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Sep 30, 2020
FNB Q3 2020 Earnings Report
Reported earnings per share of $0.25 and operating EPS totaled $0.26, driven by revenue growth, strong capital markets activity and record mortgage banking levels.
Key Takeaways
F.N.B. Corporation reported a net income of $80.8 million, or $0.25 per diluted common share, for the third quarter of 2020. The operating earnings per diluted common share (non-GAAP) was $0.26. Revenue continued to increase and the company saw strong capital markets activity and record mortgage banking levels.
Growth in total average loans was $3.3 billion, or 14.7%, with average commercial loan growth of $3.3 billion, or 22.9%, and average consumer loan growth of $57 million, or 0.7%.
Total average deposits grew $4.3 billion, or 17.8%, primarily due to an increase in average non-interest-bearing deposits of $2.5 billion, or 39.7%, and an increase in average interest-bearing demand deposits of $2.6 billion, or 25.9%.
Non-interest income was stable at $80.0 million, with an increase of $9.1 million, or 93.1%, in record levels of mortgage banking income offset by a decrease of $8.9 million, or 26.7%, in service charges, given significantly lower transaction volumes in the COVID-19 environment and service charge refunds of $3.8 million.
The efficiency ratio (non-GAAP) equaled 55.3%, compared to 54.1%.
Forward Guidance
The document contains forward-looking information regarding outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset quality levels, financial position and other matters regarding or affecting current or future business and operations.
Positive Outlook
- FNB continues to produce positive results built on employee protection and assistance
- Operational response and preparedness
- Continued customer and community support
- Stringent risk management
- Resilient business model, which is based upon the deployment of technology and expansion into attractive new markets
Challenges Ahead
- Our business, financial results and balance sheet values are affected by business and economic circumstances
- Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses
- 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, deposits and revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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