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F.N.B. Corporation Reports Fourth Quarter and Full Year 2024 Earnings

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F.N.B. (NYSE: FNB) reported Q4 2024 net income of $109.9 million, or $0.30 per diluted share, compared to $48.7 million ($0.13/share) in Q4 2023. Operating earnings per share was $0.38 for Q4 2024.

Full-year 2024 net income was $459.3 million ($1.27/share), compared to $476.8 million ($1.31/share) in 2023. Key highlights include:

  • Period-end total loans increased 5.0% year-over-year to $1.6 billion
  • Total deposits grew 6.9% to $2.4 billion
  • CET1 ratio reached record 10.6%
  • Tangible book value per share grew 11% to $10.49
  • Net interest margin was 3.04%, down 4 basis points from Q3
  • Asset quality remained solid with total delinquencies at 0.83%

The company completed a $231 million securities restructuring and issued $500 million in senior notes. Credit metrics remained strong with net charge-offs at 0.19% for the full year.

F.N.B. (NYSE: FNB) ha riportato un utile netto di 109,9 milioni di dollari per il Q4 2024, pari a 0,30 dollari per azione diluita, rispetto a 48,7 milioni di dollari (0,13 dollari per azione) nel Q4 2023. L'utile operativo per azione nel Q4 2024 è stato di 0,38 dollari.

L'utile netto per l'intero anno 2024 è stato di 459,3 milioni di dollari (1,27 dollari per azione), rispetto a 476,8 milioni di dollari (1,31 dollari per azione) nel 2023. I punti salienti includono:

  • Il totale dei prestiti a fine periodo è aumentato del 5,0% rispetto all'anno precedente, raggiungendo 1,6 miliardi di dollari
  • I depositi totali sono cresciuti del 6,9%, toccando i 2,4 miliardi di dollari
  • Il rapporto CET1 ha raggiunto un record del 10,6%
  • Il valore contabile tangibile per azione è cresciuto dell'11% a 10,49 dollari
  • Il margine d'interesse netto si è attestato al 3,04%, in calo di 4 punti base rispetto al Q3
  • La qualità degli attivi è rimasta solida, con un tasso di insolvenza totale dello 0,83%

L'azienda ha completato una ristrutturazione dei titoli da 231 milioni di dollari e ha emesso 500 milioni di dollari in note senior. I parametri di credito sono rimasti forti, con una percentuale di addebiti netti dello 0,19% per l'intero anno.

F.N.B. (NYSE: FNB) reportó una ganancia neta de $109.9 millones para el Q4 2024, o $0.30 por acción diluida, en comparación con $48.7 millones ($0.13/acción) en el Q4 2023. Las ganancias operativas por acción fueron de $0.38 para el Q4 2024.

La ganancia neta del año completo 2024 fue de $459.3 millones ($1.27/acción), en comparación con $476.8 millones ($1.31/acción) en 2023. Los aspectos destacados incluyen:

  • El total de préstamos al final del período aumentó un 5.0% en comparación con el año anterior, alcanzando $1.6 mil millones
  • Los depósitos totales crecieron un 6.9% hasta $2.4 mil millones
  • La relación CET1 alcanzó un récord del 10.6%
  • El valor contable tangible por acción creció un 11% a $10.49
  • El margen de interés neto fue del 3.04%, 4 puntos básicos menos que en el Q3
  • La calidad de los activos se mantuvo sólida con un total de morosidades del 0.83%

La empresa completó una reestructuración de valores de $231 millones y emitió $500 millones en notas senior. Los indicadores de crédito se mantuvieron fuertes con un cargo neto del 0.19% para todo el año.

F.N.B. (NYSE: FNB)는 2024년 4분기 순이익이 1억 9천9백만 달러, 즉 희석 주당 0.30달러였으며, 2023년 4분기에는 4천8백7십만 달러(0.13달러/주)에 비해 증가했다고 보고했습니다. 2024년 4분기 운영 수익은 주당 0.38달러였습니다.

2024년 전체 순이익은 4억 5천9백3십만 달러(주당 1.27달러)였으며, 2023년에 비해 4억 7천6백8십만 달러(주당 1.31달러)에서 감소했습니다. 주요 하이라이트는 다음과 같습니다:

  • 기말 총 대출이 전년 대비 5.0% 증가하여 16억 달러에 달했습니다.
  • 총 예금은 6.9% 증가하여 24억 달러에 달했습니다.
  • CET1 비율이 기록적인 10.6%에 도달했습니다.
  • 주당 tangible book value는 11% 증가하여 10.49달러가 되었습니다.
  • 순이자 마진은 3.04%로, Q3보다 4베이시스 포인트 감소했습니다.
  • 자산 품질은 양호하게 유지되었으며, 총 연체율은 0.83%에 달했습니다.

회사는 2억 3천1백만 달러 규모의 증권 재구성을 완료하고 5억 달러의 고급 노트를 발행했습니다. 신용 메트릭은 연간 순 차감이 0.19%로 강한 수준을 유지했습니다.

F.N.B. (NYSE: FNB) a annoncé un revenu net de 109,9 millions de dollars pour le Q4 2024, soit 0,30 dollar par action diluée, contre 48,7 millions de dollars (0,13 dollar/action) au Q4 2023. Le bénéfice opérationnel par action était de 0,38 dollar pour le Q4 2024.

Le revenu net pour l'année entière 2024 était de 459,3 millions de dollars (1,27 dollar/action), contre 476,8 millions de dollars (1,31 dollar/action) en 2023. Les principaux points forts incluent :

  • Le total des prêts à la fin de la période a augmenté de 5,0 % par rapport à l'année précédente, atteignant 1,6 milliard de dollars
  • Les dépôts totaux ont augmenté de 6,9 %, atteignant 2,4 milliards de dollars
  • Le ratio CET1 a atteint un niveau record de 10,6 %
  • La valeur comptable tangible par action a augmenté de 11 % pour atteindre 10,49 dollars
  • La marge d'intérêt nette était de 3,04 %, en baisse de 4 points de base par rapport au Q3
  • La qualité des actifs est restée solide avec un taux de défaillance total de 0,83 %

L'entreprise a réalisé une restructuration de titres de 231 millions de dollars et a émis 500 millions de dollars en obligations senior. Les indicateurs de crédit sont restés solides avec une charge nette de 0,19 % pour l'année entière.

F.N.B. (NYSE: FNB) gab in Q4 2024 einen Nettoertrag von 109,9 Millionen US-Dollar oder 0,30 US-Dollar pro verwässerter Aktie bekannt, verglichen mit 48,7 Millionen US-Dollar (0,13 US-Dollar/Aktie) im Q4 2023. Der operative Gewinn pro Aktie betrug 0,38 US-Dollar im Q4 2024.

