4,388,894 |
|
|
|
|
Total Assets |
|
$ 46,525,066 |
|
|
|
|
|
$ 44,314,922 |
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ 14,812,493 |
|
301,716 |
|
2.72 |
|
$ 14,170,285 |
|
191,992 |
|
1.81 |
Savings |
|
3,351,144 |
|
30,541 |
|
1.22 |
|
3,846,225 |
|
26,832 |
|
0.93 |
Certificates and other time |
|
6,728,312 |
|
217,137 |
|
4.31 |
|
4,966,835 |
|
116,074 |
|
3.12 |
Total interest-bearing deposits |
|
24,891,949 |
|
549,394 |
|
2.95 |
|
22,983,345 |
|
334,898 |
|
1.95 |
Short-term borrowings |
|
2,461,925 |
|
90,472 |
|
4.90 |
|
2,051,516 |
|
54,992 |
|
3.58 |
Long-term borrowings |
|
2,179,733 |
|
85,364 |
|
5.23 |
|
1,589,842 |
|
58,695 |
|
4.94 |
Total Interest-Bearing Liabilities |
|
29,533,607 |
|
725,230 |
|
3.28 |
|
26,624,703 |
|
448,585 |
|
2.25 |
Non-interest-bearing demand deposits |
|
9,908,989 |
|
|
|
|
|
11,061,043 |
|
|
|
|
Total Deposits and Borrowings |
|
39,442,596 |
|
|
|
2.46 |
|
37,685,746 |
|
|
|
1.59 |
Other liabilities |
|
999,327 |
|
|
|
|
|
813,745 |
|
|
|
|
Total Liabilities |
|
40,441,923 |
|
|
|
|
|
38,499,491 |
|
|
|
|
Stockholders' Equity |
|
6,083,143 |
|
|
|
|
|
5,815,431 |
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ 46,525,066 |
|
|
|
|
|
$ 44,314,922 |
|
|
|
|
Net Interest Earning Assets |
|
$ 11,930,803 |
|
|
|
|
|
$ 12,818,832 |
|
|
|
|
Net Interest Income (FTE) (1) |
|
|
|
966,982 |
|
|
|
|
|
1,001,939 |
|
|
Tax Equivalent Adjustment |
|
|
|
(8,755) |
|
|
|
|
|
(9,460) |
|
|
Net Interest Income |
|
|
|
$ 958,227 |
|
|
|
|
|
$ 992,479 |
|
|
Net Interest Spread |
|
|
|
|
|
2.17 % |
|
|
|
|
|
2.66 % |
Net Interest Margin (1) |
|
|
|
|
|
3.11 % |
|
|
|
|
|
3.39 % |
|
|
(1) |
The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. |
(2) |
The average balances and yields earned on taxable investment securities are based on historical cost. |
(3) |
Average balances for loans include non-accrual loans. Loans and leases consist of average total loans and leases less average unearned income. |
F.N.B. CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
||
|
3Q24 |
|
2Q24 |
|
3Q23 |
|
2024 |
|
2023 |
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average equity |
7.10 % |
|
8.20 % |
|
9.80 % |
|
7.81 % |
|
9.98 % |
Return on average tangible equity (1) |
12.43 |
|
14.54 |
|
17.80 |
|
13.79 |
|
18.32 |
Return on average tangible common equity (1) |
12.43 |
|
14.54 |
|
18.15 |
|
13.63 |
|
18.68 |
Return on average assets |
0.92 |
|
1.06 |
|
1.28 |
|
1.02 |
|
1.31 |
Return on average tangible assets (1) |
1.01 |
|
1.16 |
|
1.39 |
|
1.11 |
|
1.43 |
Net interest margin (FTE) (2) |
3.08 |
|
3.09 |
|
3.26 |
|
3.11 |
|
