FNB(FNB) - 2024 Q4 - Annual Results

Financial Performance - F.N.B. Corporation reported Q4 2024 net income of $109.9 million, or $0.30 per diluted common share, compared to $48.7 million, or $0.13 per diluted common share in Q4 2023[1][9] - For the full year 2024, net income available to common stockholders was $459.3 million, or $1.27 per diluted common share, down from $476.8 million, or $1.31 per diluted common share in 2023[3] - Net interest income for Q4 2024 was $322.2 million, a slight decrease of $1.1 million, or 0.3%, from the prior quarter[7][10] - Non-interest income totaled $50.9 million, a decrease of $38.8 million, or 43.2%, from the prior quarter, with operating non-interest income (non-GAAP) at $84.9 million, a 5.3% decrease from the record level in the prior quarter[23] - Net income for Q4 2024 was $109,861,000, a marginal decrease of 0.2% from Q3 2024 and an increase of 116.8% from Q4 2023[46] - Diluted earnings per share for Q4 2024 was $0.30, unchanged from Q3 2024 and up 130.8% from $0.13 in Q4 2023[46] Asset and Loan Growth - Total loans and leases increased by $1.6 billion, or 5.0%, with consumer loans up $949 million, or 8.0%, and commercial loans up $667.2 million, or 3.3%[5][12] - Average loans and leases totaled $33.8 billion, an increase of $27.7 million, or 0.1%, with average commercial loans and leases increasing $16.2 million, or 0.1%[20] - Net loans and leases rose by 0.7% quarter-over-quarter to $33,516 million, reflecting a 5.0% increase year-over-year[47] - Total loans and leases rose to $33,939 million in 4Q24, up 5.0% from $32,323 million in 4Q23[57] Deposit Growth - Total deposits rose by $2.4 billion, or 6.9%, driven by a $1.9 billion increase in interest-bearing demand deposits[7][13] - Average deposits totaled $37.0 billion, increasing $1.4 billion, or 3.8%, due to organic growth in new and existing customer relationships[21] - Total deposits grew by 0.9% from Q3 2024 to $37,107 million, and increased by 6.9% compared to Q4 2023[47] Credit Quality and Losses - The provision for credit losses was $22.3 million, with net charge-offs of $20.6 million, slightly down from $21.5 million in the prior quarter[7] - The ratio of non-performing loans and OREO to total loans and OREO increased 9 basis points to 0.48%, with total delinquency increasing 4 basis points to 0.83%[23] - Non-performing loans increased to $159 million in Q4 2024, up 23.3% from $129 million in Q3 2024 and 48.6% from $107 million in Q4 2023[61] - The allowance for credit losses on loans and leases was $422.8 million in Q4 2024, a slight increase of 0.6% from $420.2 million in Q3 2024 and 4.3% from $405.6 million in Q4 2023[63] Capital and Equity - The CET1 regulatory capital ratio was 10.6% at December 31, 2024, compared to 10.4% at September 30, 2024[25] - Tangible book value per common share (non-GAAP) was $10.49 at December 31, 2024, an increase of $0.16 per share from the prior quarter[25] - Stockholders' equity increased by 0.8% from Q3 2024 to $6,302 million, and by 4.2% from Q4 2023[47] - Total stockholders' equity for Q4 2024 was $6,301,650, up from $6,248,456 in Q3 2024 and $6,049,969 in Q4 2023[69] Operational Efficiency - The efficiency ratio for 2024 was 55.61%, compared to 51.19% in 2023, indicating a decline in operational efficiency[54] - The efficiency ratio (FTE) for Q4 2024 was 56.88%, an increase from 55.16% in Q3 2024 and from 52.51% in Q4 2023[70] Future Outlook - F.N.B. Corporation expects strong revenue growth and a return to positive operating leverage in 2025[4] - The company warns that actual results may differ materially from forward-looking statements due to various risks and uncertainties[35] Regulatory and Market Environment - The company emphasizes the importance of effective risk management to navigate uncertainties such as geopolitical instability and supply chain disruptions[8] - Legal and regulatory developments may affect F.N.B. Corporation's competitive position and ability to attract talent, including changes in consumer protection laws and accounting standards[8] - The company is subject to regulatory capital ratios that depend on financial performance and capital regulations, impacting its ability to return capital to shareholders[8] Miscellaneous - F.N.B. Corporation has total assets of nearly $49 billion and operates approximately 350 banking offices across seven states and the District of Columbia[42] - The company provides a full range of commercial and consumer banking services, including mortgage lending and mobile banking solutions[43] - F.N.B. Corporation is included in the S&P MidCap 400 Index, reflecting its significant market presence[44] - The company reported a realized loss on investment securities restructuring of $33,980 thousand in Q4 2024[70]