Der Nettoertrag für das gesamte Jahr 2024 betrug 459,3 Millionen US-Dollar (1,27 US-Dollar/Aktie) im Vergleich zu 476,8 Millionen US-Dollar (1,31 US-Dollar/Aktie) im Jahr 2023. Zu den wichtigsten Höhepunkten gehören:

  • Die Gesamtdarlehen zum Periodenende stiegen im Jahresvergleich um 5,0% auf 1,6 Milliarden US-Dollar
  • Die Gesamteinlagen wuchsen um 6,9% auf 2,4 Milliarden US-Dollar
  • Die CET1-Quote erreichte einen Rekordwert von 10,6%
  • Der tangible Buchwert pro Aktie wuchs um 11% auf 10,49 US-Dollar
  • Die Nettomarge betrug 3,04%, ein Rückgang um 4 Basispunkte im Vergleich zu Q3
  • Die Assetqualität blieb solide mit einer Gesamtverzugsquote von 0,83%

Das Unternehmen abgeschlossen eine Umstrukturierung von 231 Millionen US-Dollar an Wertpapieren und gab 500 Millionen US-Dollar in nachrangigen Anleihen aus. Die Kreditkennzahlen bleiben stark mit einer Nettoausbuchungsquote von 0,19% für das gesamte Jahr.

Positive
  • Record CET1 ratio of 10.6%, up from 10.0% year-over-year
  • 11% year-over-year growth in tangible book value per share to $10.49
  • 5.0% year-over-year loan growth to $1.6 billion
  • 6.9% year-over-year deposit growth to $2.4 billion
  • Record full-year operating non-interest income of $350 million
Negative
  • Net income decreased to $459.3M in 2024 from $476.8M in 2023
  • Net interest margin declined 17 basis points year-over-year to 3.04%
  • Operating EPS decreased to $1.39 in 2024 from $1.57 in 2023
  • Net charge-offs increased to 0.24% annualized in Q4 2024 from 0.10% in Q4 2023

Insights

FNB's Q4 2024 results demonstrate resilient performance in a challenging rate environment. The $109.9M net income ($0.30 per share) and operating EPS of $0.38 show stability, while the bank executed several strategic moves to position for 2025.

Key strengths include robust balance sheet growth, with loans up 5.0% and deposits up 6.9% YoY, outpacing many regional bank peers. The deposit beta of 16% since rate cuts began shows strong deposit pricing discipline. The bank's proactive balance sheet management is evident in the $231M securities restructuring, improving portfolio yield from 1.41% to 4.78% and the well-timed $500M senior notes issuance at 5.722%.

The net interest margin compression to 3.04% (-4 bps QoQ) was relatively contained compared to peer averages, helped by deposit cost management and asset repricing. Credit metrics remain healthy with delinquencies at 0.83% and net charge-offs at 0.19%, though showing slight deterioration worth monitoring.

Capital levels continue strengthening with CET1 at 10.6% and a record tangible common equity ratio of 8.2%, providing flexibility for growth or stress scenarios. The 11% YoY growth in tangible book value to $10.49 reflects solid fundamental performance.

Looking ahead, management's guidance for strong revenue growth and positive operating leverage in 2025 appears achievable given the strong deposit franchise, diverse revenue streams and strategic balance sheet positioning.

Strong Tangible Book Value per Share (non-GAAP) Growth of 11% and Record Tangible Common Equity Ratio (non-GAAP) of 8.2%

PITTSBURGH, Jan. 22, 2025 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the fourth quarter of 2024 with net income available to common stockholders of $109.9 million, or $0.30 per diluted common share. Comparatively, fourth quarter of 2023 net income available to common stockholders totaled $48.7 million, or $0.13 per diluted common share, and third quarter of 2024 net income available to common stockholders totaled $110.1 million, or $0.30 per diluted common share.

On an operating basis, fourth quarter of 2024 earnings per diluted common share (non-GAAP) was $0.38, excluding $0.08 per share of significant items impacting earnings. By comparison, the fourth quarter of 2023 was $0.38 per diluted common share (non-GAAP) on an operating basis, excluding $0.25 per diluted common share of significant items impacting earnings, and the third quarter of 2024 was $0.34 per diluted common share (non-GAAP) on an operating basis, excluding $0.04 per diluted common share of significant items impacting earnings.

For the full year of 2024, net income available to common stockholders was $459.3 million, or $1.27 per diluted common share. Comparatively, full-year 2023 net income available to common stockholders totaled $476.8 million, or $1.31 per diluted common share. On an operating basis, full-year 2024 earnings per diluted common share (non-GAAP) was $1.39, excluding $0.12 per diluted common share (non-GAAP) of significant items impacting earnings. Operating earnings per diluted common share (non-GAAP) for the full year of 2023 was $1.57, excluding $0.26 per diluted common share of significant items impacting earnings.

"Fourth quarter operating earnings per diluted common share (non-GAAP) totaled $0.38, finishing out a solid year with full-year operating earnings per diluted common share (non-GAAP) of $1.39. FNB further strengthened its liquidity and capital position, improving the loan-to-deposit ratio over 500 basis points from the peak in 2024 through strong deposit originations and achieving higher capital ratios with a record CET1 ratio of 10.6%. Tangible book value per share (non-GAAP) grew 11% year-over-year, to a record $10.49 and operating return on average tangible common equity (non-GAAP) equaled 14.5% for the full year," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr. "FNB benefited from its geographic footprint, investments in technology, strong balance sheet and high caliber front-line bankers to generate year-over-year loan growth of 5.0% and robust deposit growth of 6.9%. We also achieved record full-year operating non-interest income (non-GAAP) of $350 million, demonstrating the impact of our diversified business model and robust suite of products and services. Our credit metrics ended the year at solid levels in a changing economic environment with total delinquencies at 0.83% and net charge-offs at 0.19% for the full year. These results highlight the many significant milestones and records FNB achieved to drive shareholder value in 2024. We will continue to build on our momentum in 2025 with our expectation for strong revenue growth and a return to positive operating leverage."