3.39 |
Yield on earning assets (FTE) (2) |
5.51 |
|
5.43 |
|
5.11 |
|
5.45 |
|
4.91 |
Cost of interest-bearing deposits |
3.08 |
|
2.93 |
|
2.36 |
|
2.95 |
|
1.95 |
Cost of interest-bearing liabilities |
3.39 |
|
3.29 |
|
2.69 |
|
3.28 |
|
2.25 |
Cost of funds |
2.56 |
|
2.46 |
|
1.93 |
|
2.46 |
|
1.59 |
Efficiency ratio (1) |
55.16 |
|
54.39 |
|
51.72 |
|
55.18 |
|
50.76 |
Effective tax rate |
21.44 |
|
21.64 |
|
11.52 |
|
21.54 |
|
17.35 |
Capital Ratios |
|
|
|
|
|
|
|
|
|
Equity / assets (period end) |
13.02 |
|
12.76 |
|
12.96 |
|
|
|
|
Common equity / assets (period end) |
13.02 |
|
12.76 |
|
12.72 |
|
|
|
|
Common equity tier 1 (3) |
10.4 |
|
10.2 |
|
10.2 |
|
|
|
|
Leverage ratio |
8.64 |
|
8.63 |
|
8.77 |
|
|
|
|
Tangible common equity / tangible assets (period end) (1) |
8.17 |
|
7.86 |
|
7.54 |
|
|
|
|
Common Stock Data |
|
|
|
|
|
|
|
|
|
Average diluted common shares outstanding |
362,425,528 |
|
362,701,233 |
|
361,778,425 |
|
362,583,005 |
|
363,104,936 |
Period end common shares outstanding |
359,585,544 |
|
359,558,026 |
|
358,828,542 |
|
|
|
|
Book value per common share |
$ 17.38 |
|
$ 16.94 |
|
$ 16.13 |
|
|
|
|
Tangible book value per common share (1) |
10.33 |
|
9.88 |
|
9.02 |
|
|
|
|
Dividend payout ratio (common) |
39.58 % |
|
35.42 % |
|
30.34 % |
|
37.51 % |
|
30.50 % |
|
|
(1) |
See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item. |
(2) |
The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. |
(3) |
|
F.N.B. CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|||
(Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Variance |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
3Q24 |
|
3Q24 |
|
|
|
|
|
|
|
3Q24 |
|
2Q24 |
|
3Q23 |
|
2Q24 |
|
3Q23 |
|
|
|
|
|
|
Balances at period end |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate (1) |
$ 12,812 |
|
$ 12,664 |
|
$ 11,962 |
|
1.2 |
|
7.1 |
|
|
|
|
|
|
Commercial and industrial |
7,541 |
|
7,597 |
|
7,462 |
|
(0.7) |
|
1.1 |
|
|
|
|
|
|
Commercial leases |
709 |
|
683 |
|
562 |
|
3.8 |
|
26.2 |
|
|
|
|
|
|
Other |
120 |
|
145 |
|
160 |
|
(17.2) |
|
(25.0) |
|
|
|
|
|
|
Commercial loans and leases |
21,182 |
|
21,089 |
|
20,146 |
|
0.4 |
|
5.1 |
|
|
|
|
|
|
Direct installment |
2,693 |
|
2,700 |
|
2,754 |
|
(0.3) |
|
(2.2) |
|
|
|
|
|
|
Residential mortgages |
7,789 |
|
7,459 |
|
6,434 |
|
4.4 |
|
21.1 |
|
|
|
|
|
|
Indirect installment |
706 |
|
1,188 |
|
1,519 |
|
(40.6) |
|
(53.5) |
|
|
|
|
|
|
Consumer LOC |
1,347 |
|
1,321 |
|
1,298 |
|
2.0 |
|
3.8 |
|
|
|
|
|
|
Consumer loans |
12,535 |
|
12,668 |
|
12,005 |
|
(1.0) |
|
4.4 |
|
|
|
|
|
|
Total loans and leases |
