PITTSBURGH - F.N.B. Corporation (NYSE: NYSE:FNB) announced its financial results for the second quarter of 2024, matching analyst expectations with an EPS of $0.34. The company's revenue for the quarter was reported at $403.81 million, slightly below the consensus estimate of $408.09 million.
Vincent J. Delie, Jr., Chairman, President, and CEO of F.N.B. Corporation, highlighted the company's solid performance, "Through the continued execution of our disciplined business model, F.N.B. Corporation produced solid second quarter results with earnings per diluted common share (adjusted) totaling $0.34." Delie also noted the company's record high tangible book value per share, which grew 12% year-over-year (YoY) to $9.88.
F.N.B. Corporation's reported net interest income for the quarter was $315.9 million, a 4.1% decrease from the second quarter of 2023, mainly due to higher deposit costs and increased average borrowings, partially offset by growth in earning assets and higher earning asset yields. The net interest margin (adjusted) decreased 28 basis points to 3.09%.
The company's loan and deposit growth remained robust, with period-end total loans and leases increasing by 7.7% YoY and period-end total deposits growing by 3.5%. Notably, the company reported a 9.5% increase in non-interest income compared to the same quarter last year, benefiting from its diversified business model.
Asset quality remained strong, with non-performing loans and other real estate owned (OREO) ending at 0.33%, a multiyear low. The provision for credit losses was $20.2 million, reflecting strong loan growth and stable asset quality.
F.N.B. Corporation's capital position remained solid, with a Common Equity Tier 1 (CET1) regulatory capital ratio of 10.2%. The company also continued its share repurchase program, buying back 250,000 shares of common stock at an average price of $13.56 while maintaining robust loan growth.
Delie expressed confidence in the company's strategic execution, stating, "FNB's linked-quarter loan and deposit growth of 3.6% and 0.7%, respectively, demonstrates our ability to execute on our strategy to steadily increase market share."
While the company's earnings and revenue for the quarter were in line with analyst estimates, the slight miss on revenue consensus may be of interest to investors. However, the consistent performance and strategic market share gains suggest a stable outlook for F.N.B. Corporation as it moves into the second half of 2024.
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