PITTSBURGH – FNB Corporation (NYSE: NYSE 🙂 announced its second quarter 2024 financial results, meeting analyst expectations with earnings per share of $0.34. The company’s revenue for the quarter was reported at $403.81 million, slightly below the consensus estimate of $408.09 million.
Vincent J. Delie, Jr., Chairman, President and CEO of FNB Corporation, highlighted the company’s solid performance: “Through the continued execution of our disciplined business model, FNB Corporation delivered solid second quarter earnings per diluted common share (adjusted ) for a total of $0.34.” Delie also noted the company’s record high tangible book value per share, which grew 12% year over year to $9.88.
FNB Corporation’s reported net interest income for the quarter was $315.9 million, down 4.1% from the second quarter of 2023, primarily due to higher deposit costs and higher average loans, partially offset by growth in earned assets and higher returns on the earned assets. The net interest margin (adjusted) decreased by 28 basis points to 3.09%.
The company’s loan and deposit growth remained robust, with total end-of-period loans and leases increasing 7.7% year-over-year and end-of-period total deposits growing 3.5%. Notably, the company reported a 9.5% increase in non-interest income compared to the same quarter last year, benefiting from its diversified business model.
Asset quality remained strong, with non-performing loans and other real estate owned (OREO) ending at 0.33%, a multi-year low. The provision for credit losses was $20.2 million, reflecting strong loan growth and stable asset quality.
FNB Corporation’s capital position remained solid, with a Common Equity Tier 1 (CET1) regulatory capital ratio of 10.2%. The company also continued its share repurchase program, repurchasing 250,000 shares of its common stock at an average price of $13.56 while maintaining robust loan growth.
Delie expressed confidence in the company’s strategic execution, stating: “FNB’s loan and deposit growth of 3.6% and 0.7% respectively demonstrates our ability to execute our strategy to increase market share to increase steadily.”
While the company’s earnings and revenue for the quarter were in line with analyst estimates, the slight misstatement of the revenue consensus could be of interest to investors. However, consistent performance and strategic market share gains indicate a stable outlook for FNB Corporation as it enters the second half of 2024.
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