F.N.B. Corporation Reports Second Quarter 2024 Earnings

Core Viewpoint - F.N.B. Corporation reported solid second quarter results for 2024, with net income available to common stockholders of $123.0 million, reflecting a slight decrease compared to the previous year, but showing growth from the first quarter of 2024. The company demonstrated strong loan and deposit growth, alongside stable asset quality metrics. Financial Performance - Net income available to common stockholders for Q2 2024 was $123.0 million, or $0.34 per diluted common share, compared to $140.4 million, or $0.39 per diluted common share in Q2 2023, and $116.3 million, or $0.32 per diluted common share in Q1 2024 [1][4] - On an operating basis, Q2 2024 earnings per diluted common share (non-GAAP) was $0.34, consistent with Q1 2024, but down from $0.39 in Q2 2023 [2] - Pre-provision net revenue (non-GAAP) increased over 4% on a linked-quarter basis to $177.2 million, supported by well-managed expenses and strong non-interest income levels [3] Loan and Deposit Growth - Total loans and leases increased by $2.4 billion, or 7.7%, year-over-year, with commercial loans and leases up $1.4 billion, or 7.2%, and consumer loans up $989.5 million, or 8.5% [13] - Average deposits totaled $34.6 billion, an increase of $813.8 million, or 2.4%, from the prior-year quarter, driven by growth in time deposits and interest-bearing demand deposits [7] Asset Quality - The ratio of non-performing loans and OREO to total loans and OREO remained stable at 0.33%, with total delinquency decreasing to 0.63% [12][16] - Net charge-offs for Q2 2024 were $7.8 million, or 0.09% annualized of total average loans, compared to $12.8 million, or 0.16% annualized in the previous year [12][17] Capital Position - The Common Equity Tier 1 (CET1) regulatory capital ratio was 10.2% at June 30, 2024, compared to 10.1% a year ago [18] - Tangible book value per common share (non-GAAP) increased by 12.4% year-over-year to $9.88 [18] Non-Interest Income and Expenses - Non-interest income totaled $87.9 million, a 9.5% increase compared to $80.3 million in Q2 2023, driven by strong Treasury Management activity and higher consumer transaction levels [8][20] - Non-interest expense totaled $226.6 million, an increase of 6.9% year-over-year, primarily due to higher salaries and benefits and technology-related investments [9]