$ 33,717 |
|
$ 33,757 |
|
$ 32,151 |
|
(0.1) |
|
4.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Note: Loans held for sale were |
|
|
|
|
|
|
|||||||||
(1) Commercial real estate is made up of 71% non-owner occupied and 29% owner-occupied at |
|
|
|
|
|||||||||||
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
% Variance |
|
|
|
|
|
|
||
Average balances |
|
|
|
|
|
|
3Q24 |
|
3Q24 |
|
For the Nine Months Ended |
|
% |
||
Loans and Leases: |
3Q24 |
|
2Q24 |
|
3Q23 |
|
2Q24 |
|
3Q23 |
|
2024 |
|
2023 |
|
Var. |
Commercial real estate |
$ 12,760 |
|
$ 12,663 |
|
$ 11,787 |
|
0.8 |
|
8.3 |
|
$ 12,560 |
|
$ 11,660 |
|
7.7 |
Commercial and industrial |
7,569 |
|
7,472 |
|
7,355 |
|
1.3 |
|
2.9 |
|
7,491 |
|
7,272 |
|
3.0 |
Commercial leases |
688 |
|
659 |
|
626 |
|
4.4 |
|
9.9 |
|
668 |
|
584 |
|
14.5 |
Other |
141 |
|
142 |
|
146 |
|
(1.1) |
|
(3.6) |
|
139 |
|
140 |
|
(0.3) |
Commercial loans and leases |
21,158 |
|
20,936 |
|
19,914 |
|
1.1 |
|
6.2 |
|
20,859 |
|
19,655 |
|
6.1 |
Direct installment |
2,693 |
|
2,704 |
|
2,741 |
|
(0.4) |
|
(1.8) |
|
2,708 |
|
2,749 |
|
(1.5) |
Residential mortgages |
7,624 |
|
7,137 |
|
6,259 |
|
6.8 |
|
21.8 |
|
7,170 |
|
5,832 |
|
22.9 |
Indirect installment |
999 |
|
1,168 |
|
1,527 |
|
(14.5) |
|
(34.6) |
|
1,102 |
|
1,533 |
|
(28.1) |
Consumer LOC |
1,329 |
|
1,310 |
|
1,297 |
|
1.4 |
|
2.4 |
|
1,310 |
|
1,302 |
|
0.6 |
Consumer loans |
12,645 |
|
12,320 |
|
11,825 |
|
2.6 |
|
6.9 |
|
12,289 |
|
11,416 |
|
7.7 |
Total loans and leases |
$ 33,803 |
|
$ 33,256 |
|
$ 31,740 |
|
1.6 |
|
6.5 |
|
$ 33,149 |
|
$ 31,071 |
|
6.7 |
F.N.B. CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
|
|
|
|
|
|
% Variance |
||
(Unaudited) |
|
|
|
|
|
|
3Q24 |
|
3Q24 |
Asset Quality Data |
3Q24 |
|
2Q24 |
|
3Q23 |
|
2Q24 |
|
3Q23 |
Non-Performing Assets |
|
|
|
|
|
|
|
|
|
Non-performing loans |
$ 129 |
|
$ 108 |
|
$ 113 |
|
19.4 |
|
14.2 |
Other real estate owned (OREO) |
2 |
|
3 |
|
3 |
|
(33.3) |
|
(33.3) |
Non-performing assets |
$ 131 |
|
$ 111 |
|
$ 116 |
|
18.0 |
|
12.9 |
Non-performing loans / total loans and leases |
0.38 % |
|
0.32 % |
|
0.35 % |
|
|
|
|
Non-performing assets plus 90+ days past due / total loans and leases |
0.43 |
|
0.36 |
|
0.39 |
|
|
|
|
Delinquency |
|
|
|
|
|
|
|
|
|
Loans 30-89 days past due |
$ 124 |
|
$ 95 |
|
$ 80 |
|
30.5 |
|
55.0 |
Loans 90+ days past due |
12 |
|
11 |
|
9 |
|
9.1 |
|
33.3 |
Non-accrual loans |
129 |
|
108 |
|
113 |
|
19.4 |
|
14.2 |
Past due and non-accrual loans |
$ 265 |
|
$ 214 |
|
$ 202 |
|
23.8 |
|
31.2 |
Past due and non-accrual loans / total loans and leases |
0.79 % |
|
0.63 % |
