Recurring Recognition Affirms the Company's Strong, Employee-Centric Culture PITTSBURGH, Sept. 10, 2024 /PRNewswire/ -- First National Bank, the largest subsidiary of F.N.B. Corporation (NYSE: FNB), has been named a Greater Pittsburgh Top Workplace by the Pittsburgh Post Gazette for the 14th consecutive year. FNB has now appeared on the list every year since its inception in 2011. The Top Workplace awards are based on employee feedback gathered through surveys distributed by Energage, an independent researc ...

F.N.B. Corp. (FNB) remains well-poised for growth on the back of revenue growth, strategic buyouts, technological enhancements and higher rates. However, a mounting expense base, concentrated loan portfolio and deteriorating asset quality remain woes. FNB's Growth Drivers Strategic Efforts to Grow Revenues: F.N.B. Corp.'s revenues and loans witnessed a 5.4% and 7.8% compound annual growth rate (CAGR) over the five years ended 2023, respectively. While revenues witnessed a decline during the first half of 20 ...

After Nearly 30 Years of Service, Christine Tvaroch Is Succeeded by Ronda Edkins PITTSBURGH, Aug. 7, 2024 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) announced today that Chief Audit Executive Christine Tvaroch is retiring after nearly 30 years of service to the Company. She will be succeeded by Ronda Edkins, who joined FNB in 2023 as Chief Operational Risk Officer. "Christine has been an asset to our Company for decades. She has been a valued partner throughout FNB's dramatic growth. We are grateful for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the quarterly period ended June 30, 2024 ☐ Transition Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 For the transition period from to Commission file number 001-31940 F.N.B. CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | --- | |------------------------------- ...

F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of nearly ...

Shares of F.N.B. Corporation (FNB) lost 1.8% in after-market trading following the release of its lower-thanexpected second-quarter 2024 results. Adjusted earnings per share of 34 cents lagged the Zacks Consensus Estimate by a penny. Moreover, the bottom line reflected a decline of 12.8% from the prior-year quarter. Revenues Decline, Expenses Rise Net interest margin (FTE basis) (non-GAAP) contracted 28 basis points (bps) year over year to 3.09%. As of Jun 30, 2024, the common equity Tier 1 (CET1) ratio was ...