Fourth Quarter 2024 Highlights
(All comparisons refer to the fourth quarter of 2023, except as noted)

  • Period-end total loans and leases increased $1.6 billion, or 5.0%. Consumer loans increased $949.0 million, or 8.0%, even with a $431 million indirect auto loan sale that closed in September 2024, and commercial loans and leases increased $667.2 million, or 3.3%. FNB's loan growth was driven by the continued success of our strategy to grow high-quality loans and deepen customer relationships across our diverse geographic footprint.
  • On a linked-quarter basis, period-end total loans and leases increased $221.0 million, or 0.7%, with an increase in consumer loans of $239.8 million, partially offset by a slight decrease in commercial loans and leases of $18.2 million.
  • Period-end total deposits increased $2.4 billion, or 6.9%, driven by an increase of $1.9 billion in interest-bearing demand deposits and $1.3 billion in shorter-term time deposits, offsetting the decline of $461.3 million in non-interest-bearing demand deposits and $286.7 million in savings deposits, as customers continued to opt for higher-yielding deposit products.
  • On a linked-quarter basis, period-end total deposits increased $336.2 million, or 0.9%, with increases in interest-bearing demand deposits of $669.1 million more than offsetting the decline in shorter-term time deposits of $170.7 million, non-interest-bearing demand deposits of $109.4 million and savings deposits of $52.8 million. The ratio of non-interest-bearing demand deposits to total deposits was 26% at December 31, 2024, compared to 27% at the prior quarter end, reflecting the strong interest-bearing deposit growth and stable non-interest-bearing demand deposit balances.
  • The loan-to-deposit ratio was 91% at December 31, 2024, compared to 92% at September 30, 2024, and 93% at December 31, 2023.
  • In the fourth quarter of 2024, the Company recognized renewable energy investment tax credits of $28.4 million as a benefit to income taxes from a solar project financing transaction. A related non-credit valuation impairment of $10.4 million (pre-tax) was recognized on the financing receivable in other non-interest expense.
  • In November 2024, the Company completed the sale of $231 million in available-for-sale (AFS) investment securities yielding 1.41% as part of a balance sheet restructuring. The sale resulted in a realized loss (pre-tax) of $34.0 million in the fourth quarter of 2024. We reinvested proceeds from the sale into investment securities yielding 4.78% with a similar duration and convexity profile.
  • In December 2024, the Company issued $500 million aggregate principal amount of fixed rate / floating rate senior notes maturing in December 2030. The senior notes bear interest at 5.722% per annum until December 11, 2029. Starting on December 11, 2029, the senior notes will bear interest at a floating rate per annum equal to compounded SOFR plus 1.93%. The new debt will be used for general corporate purposes and serve as a replacement for $450 million of senior and subordinated note maturities occurring in 2025.
  • Net interest income totaled $322.2 million, a slight decrease of $1.1 million, or 0.3%, from the prior quarter, primarily due to lower earning asset yields driven by the Federal Open Market Committee (FOMC) rate cuts in the third and fourth quarters of 2024. During the fourth quarter of 2024, the FOMC lowered the target federal funds rate by a total of 50 basis points, bringing the year-to-date decrease to 100 basis points.
  • Net interest margin (FTE) (non-GAAP) equaled 3.04%, a 4 basis point decline from the prior quarter, reflecting a 17 basis point decline in the total yield on earning assets (non-GAAP) and a 14 basis point decline in the total cost of funds.
  • Non-interest income of $50.9 million included a $34.0 million realized loss (pre-tax) on the previously mentioned securities restructuring. The realized loss represents the fourth quarter 2024 significant item impacting earnings. Operating non-interest income (non-GAAP) totaled $84.9 million.
  • Provision for credit losses was $22.3 million, a decrease of $1.2 million from the prior quarter with net charge-offs of $20.6 million down slightly compared to $21.5 million in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO increased 9 basis points from the prior quarter to 0.48%, and total delinquency increased 4 basis points from the prior quarter to 0.83%. Overall, asset quality metrics continue to remain at solid levels.
  • The CET1 regulatory capital ratio was 10.6% (estimated), compared to 10.0% at December 31, 2023, and 10.4% at September 30, 2024. Tangible book value per common share (non-GAAP) of $10.49 increased $1.02, or 10.8%, compared to December 31, 2023, and $0.16, or 1.5%, compared to September 30, 2024. Accumulated other comprehensive income/loss (AOCI) reduced the tangible book value per common share (non-GAAP) by $0.47 as of December 31, 2024, primarily due to the impact of quarter-end interest rates on the fair value of AFS securities, compared to a reduction of $0.65 as of December 31, 2023, and $0.43 as of September 30, 2024. Tangible common equity to tangible asset ratio (non-GAAP) totaled 8.2%, compared to 7.8% at December 31, 2023, and 8.2% at September 30, 2024.

Non-GAAP measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release. For more information regarding our use of non-GAAP measures, please refer to the discussion herein under the caption, Use of Non-GAAP Financial Measures and Key Performance Indicators.

 

Quarterly Results Summary

4Q24


3Q24


4Q23

Reported results






Net income available to common stockholders (millions)

$      109.9


$      110.1


$        48.7

Net income per diluted common share

0.30


0.30


0.13

Book value per common share

17.52


17.38


16.56

Pre-provision net revenue (non-GAAP) (millions)

124.9


163.6


71.5

Operating results (non-GAAP)






Operating net income available to common stockholders (millions)

$      136.7


$      122.2


$      138.7

Operating net income per diluted common share

0.38


0.34


0.38

Operating pre-provision net revenue (millions)

169.3


178.8


185.5

Average diluted common shares outstanding (thousands)

362,798


362,426


362,285

Significant items impacting earnings(a) (millions)






Pre-tax FDIC special assessment

$            —


$            —


$      (29.9)

After-tax impact of FDIC special assessment

—


—


(23.7)

Pre-tax realized loss on investment securities restructuring

(34.0)


—


(67.4)

After-tax realized loss on investment securities restructuring

(26.8)


—


(53.2)

Pre-tax software impairment

—


(3.7)


—

After-tax impact of software impairment

—


(2.9)


—

Pre-tax loss related to indirect auto loan sale

—


(11.6)


(16.7)

After-tax impact of loss related to indirect auto loan sale

—


(9.1)


(13.2)

Total significant items pre-tax

$       (34.0)


$      (15.3)


$    (114.0)

Total significant items after-tax

$       (26.8)


$      (12.0)


$      (90.1)







Capital measures






Common equity tier 1 (b)

10.6 %


10.4 %


10.0 %

Tangible common equity to tangible assets (non-GAAP)

8.18


8.17


7.79

Tangible book value per common share (non-GAAP)

$      10.49


$      10.33


$        9.47







(a) Favorable (unfavorable) impact on earnings.

(b) Estimated for 4Q24.

Fourth Quarter 2024 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the fourth quarter of 2023, except as noted)

Net interest income totaled $322.2 million, a slight decrease of $1.8 million, or 0.6%, reflecting higher deposit costs resulting from balance growth in higher yielding deposit products, partially offset by growth in earning assets and higher yields on investment securities.