|
0.63 % |
|
|
|
|
F.N.B. CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
|
|
|
|
|
|
% Variance |
|
|
|
|
|
|
||
(Unaudited) |
|
|
|
|
|
|
3Q24 |
|
3Q24 |
|
For the Nine Months Ended |
|
% |
||
Allowance on Loans and Leases and Allowance for |
3Q24 |
|
2Q24 |
|
3Q23 |
|
2Q24 |
|
3Q23 |
|
2024 |
|
2023 |
|
Var. |
Allowance for Credit Losses on Loans and Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
$ 418.8 |
|
$ 406.3 |
|
$ 412.7 |
|
3.1 |
|
1.5 |
|
$ 405.6 |
|
$ 401.7 |
|
1.0 |
Provision for credit losses |
22.9 |
|
20.3 |
|
25.6 |
|
12.5 |
|
(10.7) |
|
56.7 |
|
58.5 |
|
(3.1) |
Net loan (charge-offs)/recoveries |
(21.5) |
|
(7.8) |
|
(37.7) |
|
173.3 |
|
(43.1) |
|
(42.1) |
|
(59.6) |
|
(29.4) |
Allowance for credit losses on loans and leases |
$ 420.2 |
|
$ 418.8 |
|
$ 400.6 |
|
0.3 |
|
4.9 |
|
$ 420.2 |
|
$ 400.6 |
|
4.9 |
Allowance for Unfunded Loan Commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for unfunded loan commitments balance at beginning |
$ 21.8 |
|
$ 21.9 |
|
$ 21.0 |
|
(0.5) |
|
3.8 |
|
$ 21.5 |
|
$ 21.4 |
|
0.5 |
Provision (reduction in allowance) for unfunded loan commitments / |
0.6 |
|
(0.1) |
|
0.4 |
|
605.0 |
|
65.1 |
|
0.9 |
|
(0.1) |
|
1,323.9 |
Allowance for unfunded loan commitments |
$ 22.4 |
|
$ 21.8 |
|
$ 21.3 |
|
2.8 |
|
4.9 |
|
$ 22.4 |
|
$ 21.3 |
|
4.9 |
Total allowance for credit losses on loans and leases and |
$ 442.5 |
|
$ 440.5 |
|
$ 421.9 |
|
0.5 |
|
4.9 |
|
$ 442.5 |
|
$ 421.9 |
|
4.9 |
Allowance for credit losses on loans and leases / total loans and |
1.25 % |
|
1.24 % |
|
1.25 % |
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans and leases / total non- |
326.7 |
|
388.1 |
|
353.7 |
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs (annualized) / total average loans and leases |
0.25 |
|
0.09 |
|
0.47 |
|
|
|
|
|
0.17 % |
|
0.26 % |
|
|
F.N.B. CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP |
|||||||||||||||
We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with |
|||||||||||||||
|
|
|
|
|
|
|
% Variance |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
3Q24 |
|
3Q24 |
|
For the Nine Months Ended |
|
% |
||
|
3Q24 |
|
2Q24 |
|
3Q23 |
|
2Q24 |
|
3Q23 |
|
2024 |
|
2023 |
|
Var. |
Operating net income available to common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders |
$ 110,103 |
|
$ 123,037 |
|
$ 143,271 |
|
|
|
|
|
$ 349,466 |
|
|
|
|
Preferred dividend at redemption |
— |
|
— |
|
— |
|
|
|
|
|
3,995 |
|
— |
|
|
Merger-related expense |
— |
|
— |
|
— |
|
|
|
|
|
— |
|
2,215 |
|
|
Tax benefit of merger-related expense |
— |
|
— |
|
— |
|
|
|
|
|
— |
|
(465) |
|
|
