Workflow
F.N.B. Corporation Reports Fourth Quarter and Full Year 2024 Earnings
FNBFNB(FNB) Prnewswire·2025-01-22 11:00

Financial Performance - FNB Corporation reported net income available to common stockholders of 109.9millionforQ42024,comparedto109.9 million for Q4 2024, compared to 48.7 million in Q4 2023 and 110.1millioninQ32024[1]−Operatingearningsperdilutedcommonshare(non−GAAP)was110.1 million in Q3 2024 [1] - Operating earnings per diluted common share (non-GAAP) was 0.38 in Q4 2024, same as Q4 2023 and up from 0.34inQ32024[2]−Full−year2024netincomeavailabletocommonstockholderswas0.34 in Q3 2024 [2] - Full-year 2024 net income available to common stockholders was 459.3 million, down from 476.8millionin2023[3]−Full−year2024operatingearningsperdilutedcommonshare(non−GAAP)was476.8 million in 2023 [3] - Full-year 2024 operating earnings per diluted common share (non-GAAP) was 1.39, down from 1.57in2023[3]LoanandDepositGrowth−Totalloansandleasesincreasedby1.57 in 2023 [3] Loan and Deposit Growth - Total loans and leases increased by 1.6 billion (5.0%) year-over-year in Q4 2024, driven by 949million(8.0949 million (8.0%) growth in consumer loans and 667.2 million (3.3%) growth in commercial loans [5] - Total deposits increased by 2.4billion(6.92.4 billion (6.9%) year-over-year in Q4 2024, with 1.9 billion growth in interest-bearing demand deposits and 1.3billioninshorter−termtimedeposits[5]−Loan−to−depositratioimprovedto911.3 billion in shorter-term time deposits [5] - Loan-to-deposit ratio improved to 91% at December 31, 2024 from 93% a year ago [13] Capital and Asset Quality - Tangible book value per share (non-GAAP) grew 11% year-over-year to 10.49 [4] - CET1 regulatory capital ratio improved to 10.6% (estimated) at December 31, 2024 from 10.0% a year ago [5] - Total delinquencies were 0.83% and net charge-offs were 0.19% for full-year 2024 [4] - Non-performing loans and OREO to total loans and OREO increased to 0.48% in Q4 2024 from 0.33% a year ago [16] Interest Income and Margin - Net interest income totaled 322.2millioninQ42024,aslightdecreaseof322.2 million in Q4 2024, a slight decrease of 1.1 million (0.3%) from Q3 2024 [5] - Net interest margin (FTE) (non-GAAP) declined to 3.04% in Q4 2024 from 3.08% in Q3 2024 and 3.21% in Q4 2023 [5] - Yield on earning assets (non-GAAP) increased to 5.34% in Q4 2024 from 5.25% a year ago, while cost of funds increased to 2.42% from 2.14% [11] Non-Interest Income and Expense - Non-interest income totaled 50.9millioninQ42024,includinga50.9 million in Q4 2024, including a 34.0 million realized loss on securities restructuring [5] - Operating non-interest income (non-GAAP) increased 5.6% year-over-year to 84.9millioninQ42024[14]−Non−interestexpensedecreased6.584.9 million in Q4 2024 [14] - Non-interest expense decreased 6.5% year-over-year to 248.2 million in Q4 2024 [15] - Efficiency ratio (non-GAAP) was 56.9% in Q4 2024, compared to 55.2% in Q3 2024 [26]