FNB Q1 2020 Earnings Report
Key Takeaways
F.N.B. Corporation reported lower earnings for the first quarter of 2020, with net income available to common stockholders of $45.4 million, or $0.14 per diluted common share, compared to $92.1 million, or $0.28 per diluted common share in the first quarter of 2019. The results were impacted by a provision for credit losses related to COVID-19, branch consolidation costs, mortgage servicing rights impairment, accelerated vesting of stock grants, and COVID-19 related expenses.
Total average loans grew by $1.1 billion, or 5.0%, driven by commercial loan growth of $963 million.
Total average deposits increased by $1.2 billion, or 5.2%, due to growth in interest-bearing and non-interest-bearing demand deposits.
Net interest income increased 0.9%, driven by loan growth and reduced interest-bearing deposit rates.
Non-interest income increased $3.1 million, or 4.8%, with growth in capital markets income, insurance commissions and fees, and trust income.
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Forward Guidance
FNB is prepared for economic fluctuations, with ample liquidity and capital levels well above regulatory requirements.