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Mar 31, 2020
FNB Q1 2020 Earnings Report
Net income decreased due to provision for credit losses and other unusual items.
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.
FNB
FNB
Forward Guidance
FNB is prepared for economic fluctuations, with ample liquidity and capital levels well above regulatory requirements.