The net interest margin (FTE) (non-GAAP) decreased 17 basis points to 3.04%. The yield on earning assets (non-GAAP) increased 9 basis points to 5.34% driven by a 65 basis point increase in yields on investment securities to 3.52%, which benefited from balance sheet restructuring actions in the fourth quarter of 2023 and the fourth quarter of 2024, offsetting a 3 basis point decline in yields on loans to 5.79%. Total cost of funds increased 28 basis points to 2.42% with a 35 basis point increase in interest-bearing deposit costs to 3.00% and an increase of 21 basis points in total borrowing costs.

Average loans and leases totaled $33.8 billion, an increase of $1.6 billion, or 4.8%, including growth of $946.0 million in commercial loans and leases and $616.9 million in consumer loans. Commercial real estate increased $793.9 million, or 6.6%, commercial leases increased $74.8 million, or 11.6%, and commercial and industrial loans increased $73.4 million, or 1.0%. The increase in average commercial loans and leases was driven by activity across the footprint, including the Cleveland, Harrisburg and eastern North Carolina markets. The increase in commercial real estate included fundings on previously originated construction projects. The increase in average consumer loans included a $1.4 billion increase in residential mortgages largely due to the continued successful execution in key markets by our expanded mortgage banker team and long-standing strategy of serving the purchase market. Average indirect auto loans decreased $748.2 million, reflecting sales of $332 million and $431 million of such loans that closed in the first and third quarters of 2024, respectively, partially offset by new organic growth in the portfolio.

Average deposits totaled $37.0 billion, an increase of $2.5 billion, or 7.4%, from the prior-year quarter. The growth in average time deposits of $1.7 billion and average interest-bearing demand deposits of $1.7 billion more than offset the decline in average non-interest-bearing demand deposits of $560.8 million and average savings deposits of $324.6 million as customers continued to migrate balances into higher-yielding products. The funding mix has slightly shifted compared to the year-ago quarter with non-interest-bearing demand deposits comprising 26% of total deposits at December 31, 2024, compared to 29% a year ago. The loan-to-deposit ratio was 91% at December 31, 2024, compared to 93% at December 31, 2023.

Non-interest income totaled $50.9 million, compared to $13.1 million in the fourth quarter of 2023. When adjusting for significant items of $34.0 million1 in the fourth quarter of 2024 and $67.4 million2 in the fourth quarter of 2023, operating non-interest income (non-GAAP) increased 5.6% to $84.9 million. Service charges increased $3.2 million, or 16.2%, primarily due to strong Treasury Management activity and higher consumer transaction volumes. Wealth Management revenues increased $1.1 million, or 6.1%, as trust income and securities commissions and fees increased 7.8% and 3.6%, respectively, through continued strong contributions across the geographic footprint.

Non-interest expense totaled $248.2 million, decreasing $17.4 million, or 6.5%. When adjusting for $46.6 million3 of significant items in the fourth quarter of 2023, operating non-interest expense (non-GAAP) increased $29.3 million, or 13.4%. Salaries and employee benefits increased $13.9 million, or 12.1%, primarily from elevated employer-paid healthcare costs and normal annual merit increases, as well as strategic hiring associated with our efforts to grow market share and continued investments in our risk management infrastructure, partially offset by lower production and performance-related variable compensation. In the fourth quarter of 2024, the Company also recognized a financing receivable non-credit impairment of $10.4 million (pre-tax) from a renewable energy investment tax credit transaction. The related renewable energy investment tax credits were recognized during the quarter as a benefit to income taxes. Outside services increased $2.5 million, or 10.8%, due to higher volume-related technology and third-party costs associated with ongoing investments in our enterprise risk management framework.

The ratio of non-performing loans and OREO to total loans and OREO increased 14 basis points to 0.48%. Total delinquency increased 13 basis points to 0.83%, compared to 0.70% at December 31, 2023. Overall, asset quality metrics continue to remain at solid levels.

The provision for credit losses was $22.3 million, compared to $13.2 million in the fourth quarter of 2023. The fourth quarter of 2024 reflected net charge-offs of $20.6 million, or 0.24% annualized of total average loans, compared to $8.2 million, or 0.10% annualized. The allowance for credit losses (ACL) was $422.8 million, an increase of $17.2 million, with the ratio of the ACL to total loans and leases stable at 1.25%.

The effective tax rate was (7.0)%, compared to 13.1% in the fourth quarter of 2023, reflecting the impact of the previously mentioned significant items impacting earnings as well as renewable energy investment tax credits recognized as part of solar project financing transactions.

The CET1 regulatory capital ratio was 10.6% (estimated) at December 31, 2024, and 10.0% at December 31, 2023. Tangible book value per common share (non-GAAP) was $10.49 at December 31, 2024, an increase of $1.02, or 10.8%, from $9.47 at December 31, 2023. AOCI reduced the current quarter tangible book value per common share (non-GAAP) by $0.47, compared to a reduction of $0.65 at the end of the year-ago quarter.






1 Fourth quarter 2024 non-interest income significant items impacting earnings included a $34.0 million (pre-tax) realized loss on the sale of investment securities.

2 Fourth quarter 2023 non-interest income significant items impacting earnings included a $67.4 million (pre-tax) realized loss on the sale of investment securities.

3 Fourth quarter 2023 non-interest expense significant items impacting earnings included a $29.9 million (pre-tax) FDIC special assessment and a $16.7 million (pre-tax) valuation allowance on auto loans held-for-sale.

Fourth Quarter 2024 Results – Comparison to Prior Quarter
(All comparisons refer to the third quarter of 2024, except as noted)

Net interest income totaled $322.2 million, a slight decrease of $1.1 million, or 0.3%, from the prior quarter total of $323.3 million, reflecting lower earning asset yields, partially offset by the lower cost of interest-bearing deposits and the favorable mix-shift in interest-bearing liabilities. The total yield on earning assets (non-GAAP) decreased 17 basis points to 5.34% reflecting the impact of the FOMC interest rate cuts on loan yields offset by higher yields on investment security purchases as a result of monthly cash flows and the securities restructuring that occurred in the fourth quarter. The total cost of funds decreased 14 basis points to 2.42%, as the cost of interest-bearing deposits decreased 8 basis points to 3.00% and long-term borrowing costs decreased 20 basis points to 5.04%, inclusive of the December 2024 offering of $500 million aggregate principal amount of senior notes due in 2030. Period-end total borrowings were $4.3 billion, an increase of $191.0 million, or 4.7%, from the prior quarter, reflecting the senior note offering, partially offset by payoffs funded by deposit growth. The resulting net interest margin (FTE) (non-GAAP) decreased 4 basis points to 3.04%. Our total cumulative spot deposit beta since the FOMC interest rate cuts began in September 2024 equaled 16% at December 31, 2024.