Branch consolidation costs |
— |
|
— |
|
— |
|
|
|
|
|
1,194 |
|
— |
|
|
Tax benefit of branch consolidation costs |
— |
|
— |
|
— |
|
|
|
|
|
(251) |
|
— |
|
|
|
— |
|
804 |
|
— |
|
|
|
|
|
5,212 |
|
— |
|
|
Tax benefit of |
— |
|
(169) |
|
— |
|
|
|
|
|
(1,095) |
|
— |
|
|
Software impairment |
3,690 |
|
— |
|
— |
|
|
|
|
|
3,690 |
|
— |
|
|
Tax benefit of software impairment |
(775) |
|
— |
|
— |
|
|
|
|
|
(775) |
|
— |
|
|
Loss on indirect auto loan sales |
11,572 |
|
— |
|
— |
|
|
|
|
|
8,969 |
|
— |
|
|
Tax benefit of loss on indirect auto loan |
(2,430) |
|
— |
|
— |
|
|
|
|
|
(1,883) |
|
— |
|
|
Operating net income available to common |
$ 122,160 |
|
$ 123,672 |
|
$ 143,271 |
|
(1.2) |
|
(14.7) |
|
$ 368,522 |
|
|
|
(14.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings per diluted common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted common share |
$ 0.30 |
|
$ 0.34 |
|
$ 0.40 |
|
|
|
|
|
$ 0.96 |
|
$ 1.18 |
|
|
Preferred dividend at redemption |
— |
|
— |
|
— |
|
|
|
|
|
0.01 |
|
— |
|
|
Merger-related expense |
— |
|
— |
|
— |
|
|
|
|
|
— |
|
0.01 |
|
|
Tax benefit of merger-related expense |
— |
|
— |
|
— |
|
|
|
|
|
— |
|
— |
|
|
Branch consolidation costs |
— |
|
— |
|
— |
|
|
|
|
|
— |
|
— |
|
|
Tax benefit of branch consolidation costs |
— |
|
— |
|
— |
|
|
|
|
|
— |
|
— |
|
|
|
— |
|
— |
|
— |
|
|
|
|
|
0.01 |
|
— |
|
|
Tax benefit of |
— |
|
— |
|
— |
|
|
|
|
|
— |
|
— |
|
|
Software impairment |
0.01 |
|
— |
|
— |
|
|
|
|
|
0.01 |
|
— |
|
|
Tax benefit of software impairment |
— |
|
— |
|
— |
|
|
|
|
|
— |
|
— |
|
|
Loss on indirect auto loan sales |
0.03 |
|
— |
|
— |
|
|
|
|
|
0.02 |
|
— |
|
|
Tax benefit of loss on indirect auto loan sales |
(0.01) |
|
— |
|
— |
|
|
|
|
|
(0.01) |
|
— |
|
|
Operating earnings per diluted common share |
$ 0.34 |
|
$ 0.34 |
|
$ 0.40 |
|
— |
|
(15.0) |
|
$ 1.02 |
|
$ 1.18 |
|
(13.6) |
F.N.B. CORPORATION AND SUBSIDIARIES |
|
|
|
|
|||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
||
|
3Q24 |
|
2Q24 |
|
3Q23 |
|
2024 |
|
2023 |
Return on average tangible equity: |
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
Net income (annualized) |
$ 438,019 |
|
$ 494,851 |
|
$ 576,385 |
|
$ 474,826 |
|
$ 580,495 |
Amortization of intangibles, net of |
13,753 |
|
13,913 |
|
15,798 |
|
13,926 |
|
16,058 |
Tangible net income (annualized) |
$ 451,772 |
|
$ 508,764 |
|
$ 592,183 |
|
$ 488,752 |
|
$ 596,553 |
|
|
|
|
|
|
|
|
|
|
Average total stockholders' equity |
$ 6,170,654 |
|
$ 6,038,239 |
|
$ 5,879,836 |
|
$ 6,083,143 |
|
$ 5,815,431 |
Less: Average intangible assets (1) |
(2,535,769) |
|
(2,539,710) |
