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Mar 31, 2024
FNB Q1 2024 Earnings Report
Reported a solid first quarter performance with strong non-interest income and a record tangible common equity ratio.
Key Takeaways
F.N.B. Corporation reported a solid first quarter performance with operating earnings per diluted common share (non-GAAP) of $0.34. A key contributor to earnings was a near-record level of non-interest income totaling $88 million. The company's profitability grew its capital base and led to a record tangible common equity ratio (non-GAAP) of 8%.
Total loans and leases increased by $1.9 billion, or 6.2% year-over-year.
Total deposits increased by $545.3 million, or 1.6% year-over-year.
Non-interest income totaled $87.9 million, benefiting from a diversified business model.
Common Equity Tier 1 (CET1) regulatory capital ratio was a record 10.2%.
FNB
FNB
FNB Revenue by Segment
Revenue by Segment
Service Charges Revenue
CapyFin.comTrust Services Revenue
CapyFin.comInsurance Commissions Revenue
CapyFin.comSecurities Commissions Revenue
CapyFin.comCapital Markets Income Revenue
CapyFin.comMortgage Banking Revenue
CapyFin.comDividends on Non-Marketable Revenue
CapyFin.comBank-Owned Life Insurance Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
FNB’s investments in digital technology and data science continue to be at the center of our desire to gain efficiency and execute on our client acquisition strategy. FNB experienced growth in the number of customers and prospects opening multiple accounts since adding deposit products to our eStore® platform in December 2023, contributing to FNB’s year-over-year growth of 6% and 2% for loans and deposits, respectively. FNB’s unique digital and data strategies are key to our continued success driving customer expansion and primacy, increasing product penetration and delivering an innovative and comprehensive banking experience for our consumer, wealth management and commercial clients.
Positive Outlook
- Growth in high-quality loans.
- Deepened customer relationships across diverse geographic footprint.
- Success in growing commercial real estate loans.
- Success in growing commercial and industrial loans
- Success in growing commercial leases.
Challenges Ahead
- Higher deposit costs from continued balance migration to higher yielding deposit products.
- Higher total average borrowings.
- Decrease in net interest income.
- Decrease in average non-interest-bearing demand deposits
- Decrease in average savings deposits