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Mar 31, 2023
FNB Q1 2023 Earnings Report
Reported strong first quarter earnings driven by consistent execution of conservative business model and focus on customer primacy.
Key Takeaways
F.N.B. Corporation reported a strong first quarter with earnings per diluted common share totaling $0.40. Key performance metrics included a return on average tangible common equity (non-GAAP) of 20%, a return on average assets of 1.4%, and an efficiency ratio (non-GAAP) of 50.6%. The company maintained a strong liquidity and capital position with stable deposit balances and record revenue.
Total average deposits grew by $1.2 billion, or 3.7%, driven by increases in average time deposits, non-interest-bearing deposits, and savings deposits.
Period-end total loans and leases increased by $3.8 billion, or 14.3%, including Union-acquired loans, with growth in both commercial and consumer loans.
Net interest income increased by $102.6 million, or 43.8%, to $336.7 million, primarily due to growth in earning assets and the higher interest rate environment.
The efficiency ratio (non-GAAP) was 50.6%, reflecting higher revenue compared to 60.7% for the year-ago quarter.
Forward Guidance
This document may contain statements regarding F.N.B. Corporation’s outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset quality levels, financial position and other matters regarding or affecting our current or future business and operations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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