Financial Data and Key Metrics - Net income available to common shareholders was $123 million, or $0.34 per diluted common share [5] - Pre-provision net revenue increased over 4% linked-quarter, supported by well-managed expenses and strong non-interest income levels [5] - Tangible book value per share grew 12% year-over-year to a record high of $9.88 [5] - Loan and deposit growth was 3.6% and 1% respectively, exceeding industry benchmarks [6] - Non-interest income for the first half of the year totaled $176 million, a 10% increase over the same period in 2023 [8] - Total provision expense for the quarter was $20.2 million, with $12.8 million supporting loan growth [11] - Net interest margin was 3.09%, a 9 basis point decrease due to increased short-term borrowings [145] Business Line Performance - Mortgage banking operations grew over 50%, contributing to non-interest income growth [8] - Consumer loans grew 5% linked-quarter, led by residential mortgages [32] - Equipment finance business exceeded $1 billion in balances, showing significant growth [51] - Commercial loans and leases increased by $540 million, reflecting healthy activity in C&I and equipment finance [133] - Non-interest income totaled $87.9 million, consistent with the prior quarter, driven by treasury management revenues [43] Market Performance - Double-digit year-over-year growth in commercial loans across the Carolinas, Pittsburgh, and Cleveland regions [129] - Strong deposit growth in the Southeast, particularly in Charlotte and Wilmington [158] - Pittsburgh market continues to perform well, with significant share and growth opportunities in consumer lending and C&I [159] - Cleveland market shows upside potential in C&I, with equipment finance performing well [160] Strategy and Industry Competition - The company is strategically positioning its balance sheet to benefit from lower interest rates, with $4.5 billion in short-term or floating rate borrowings [41] - FNB aims to diversify revenue streams, targeting 30% of total revenue from non-interest income [138] - The company is focused on digital engagement, with its eStore winning Best Digital Initiative at the 2024 Banking Tech Awards USA [146] - FNB is building out its presence in Virginia and the Carolinas through de novo expansion and branch openings [164] Management Commentary on Operating Environment and Future Outlook - Management expects loan growth to return to historical levels in the second half of the year, with pipelines declining due to strong production in Q2 [40] - The company anticipates a decline in the loan-to-deposit ratio in the medium term, supported by deposit initiatives [15] - FNB is well-positioned to handle economic cycles, with strong asset quality metrics and a focus on credit risk management [13] - Management is optimistic about the company's ability to gain market share and deliver positive financial outcomes in the second half of the year [181] Other Important Information - The company has a $6.9 billion CD portfolio with a nine-month duration and $1 billion in swaps maturing from 2025 [17] - FNB's spot deposit cost ended the quarter at 2.13%, with a cumulative spot deposit beta of 38% since March 2022 [18] - The company expects full-year provision expense to be between $75 million and $95 million, dependent on loan growth and charge-off activity [21] - FNB's efficiency ratio remained at a leading level of 54.4% in Q2 [44] Q&A Session Summary Question: Loan growth mix in the second half of the year [49] - Mortgage growth is expected to decline seasonally, while equipment finance and renewable energy deals will continue to grow [50][51] - Commercial pipelines are down by 10%, with sluggish activity on the consumer side [52] Question: Deposit initiatives and funding costs [82] - The company is focusing on treasury management opportunities and digital initiatives to attract low-cost deposits [83] - Deposit growth initiatives are expected to show benefits in the second half of 2024 and into 2025 [84] Question: Fee income growth and diversification [86] - FNB aims to grow fee-based businesses, particularly in capital markets, wealth management, and treasury management [87][88] - The company targets 30% of total revenue from non-interest income, with opportunities in public finance and advisory services [62][63] Question: Buyback activity and capital allocation [89] - The company plans to support loan growth with its capital and does not expect significant buyback activity in the near term [90] Question: Deposit pricing competition [98] - Competitors have reduced promotional pricing, but irrational pricing still exists in some markets [99][100] - FNB's deposit beta performance has been strong, with gradual increases from 36.5% to 38% [56] Question: NIM and balance sheet repricing [97] - An initial Fed cut may have a short-term negative impact on NIM, but further cuts could provide upside [97] - The company has flexibility in repricing deposits and borrowings, with $4.5 billion in short-term borrowings and $4 billion in non-maturity deposits [96] Question: M&A and expansion opportunities [161] - FNB is focused on internal initiatives but remains open to opportunistic M&A, particularly in Virginia and the Carolinas [162][164] Question: Credit quality and stress testing [177] - Stress testing results show improvements in potential charge-offs and losses, with strong credit risk management [177] Question: Expense management and lease carryover [166] - The company expects $7 million in double lease expenses to end in Q4 2024, with no carryover into 2025 [166]

On an operating basis, second quarter of 2024 earnings per diluted common share (non-GAAP) was $0.34, excluding less than $0.01 of significant items impacting earnings per diluted common share. By comparison, the second quarter of 2023 was $0.39 per diluted common share (non-GAAP) on an operating basis, excluding less than $0.01 of significant items impacting earnings per diluted common share. The first quarter of 2024 was $0.34 per diluted common share (non-GAAP) on an operating basis, excluding $0.02 of s ...

View all Key Company Metrics for F.N.B. here>>> The reported revenue represents a surprise of -0.92% over the Zacks Consensus Estimate of $407.57 million. With the consensus EPS estimate being $0.35, the EPS surprise was -2.86%. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. For the quarter ended June 2024, F.N.B. (FNB) reported revenue of $403.81 million, dow ...

This quarterly report represents an earnings surprise of -2.86%. A quarter ago, it was expected that this financial holding company would post earnings of $0.33 per share when it actually produced earnings of $0.34, delivering a surprise of 3.03%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Empirical research shows a strong correlation between near-term s ...