FNB Q3 2023 Earnings Report
Key Takeaways
F.N.B. Corporation reported a strong third quarter in 2023, with earnings per diluted common share of $0.40 and an 18.2% return on tangible common equity. The company outperformed the industry with loan and deposit growth of 2.5% and 2.3%, respectively. Capital ratios remained strong, with tangible common equity to tangible assets at 7.54% and CET1 at 10.2%.
Period-end total loans and leases increased by $796.4 million, or 2.5%, on a linked-quarter basis.
Period-end total deposits increased by $790.6 million, or 2.3%, on a linked-quarter basis.
Net interest income increased $29.5 million, or 9.9%, to $326.6 million.
Common Equity Tier 1 (CET1) regulatory capital ratio was 10.2%.
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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.
Positive Outlook
- FNB’s forward-looking statements are subject to the following principal risks and uncertainties:
- Our business, financial results and balance sheet values are affected by business, economic and political 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, loans, deposits and revenues.
- Business and operating results can also be affected by difficult to predict uncertainties, such as widespread natural and other disasters, pandemics, including post-pandemic return to normalcy, global events and geopolitical instability
Challenges Ahead
- Legal, regulatory and accounting developments could have an impact on our ability to operate and grow our businesses, financial condition, results of operations, competitive position, and reputation.
- Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and the ability to attract and retain talent.
- Policies and priorities of the current U.S. presidential administration, including legislative and regulatory reforms, more aggressive approaches to supervisory or enforcement priorities with consumer and anti-discrimination lending laws by the federal banking regulatory agencies and the DOJ, changes affecting oversight of the financial services industry, regulatory obligations or restrictions, consumer protection, taxes, employee benefits, compensation practices, pension, bankruptcy and other industry aspects, and changes in accounting policies and principles.
- Ability to continue to attract, develop and retain key talent.
- Changes to regulations or accounting standards governing bank capital requirements, loan loss reserves and liquidity standards.