Average loans and leases totaled $33.8 billion, an increase of $27.7 million, or 0.1%, as average commercial loans and leases increased $16.2 million, or 0.1%, and average consumer loans increased $11.5 million, or 0.1%. The increase in average commercial loans and leases included growth of $29.0 million, or 4.2%, in commercial leases. For consumer lending, average residential mortgages increased $271.2 million, offsetting the average indirect auto loans decrease of $280.5 million from the sale of $431 million that closed in September of 2024.

Average deposits totaled $37.0 billion, increasing $1.4 billion, or 3.8%, due to organic growth in new and existing customer relationships through our successful deposit initiatives. Increases in average interest-bearing-demand deposits of $1.2 billion and average time deposits of $293.6 million were partially offset by declines in average savings balances of $74.8 million, resulting from customers' preferences for higher-yielding deposit products. Average non-interest-bearing deposit balances were stable at $9.9 billion. The mix of non-interest-bearing demand deposits to total deposits was 26% at December 31, 2024, a slight decline from 27% at September 30, 2024, driven by the strong growth in interest-bearing deposit balances. The loan-to-deposit ratio was 91% at December 31, 2024, compared to 92% at September 30, 2024.

Non-interest income totaled $50.9 million, a decrease of $38.8 million, or 43.2%, from the prior quarter. When adjusting for a $34.0 million4 significant item in the fourth quarter of 2024, operating non-interest income (non-GAAP) totaled $84.9 million, a 5.3% decrease from the record level in the prior quarter. Mortgage banking operations income increased $1.4 million, or 25.8%. Included in mortgage banking operations income was a $2.7 million mortgage servicing rights (MSR) net valuation recovery in the fourth quarter, compared to a $2.8 million net MSR impairment in the third quarter, offset by lower gain-on-sale margins given the sharp increase in mortgage rates during the fourth quarter. Capital markets income totaled $6.6 million, an increase of $0.4 million, or 6.1%, led by broad-based contributions from syndications, debt capital markets, customer swap activity and international banking. Bank-owned life insurance decreased $3.0 million, due to elevated life insurance claims in the prior quarter. Federal Home Loan Bank (FHLB) borrowings declined and the FHLB dividend rate was reduced resulting in a $1.2 million, or 17.7%, decrease in dividends on non-marketable equity securities.

Non-interest expense totaled $248.2 million, compared to $249.4 million in the prior quarter. When adjusting for significant items of $15.3 million5 in the third quarter of 2024, non-interest expense increased $14.0 million, or 6.0%, on an operating basis (non-GAAP). Salaries and employee benefits increased $1.9 million, primarily due to elevated employer-paid healthcare costs, partially offset by lower production and performance-related variable compensation. In the fourth quarter of 2024, the Company also recognized a financing receivable non-credit impairment of $10.4 million (pre-tax) from a renewable energy investment tax credit transaction. The related renewable energy investment tax credits were recognized during the quarter as a benefit to income taxes. Outside services increased $1.3 million, or 5.2%, largely due to higher volume-related technology and third-party costs associated with ongoing investments in the enterprise risk management framework. Bank shares and franchise tax expense decreased $2.3 million, or 59.1%, from charitable contributions that qualified for Pennsylvania bank shares tax credits. The efficiency ratio (non-GAAP) totaled 56.9%, compared to 55.2% for the prior quarter.

The ratio of non-performing loans and OREO to total loans and OREO increased 9 basis points to 0.48%, and delinquency increased 4 basis points to 0.83%. Overall, asset quality metrics continue to remain at solid levels. The provision for credit losses was $22.3 million, compared to $23.4 million. The fourth quarter of 2024 reflected net charge-offs of $20.6 million, or 0.24% annualized of total average loans, compared to $21.5 million, or 0.25% annualized. The ACL was $422.8 million, an increase of $2.6 million, with the ratio of the ACL to total loans and leases stable at 1.25%.

The effective tax rate was (7.0)%, compared to 21.4%, with the current quarter rate favorably impacted by renewable energy investment tax credits recognized as part of a solar project financing transaction.

The CET1 regulatory capital ratio was 10.6% (estimated), compared to 10.4% at September 30, 2024. Tangible book value per common share (non-GAAP) was $10.49 at December 31, 2024, an increase of $0.16 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.47, compared to a reduction of $0.43 at the end of the prior quarter.






4 Fourth quarter 2024 non-interest income significant items impacting earnings included a $34.0 million (pre-tax) realized loss on the sale of investment securities.

5 Third quarter 2024 non-interest expense significant items impacting earnings included an $11.6 million (pre-tax) loss related to indirect auto loan sale and a $3.7 million (pre-tax) software impairment.

Use of Non-GAAP Financial Measures and Key Performance Indicators
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common stockholders, operating earnings per diluted common share, return on average tangible equity, return on average tangible common equity, operating return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, pre-provision net revenue (reported), operating pre-provision net revenue, operating non-interest income, operating non-interest expense, efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.

These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included later in this release under the heading "Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP."

Management believes items such as merger expenses, FDIC special assessment, realized loss on investment securities restructuring, software impairment, loss related to indirect auto loan sales, preferred dividend at redemption and branch consolidation costs are not organic to running our operations and facilities. These items are considered significant items impacting earnings as they are deemed to be outside of ordinary banking activities. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction.

To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2024 and 2023 were calculated using a federal statutory income tax rate of 21%.

Cautionary Statement Regarding Forward-Looking Information
This document may contain statements regarding F.N.B. Corporation's outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset quality levels, financial position and other matters regarding or affecting our current or future business and operations. These statements can be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve various assumptions, risks and uncertainties which can change over time. Actual results or future events may be different from those anticipated in our forward-looking statements and may not align with historical performance and events. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance upon such statements. Forward-looking statements are typically identified by words such as "believe," "plan," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "will," "should," "project," "goal," and other similar words and expressions, and the negative thereof, but these terms are not the exclusive means of identifying such statements.