|
(2,553,738) |
|
(2,539,822) |
|
(2,558,610) |
Average tangible stockholders' |
$ 3,634,885 |
|
$ 3,498,529 |
|
$ 3,326,098 |
|
$ 3,543,321 |
|
$ 3,256,821 |
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity |
12.43 % |
|
14.54 % |
|
17.80 % |
|
13.79 % |
|
18.32 % |
|
|
|
|
|
|
|
|
|
|
Return on average tangible |
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
Net income available to common |
$ 438,019 |
|
$ 494,851 |
|
$ 568,414 |
|
$ 466,806 |
|
$ 572,432 |
Amortization of intangibles, net of |
13,753 |
|
13,913 |
|
15,798 |
|
13,926 |
|
16,058 |
Tangible net income available to |
$ 451,772 |
|
$ 508,764 |
|
$ 584,212 |
|
$ 480,732 |
|
$ 588,490 |
|
|
|
|
|
|
|
|
|
|
Average total stockholders' equity |
$ 6,170,654 |
|
$ 6,038,239 |
|
$ 5,879,836 |
|
$ 6,083,143 |
|
$ 5,815,431 |
Less: Average preferred stockholders' |
— |
|
— |
|
(106,882) |
|
(17,554) |
|
(106,882) |
Less: Average intangible assets (1) |
(2,535,769) |
|
(2,539,710) |
|
(2,553,738) |
|
(2,539,822) |
|
(2,558,610) |
Average tangible common equity |
$ 3,634,885 |
|
$ 3,498,529 |
|
$ 3,219,216 |
|
$ 3,525,767 |
|
$ 3,149,939 |
|
|
|
|
|
|
|
|
|
|
Return on average tangible |
12.43 % |
|
14.54 % |
|
18.15 % |
|
13.63 % |
|
18.68 % |
|
|
|
|
|
|
|
|
|
|
(1) Excludes loan servicing rights. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average tangible |
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
Operating net income available to |
$ 485,984 |
|
$ 497,406 |
|
$ 568,412 |
|
$ 492,259 |
|
$ 574,772 |
Amortization of intangibles, net of |
13,753 |
|
13,913 |
|
15,798 |
|
13,926 |
|
16,058 |
Tangible operating net income |
$ 499,737 |
|
$ 511,319 |
|
$ 584,210 |
|
$ 506,185 |
|
$ 590,830 |
|
|
|
|
|
|
|
|
|
|
Average total stockholders' equity |
$ 6,170,654 |
|
$ 6,038,239 |
|
$ 5,879,836 |
|
$ 6,083,143 |
|
$ 5,815,431 |
Less: Average preferred |
— |
|
— |
|
(106,882) |
|
(17,554) |
|
(106,882) |
Less: Average intangible assets (1) |
(2,535,769) |
|
(2,539,710) |
|
(2,553,738) |
|
(2,539,822) |
|
(2,558,610) |
Average tangible common equity |
$ 3,634,885 |
|
$ 3,498,529 |
|
$ 3,219,216 |
|
$ 3,525,767 |
|
$ 3,149,939 |
|
|
|
|
|
|
|
|
|
|
Operating return on average |
13.75 % |
|
14.62 % |
|
18.15 % |
|
14.36 % |
|
18.76 % |
|
|
|
|
|
|
|
|
|
|
Return on average tangible assets: |
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
Net income (annualized) |
$ 438,019 |
|
$ 494,851 |
|
$ 576,385 |
|
$ 474,826 |
|
$ 580,495 |
Amortization of intangibles, net of |
13,753 |
|
13,913 |
|
15,798 |
|
13,926 |
|
16,058 |
Tangible net income (annualized) |
$ 451,772 |
|
$ 508,764 |
|
