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Dec 31, 2020
FNB Q4 2020 Earnings Report
Reported earnings per share of $0.22 and non-GAAP EPS of $0.28, driven by growth in total average loans and deposits, and an increase in mortgage banking income.
Key Takeaways
F.N.B. Corporation reported a decrease in net income available to common stockholders to $70.2 million, or $0.22 per diluted common share, compared to $93.2 million, or $0.29 per diluted common share in Q4 2019. However, on an operating basis, earnings per diluted common share (non-GAAP) was $0.28, up 8% from Q4 2019, excluding significant items. The company achieved record total non-interest income and maintained an efficiency ratio of 56%.
Total average loans grew by $2.4 billion, or 10.4%, driven by commercial loan growth.
Total average deposits increased by $4.1 billion, or 16.6%, primarily due to growth in non-interest-bearing deposits.
Net interest income rose by $8.0 million, or 3.5%, supported by asset growth and reduced deposit costs.
Mortgage banking income increased by $4.9 million, or 47.0%, due to strong production and expanded gain-on-sale margins.
Revenue by Segment
Forward Guidance
While the earnings report does not explicitly provide forward guidance, the CEO expresses optimism for improved results in 2021.
Positive Outlook
- Commitment to drive long-term shareholder value.
- Focus on stated objectives and improving efficiency.
- Continuous investments in customer experience.
- Strong financial performance and progress.
- Dedication and determination of employees.
Challenges Ahead
- Challenging interest rate environment.
- Impact of COVID-19 pandemic.
- Lower customer transaction volumes.
- Increase in non-interest expense.
- Exit of commercial loans in COVID-19 sensitive industries.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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