FNB's forward-looking statements are subject to the following principal risks and uncertainties:

  • Our business, financial results and balance sheet values are affected by business, regulatory, economic and political circumstances, including, but not limited to: (i) developments with respect to the U.S. and global financial markets; (ii) supervision, regulation, enforcement and other actions by several governmental agencies, including the Federal Reserve Board, Federal Deposit Insurance Corporation, Financial Stability Oversight Council, U.S. Department of Justice (DOJ), Consumer Financial Protection Bureau, U.S. Treasury Department, Office of the Comptroller of the Currency and Department of Housing and Urban Development, state attorney generals and other governmental agencies, whose actions may affect, among other things, our consumer and mortgage lending and deposit practices, capital structure, investment practices, dividend policy, annual FDIC insurance premium assessment, growth opportunities, money supply, market interest rates or otherwise affect business activities of the financial services industry; (iii) a slowing of the U.S. economy in general and regional and local economies within our market area; (iv) inflation concerns; (v) the impacts of tariffs or other trade policies of the U.S. or its global trading partners; and (vi) the sociopolitical environment in the United States.
  • Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards.
  • Competition can have an impact on customer acquisition, growth and retention, and on credit spreads, deposit gathering and product pricing, which can affect market share, loans, deposits and revenues. Our ability to anticipate, react quickly and continue to respond to technological changes and significant adverse industry and economic events can also impact our ability to respond to customer needs and meet competitive demands.
  • Business and operating results can also be affected by difficult to predict uncertainties, such as widespread natural and other disasters, wars, pandemics, global events and geopolitical instability, including the Ukraine-Russia conflict and the potential for broader conflict in the Middle East, shortages of labor, supply chain disruptions and shipping delays, terrorist activities, system failures, security breaches, significant political events, cyber-attacks, international hostilities or other extraordinary events which are beyond FNB's control and may significantly impact the U.S. or global economy and financial markets generally, or us or our counterparties, customers or third-party vendors specifically.
  • Our ability to take certain capital actions, including returning capital to shareholders, is subject to us meeting or exceeding minimum capital levels. Our regulatory capital ratios in the future will depend upon, among other things, our financial performance, the scope and terms of capital regulations then in effect and management actions affecting the composition of our balance sheet.
  • Historically we have grown our business in part through acquisitions, new strategic and business initiatives and new products. Potential risks and uncertainties include those presented by the nature of the business acquired, the strategic or business initiative or the new product, including in some cases those associated with our entry into new business lines or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, increased scrutiny associated with the regulatory approval process, other regulatory issues stemming from such acquisitions or new initiatives or product lines, the integration of the acquired businesses into us after closing or any failure to execute strategic, risk management or operational plans.
  • Legal, regulatory and accounting developments could have an impact on our ability to operate and grow our businesses, financial condition, results of operations, competitive position, and reputation. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and the ability to attract and retain talent. These developments could include:
    • Policies and priorities of the incoming U.S. presidential administration, including new legislative and regulatory reforms, more aggressive approaches to supervisory or enforcement priorities with consumer and anti-discrimination lending laws by the federal banking regulatory agencies and the DOJ, changes affecting oversight of the financial services industry, regulatory obligations or restrictions, consumer protection, taxes, employee benefits, compensation practices, pension, bankruptcy and other industry aspects, and changes in accounting policies and principles.
    • Ability to continue to attract, develop and retain key talent.
    • Changes to laws and regulations, including changes affecting the oversight of the financial services industry along with changes in enforcement and interpretation of such laws and regulations, and changes to accounting standards governing bank capital requirements, loan loss reserves and liquidity standards.
    • Changes in governmental monetary and fiscal policies, including interest rate policies and strategies of the Federal Open Market Committee.
    • Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or inquiries. These matters may result in monetary judgments or settlements, enforcement actions or other remedies, including fines, penalties, restitution or alterations in our business practices, including financial and other types of commitments, and in additional expenses and collateral costs, and may cause reputational harm to us.
    • Results of the regulatory examination and supervision process, including our failure to satisfy requirements imposed by the federal bank regulatory agencies or other governmental agencies.
    • Business and operating results that are affected by our ability to effectively identify and manage risks inherent in our businesses, including, where appropriate, through effective use of policies, processes, systems and controls, third-party insurance, derivatives, and capital and liquidity management techniques.
    • The impact on our financial condition, results of operations, financial disclosures and future business strategies related to the impact on the allowance for credit losses due to changes in forecasted macroeconomic conditions as a result of applying the "current expected credit loss" accounting standard, or CECL.
    • A failure or disruption in or breach of our operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or campaigns.
    • Increased funding costs and market volatility due to market illiquidity and competition for funding.

FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2023 Annual Report on Form 10-K (including the MD&A section), our subsequent 2024 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other 2024 filings with the SEC, which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC's website at www.sec.gov. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings.

You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to FNB. FNB does not undertake, and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

Conference Call
F.N.B. Corporation (NYSE: FNB) announced the financial results for the fourth quarter of 2024 before the market open on Wednesday, January 22, 2025. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company's financial results the same day at 8:30 AM ET.

Participants are encouraged to pre-register for the conference call at: https://dpregister.com/sreg/10195482/fe304f8b50. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

Dial-in Access: The conference call may be accessed by dialing (844) 802-2440 (for domestic callers) or (412) 317-5133 (for international callers). Participants should ask to be joined into the F.N.B. Corporation call.

Webcast Access: The audio-only call and related presentation materials may be accessed via webcast through the "About Us" tab of the Corporation's website at www.fnbcorporation.com and clicking on "Investor Relations" then "Investor Conference Calls." Access to the live webcast will begin approximately 30 minutes prior to the start of the call.

Presentation Materials: Presentation slides and the earnings release will also be available on the Corporation's website at www.fnbcorporation.com by accessing the "About Us" tab and clicking on "Investor Relations" then "Investor Conference Calls."

A replay of the call will be available shortly after the completion of the call until midnight ET on Wednesday, January 29, 2025. The replay can be accessed by dialing 877-344-7529 (for domestic callers) or 412-317-0088 (for international callers); the conference replay access code is 6756180. Following the call, a link to the webcast and the related presentation materials will be posted to the "Investor Relations" section of F.N.B. Corporation's website at www.fnbcorporation.com.

About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of nearly $49 billion and approximately 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.

 

F.N.B. CORPORATION AND SUBSIDIARIES













CONSOLIDATED STATEMENTS OF INCOME











(Dollars in thousands, except per share data)













(Unaudited)







% Variance














4Q24


4Q24


For the Twelve Months Ended
December 31,


%


4Q24


3Q24


4Q23


3Q24


4Q23


2024


2023


Var.