$ 592,183 |
|
$ 488,752 |
|
$ 596,553 |
|
|
|
|
|
|
|
|
|
|
Average total assets |
$ 47,416,038 |
|
$ 46,471,781 |
|
$ 45,094,167 |
|
|
|
$ 44,314,922 |
Less: Average intangible assets (1) |
(2,535,769) |
|
(2,539,710) |
|
(2,553,738) |
|
(2,539,822) |
|
(2,558,610) |
Average tangible assets (non- |
$ 44,880,269 |
|
$ 43,932,071 |
|
$ 42,540,429 |
|
|
|
$ 41,756,312 |
|
|
|
|
|
|
|
|
|
|
Return on average tangible assets |
1.01 % |
|
1.16 % |
|
1.39 % |
|
1.11 % |
|
1.43 % |
|
|
|
|
|
|
|
|
|
|
(1) Excludes loan servicing rights. |
|
|
|
|
|
|
|
|
|
F.N.B. CORPORATION AND SUBSIDIARIES |
|||||
(Unaudited) |
|
|
|
|
|
|
3Q24 |
|
2Q24 |
|
3Q23 |
Tangible book value per common share: |
|
|
|
|
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
Total stockholders' equity |
$ 6,248,456 |
|
$ 6,089,634 |
|
$ 5,894,280 |
Less: Preferred stockholders' equity |
— |
|
— |
|
(106,882) |
Less: Intangible assets (1) |
(2,533,856) |
|
(2,537,532) |
|
(2,551,266) |
Tangible common equity (non-GAAP) |
$ 3,714,600 |
|
$ 3,552,102 |
|
$ 3,236,132 |
|
|
|
|
|
|
Common shares outstanding |
359,585,544 |
|
359,558,026 |
|
358,828,542 |
|
|
|
|
|
|
Tangible book value per common share (non-GAAP) |
$ 10.33 |
|
$ 9.88 |
|
$ 9.02 |
|
|
|
|
|
|
Tangible common equity to tangible assets: |
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
Total stockholders' equity |
$ 6,248,456 |
|
$ 6,089,634 |
|
$ 5,894,280 |
Less: Preferred stockholders' equity |
— |
|
— |
|
(106,882) |
Less: Intangible assets (1) |
(2,533,856) |
|
(2,537,532) |
|
(2,551,266) |
Tangible common equity (non-GAAP) |
$ 3,714,600 |
|
$ 3,552,102 |
|
$ 3,236,132 |
|
|
|
|
|
|
Total assets |
$ 47,975,574 |
|
$ 47,714,742 |
|
$ 45,495,958 |
Less: Intangible assets (1) |
(2,533,856) |
|
(2,537,532) |
|
(2,551,266) |
Tangible assets (non-GAAP) |
$ 45,441,718 |
|
$ 45,177,210 |
|
$ 42,944,692 |
|
|
|
|
|
|
Tangible common equity to tangible assets (non-GAAP) |
8.17 % |
|
7.86 % |
|
7.54 % |
|
|
|
|
|
|
Operating non-interest expense |
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
Non-interest expense |
$ 249,431 |
|
$ 226,612 |
|
$ 217,998 |
|
— |
|
(804) |
|
— |
Software impairment |
(3,690) |
|
— |
|
— |
Loss on indirect auto loan sale |
(11,572) |
|
— |
|
— |
Operating non-interest expense (non-GAAP) |
$ 234,169 |
|
$ 225,808 |
|
$ 217,998 |
|
|||||
(1) Excludes loan servicing rights |
F.N.B. CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
||
|
3Q24 |
|
2Q24 |
|
3Q23 |
|
2024 |
|
2023 |
KEY PERFORMANCE INDICATORS |
|
|
|
|
|
|
|
|
|
Pre-provision net revenue: |
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
