FNB(US:FNB)2025-11-05 18:46Financial Performance - Net income for Q3 2025 was $150 million, a 36.36% increase from $110 million in Q3 2024[10] - Net income for the nine months ended September 30, 2025, increased to $397 million, up from $355 million in 2024, representing a growth of 11.9%[14] - Earnings per common share for Q3 2025 were $0.41, up from $0.30 in Q3 2024, representing a 36.67% increase[10] - Basic earnings per common share for the nine months ended September 30, 2025, was $1.10, compared to $0.97 for the same period in 2024[148] Income and Expenses - Total interest income for Q3 2025 reached $596 million, up from $583 million in Q3 2024, reflecting a 2.23% increase[10] - Net interest income after provision for credit losses was $335 million for Q3 2025, compared to $300 million in Q3 2024, marking an 11.67% increase[10] - Non-interest income totaled $98 million in Q3 2025, an increase from $89 million in Q3 2024, representing a 10.11% growth[10] - Total non-interest expense decreased to $243 million in Q3 2025 from $249 million in Q3 2024, a reduction of 2.41%[10] Assets and Liabilities - The total assets of the company increased to $6.636 billion by the end of Q3 2025, up from $6.524 billion at the end of Q3 2024[12] - Total assets as of September 30, 2025, were $49,889 million, compared to $47,976 million as of September 30, 2024, showing an increase of 4%[156] - Total liabilities measured at fair value on a recurring basis were $218 million, all classified under Level 2[159] Credit Losses and Provisions - The provision for credit losses was $24 million in Q3 2025, slightly higher than $23 million in Q3 2024, reflecting a 4.35% increase[10] - The total provision for credit losses for the three months ended September 30, 2025, was $24.0 million, compared to $23.5 million for the same period in 2024[77] - The allowance for credit losses (ACL) on loans and leases was $437.3 million as of September 30, 2025, reflecting an increase of $14.5 million, or 3.4%, from December 31, 2024[77] Loans and Leases - Total loans and leases, net of unearned income, increased to $34,957 million as of September 30, 2025, from $33,939 million on December 31, 2024, representing a growth of 3.0%[44] - Total commercial loans and leases amounted to $21,140 million, slightly down from $21,164 million at the end of 2024, indicating a decrease of 0.1%[44] - Total consumer loans increased to $13,817 million, up from $12,775 million, marking a growth of 8.2%[44] Non-Performing Loans - Non-performing loans and leases decreased to $125 million as of September 30, 2025, down from $159 million at December 31, 2024, reflecting a reduction of 21.4%[58] - The ratio of non-performing loans and leases to total loans and leases improved to 0.36% in September 2025, compared to 0.47% in December 2024[58] Market and Economic Conditions - The macroeconomic variables used for ACL modeling included a projected 3.4% increase in the Housing Price Index and a 4.0% decrease in the Commercial Real Estate Price Index over the forecast period[76] - The company continues to analyze payment and volume activity, FICO scores, and Debt-to-Income (DTI) scores monthly to assess consumer loan performance[54] Capital and Borrowings - Total short-term borrowings increased to $1,905 million as of September 30, 2025, compared to $1,256 million as of December 31, 2024, representing a 51.6% increase[102] - Long-term borrowings decreased to $2,099 million as of September 30, 2025, down from $3,012 million as of December 31, 2024, a decline of 30.4%[103] Tax and Regulatory - Total income taxes for the nine months ended September 30, 2025, amounted to $107 million, up from $98 million in 2024[142] - The effective tax rate for the nine months ended September 30, 2025, was 21.2%, compared to 21.5% for the same period in 2024[142] Stock and Compensation - The company issued 1,413,805 restricted stock units during the nine months ended September 30, 2025, compared to 1,271,502 units in the same period of 2024[137] - Stock-based compensation expense for the nine months ended September 30, 2025, was $15 million, compared to $16 million for the same period in 2024[140]