Interest Income
















Loans and leases, including fees

$ 494,185


$ 515,948


$ 475,487


(4.2)


3.9


$   1,985,411


$   1,753,816


13.2

Securities:
















   Taxable

53,328


48,541


40,744


9.9


30.9


195,719


149,311


31.1

   Tax-exempt

6,947


7,007


7,115


(0.9)


(2.4)


28,126


28,664


(1.9)

Other

14,233


11,276


8,241


26.2


72.7


42,894


40,860


5.0

     Total Interest Income 

568,693


582,772


531,587


(2.4)


7.0


2,252,150


1,972,651


14.2

Interest Expense
















Deposits

204,575


199,036


160,034


2.8


27.8


753,969


494,932


52.3

Short-term borrowings

8,583


29,934


22,891


(71.3)


(62.5)


99,055


77,883


27.2

Long-term borrowings

33,319


30,473


24,637


9.3


35.2


118,683


83,332


42.4

     Total Interest Expense

246,477


259,443


207,562


(5.0)


18.7


971,707


656,147


48.1

       Net Interest Income

322,216


323,329


324,025


(0.3)


(0.6)


1,280,443


1,316,504


(2.7)

Provision for credit losses

22,259


23,438


13,243


(5.0)


68.1


79,776


71,754


11.2

      Net Interest Income After

      Provision for Credit Losses

299,957


299,891


310,782


—


(3.5)


1,200,667


1,244,750


(3.5)

Non-Interest Income
















Service charges

23,071


24,024


19,849


(4.0)


16.2


90,996


81,892


11.1

Interchange and card transaction fees

12,912


12,922


13,333


(0.1)


(3.2)


51,539


52,752


(2.3)

Trust services

11,557


11,120


10,723


3.9


7.8


45,576


42,490


7.3

Insurance commissions and fees

4,527


5,118


4,274


(11.5)


5.9


22,370


23,104


(3.2)

Securities commissions and fees

6,994


7,876


6,754


(11.2)


3.6


31,005


27,734


11.8

Capital markets income

6,571


6,194


7,349


6.1


(10.6)


24,239


27,103


(10.6)

Mortgage banking operations

6,970


5,540


7,016


25.8


(0.7)


27,380


20,692


32.3

Dividends on non-marketable equity securities

5,398


6,560


5,908


(17.7)


(8.6)


25,046


21,262


17.8

Bank owned life insurance

3,509


6,470


2,929


(45.8)


19.8


16,741


11,945


40.2

Net securities gains (losses)

(33,980)


(28)


(67,354)


—


—


(34,011)


(67,432)


—

Other

3,394


3,892


2,302


(12.8)


47.4


15,514


12,790


21.3

     Total Non-Interest Income

50,923


89,688


13,083


(43.2)


289.2


316,395


254,332


24.4

Non-Interest Expense
















Salaries and employee benefits

127,992


126,066


114,133


1.5


12.1


504,101


461,677


9.2

Net occupancy

18,446


22,384


18,502


(17.6)


(0.3)


79,057


70,802


11.7

Equipment

26,031


23,469


24,069


10.9


8.2


97,607


90,818


7.5

Outside services

25,660


24,383


23,152


5.2


10.8


96,173


83,885


14.6

Marketing

5,424


6,023


4,253


(9.9)


27.5


20,884


17,316


20.6

FDIC insurance

8,780


10,064


37,713


(12.8)


(76.7)


41,460


60,815


(31.8)

Bank shares and franchise taxes

1,609


3,931


1,584


(59.1)


1.6


13,596


13,609


(0.1)

Other

34,258


33,111


42,160


3.5


(18.7)


108,461


116,514


(6.9)

     Total Non-Interest Expense

248,200


249,431


265,566


(0.5)


(6.5)


961,339


915,436


5.0

Income Before Income Taxes

102,680


140,148


58,299


(26.7)


76.1


555,723


583,646


(4.8)

Income tax expense (benefit)

(7,181)


30,045


7,626


(123.9)


(194.2)


90,391


98,795


(8.5)

Net Income

109,861


110,103


50,673


(0.2)


116.8


465,332


484,851


(4.0)

Preferred stock dividends

—


—


2,011


—


(100.0)


6,005


8,041


(25.3)

Net Income Available to Common
Stockholders

$ 109,861


$ 110,103


$   48,662


(0.2)


125.8


$      459,327


$      476,810


(3.7)

Earnings per Common Share
















Basic

$       0.30


$       0.30


$       0.13


—


130.8


$            1.27


$            1.32


(3.8)

Diluted

0.30


0.30


0.13


—


130.8


1.27


1.31


(3.1)

Cash Dividends per Common Share

0.12


0.12


0.12


—


—


0.48


0.48


—

 

F.N.B. CORPORATION AND SUBSIDIARIES










CONSOLIDATED BALANCE SHEETS










(Dollars in millions)










(Unaudited)







% Variance








4Q24


4Q24


4Q24


3Q24


4Q23


3Q24


4Q23

Assets










Cash and due from banks

$          416


$          596


$          447


(30.2)


(6.9)

Interest-bearing deposits with banks

2,003


1,482


1,129


35.2


77.4

Cash and Cash Equivalents

2,419


2,078


1,576


16.4


53.5

Securities available for sale

3,466


3,494


3,254


(0.8)


6.5

Securities held to maturity

3,979


3,820


3,911


4.2


1.7

Loans held for sale

218


193


488


13.0


(55.3)

Loans and leases, net of unearned income

33,939


33,717


32,323


0.7


5.0

Allowance for credit losses on loans and leases

(423)


(420)


(406)


0.7


4.2

Net Loans and Leases

33,516


33,297


31,917


0.7


5.0

Premises and equipment, net

536


505


461


6.1


16.3

Goodwill

2,478


2,478


2,477


—


—

Core deposit and other intangible assets, net

51


56


69


(8.9)


(26.1)

Bank owned life insurance

660


657


660


0.5


—

Other assets

1,302


1,398


1,345


(6.9)


(3.2)

Total Assets

$     48,625


$     47,976


$     46,158


1.4


5.3

Liabilities










Deposits:










Non-interest-bearing demand

$       9,761


$       9,870


$     10,222


(1.1)


(4.5)

Interest-bearing demand

16,668


15,999


14,809


4.2


12.6

Savings

3,178


3,231


3,465


(1.6)


(8.3)

Certificates and other time deposits

7,500


7,671


6,215


(2.2)


20.7

  Total Deposits

37,107


36,771


34,711


0.9


6.9

Short-term borrowings

1,256


1,562


2,506


(19.6)


(49.9)

Long-term borrowings

3,012


2,515


1,971


19.8


52.8

Other liabilities

948


879


920


7.8


3.0

Total Liabilities

42,323


41,727


40,108


1.4


5.5

Stockholders' Equity










Preferred stock

—


—


107


—


(100.0)