Net interest income |
$ 323,329 |
|
$ 315,890 |
|
$ 326,581 |
|
$ 958,227 |
|
$ 992,479 |
Non-interest income |
89,688 |
|
87,922 |
|
81,551 |
|
265,472 |
|
241,249 |
Less: Non-interest expense |
(249,431) |
|
(226,612) |
|
(217,998) |
|
(713,139) |
|
(649,870) |
Pre-provision net revenue (reported) (non- |
$ 163,586 |
|
$ 177,200 |
|
$ 190,134 |
|
$ 510,560 |
|
$ 583,858 |
Pre-provision net revenue (reported) |
$ 650,789 |
|
$ 712,695 |
|
$ 754,336 |
|
$ 681,989 |
|
$ 780,616 |
Adjustments: |
|
|
|
|
|
|
|
|
|
Add: Merger-related expense (non- |
— |
|
— |
|
— |
|
— |
|
2,215 |
Add: Branch consolidation costs |
— |
|
— |
|
— |
|
1,194 |
|
— |
Add: |
— |
|
804 |
|
— |
|
5,212 |
|
— |
Add: Software impairment (non-interest |
3,690 |
|
— |
|
— |
|
3,690 |
|
— |
Add: Loss on indirect auto loan sales |
11,572 |
|
— |
|
— |
|
8,969 |
|
— |
Operating pre-provision net revenue |
$ 178,848 |
|
$ 178,004 |
|
$ 190,134 |
|
$ 529,625 |
|
$ 586,073 |
Operating pre-provision net revenue |
$ 711,505 |
|
$ 715,928 |
|
$ 754,336 |
|
$ 707,455 |
|
$ 783,577 |
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (FTE): |
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
Total non-interest expense |
$ 249,431 |
|
$ 226,612 |
|
$ 217,998 |
|
$ 713,139 |
|
$ 649,870 |
Less: Amortization of intangibles |
(4,376) |
|
(4,379) |
|
(5,040) |
|
(13,197) |
|
(15,203) |
Less: OREO expense |
(354) |
|
(200) |
|
(317) |
|
(744) |
|
(1,366) |
Less: Merger-related expense |
— |
|
— |
|
— |
|
— |
|
(2,215) |
Less: Branch consolidation costs |
— |
|
— |
|
— |
|
(1,194) |
|
— |
Less: |
— |
|
(804) |
|
— |
|
(5,212) |
|
— |
Less: Software impairment |
(3,690) |
|
— |
|
— |
|
(3,690) |
|
— |
Less: Loss on indirect auto loan sales |
(11,572) |
|
— |
|
— |
|
(8,969) |
|
— |
Adjusted non-interest expense |
$ 229,439 |
|
$ 221,229 |
|
$ 212,641 |
|
$ 680,133 |
|
$ 631,086 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ 323,329 |
|
$ 315,890 |
|
$ 326,581 |
|
$ 958,227 |
|
$ 992,479 |
Taxable equivalent adjustment |
2,930 |
|
2,915 |
|
2,917 |
|
8,755 |
|
9,460 |
Non-interest income |
89,688 |
|
87,922 |
|
81,551 |
|
265,472 |
|
241,249 |
Less: Net securities losses (gains) |
28 |
|
3 |
|
55 |
|
31 |
|
78 |
Adjusted net interest income (FTE) + non- |
$ 415,975 |
|
$ 406,730 |
|
$ 411,104 |
|
$ 1,232,485 |
|
$ 1,243,266 |
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (FTE) (non-GAAP) |
55.16 % |
|
54.39 % |
|
51.72 % |
|
55.18 % |
|
50.76 % |
View original content to download multimedia:https://www.prnewswire.com/news-releases/fnb-corporation-reports-third-quarter-2024-earnings-302279700.html
SOURCE