Common stock

4


4


4


—


—

Additional paid-in capital

4,695


4,693


4,692


—


0.1

Retained earnings

1,952


1,886


1,669


3.5


17.0

Accumulated other comprehensive loss

(169)


(154)


(235)


9.7


(28.1)

Treasury stock

(180)


(180)


(187)


—


(3.7)

Total Stockholders' Equity

6,302


6,249


6,050


0.8


4.2

Total Liabilities and Stockholders' Equity

$     48,625


$     47,976


$     46,158


1.4


5.3

 

F.N.B. CORPORATION AND
SUBSIDIARIES


4Q24


3Q24


4Q23

(Dollars in thousands)




Interest






Interest






Interest



(Unaudited)


Average


Income/


Yield/


Average


Income/


Yield/


Average


Income/


Yield/



Balance


Expense


Rate


Balance


Expense


Rate


Balance


Expense


Rate

Assets



















Interest-bearing deposits with
banks


$    1,317,585


$    14,233


4.30 %


$    1,003,513


$    11,276


4.47 %


$      934,393


$      8,241


3.50 %

Taxable investment securities (1)


6,301,185


53,109


3.37


6,177,736


48,317


3.13


6,052,983


40,514


2.67

Tax-exempt investment
securities (1) (2)


1,014,032


8,754


3.45


1,023,050


8,816


3.45


1,043,249


9,003


3.45

Loans held for sale


203,698


3,935


7.73


300,326


5,729


7.61


199,352


3,642


7.29

Loans and leases (2) (3)


33,830,406


491,593


5.79


33,802,701


511,564


6.03


32,267,565


473,068


5.82

Total Interest Earning
Assets (2)


42,666,906


571,624


5.34


42,307,326


585,702


5.51


40,497,542


534,468


5.25

Cash and due from banks


388,162






414,536






425,821





Allowance for credit losses


(424,945)






(427,826)






(405,309)





Premises and equipment


518,965






501,588






463,092





Other assets


4,519,733






4,620,414






4,502,890





Total Assets


$  47,668,821






$  47,416,038






$ 45,484,036





Liabilities



















Deposits:



















Interest-bearing demand


$  16,371,434


115,144


2.80


$  15,215,815


108,762


2.84


$ 14,671,311


91,922


2.49

Savings


3,206,976


9,385


1.16


3,281,732


10,406


1.26


3,531,590


10,506


1.18

Certificates and other time


7,528,061


80,046


4.23


7,234,412


79,868


4.39


5,799,348


57,606


3.94

Total interest-bearing deposits


27,106,471


204,575


3.00


25,731,959


199,036


3.08


24,002,249


160,034


2.65

Short-term borrowings


853,403


8,583


3.96


2,345,960


29,934


5.06


2,147,665


22,891


4.22

Long-term borrowings


2,628,444


33,319


5.04


2,314,914


30,473


5.24


1,969,568


24,637


4.96

Total Interest-Bearing
Liabilities  


30,588,318


246,477


3.20


30,392,833


259,443


3.39


28,119,482


207,562


2.93

Non-interest-bearing demand
deposits


9,862,478






9,867,006






10,423,237





Total Deposits and
Borrowings


40,450,796




2.42


40,259,839




2.56


38,542,719




2.14

Other liabilities


939,139






985,545






984,446





Total Liabilities


41,389,935






41,245,384






39,527,165





Stockholders' Equity


6,278,886






6,170,654






5,956,871





Total Liabilities and
Stockholders' Equity


$  47,668,821






$  47,416,038






$ 45,484,036





Net Interest Earning Assets


$  12,078,588






$  11,914,493






$ 12,378,060





Net Interest Income (FTE) (2)




325,147






326,259






326,906



Tax Equivalent Adjustment




(2,931)






(2,930)






(2,881)



Net Interest Income




$  322,216






$  323,329






$  324,025



Net Interest Spread






2.14 %






2.12 %






2.32 %

Net Interest Margin  (2)






3.04 %






3.08 %






3.21 %



(1)

The average balances and yields earned on securities are based on historical cost.

(2)

The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).

(3)

Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

 

F.N.B. CORPORATION AND SUBSIDIARIES


Twelve Months Ended December 31,

(Dollars in thousands)


2024


2023

(Unaudited)




Interest






Interest





Average


Income/


Yield/


Average


Income/


Yield/



Balance


Expense


Rate


Balance


Expense


Rate

Assets













Interest-bearing deposits with banks


$    1,016,253


$      42,894


4.22 %


$    1,053,176


$       40,860


3.88 %

Taxable investment securities (1)


6,189,126


194,815


3.15


6,099,052


148,374


2.43

Tax-exempt investment securities (1) (2)


1,027,913


35,453


3.45


1,052,416


36,476


3.46

Loans held for sale


213,210


16,469


7.72


131,985


9,496


7.19

Loans and leases (2) (3)


33,320,176


1,974,205


5.92


31,372,574


1,749,786


5.58

Total Interest Earning Assets (2)


41,766,678


2,263,836


5.42


39,709,203


1,984,992


5.00

Cash and due from banks


400,194






435,271





Allowance for credit losses


(419,291)






(409,342)





Premises and equipment


493,820






456,844





Other assets


4,571,166






4,417,627





Total Assets


$  46,812,567






$  44,609,603





Liabilities













Deposits:













Interest-bearing demand


$  15,204,358


416,860


2.74


$  14,296,571


283,914


1.99

Savings


3,314,905


39,926


1.20


3,766,920


37,338


0.99

Certificates and other time


6,929,342


297,183


4.29


5,176,674


173,680


3.36

Total interest-bearing deposits


25,448,605


753,969


2.96


23,240,165


494,932


2.13

Short-term borrowings


2,057,597


99,055


4.80


2,075,751


77,883


3.75

Long-term borrowings


2,292,523


118,683


5.18


1,685,554


83,332


4.94

Total Interest-Bearing Liabilities  


29,798,725


971,707


3.26


27,001,470


656,147


2.43

Non-interest-bearing demand deposits


9,897,298






10,900,280





Total Deposits and Borrowings


39,696,023




2.45


37,901,750




1.73

Other liabilities


984,198






856,771





Total Liabilities


40,680,221






38,758,521





Stockholders' Equity


6,132,346






5,851,082





Total Liabilities and Stockholders' Equity


$  46,812,567






$  44,609,603





Net Interest Earning Assets


$  11,967,953






$  12,707,733





Net Interest Income (FTE) (2)




1,292,129






1,328,845



Tax Equivalent Adjustment




(11,686)






(12,341)



Net Interest Income




$ 1,280,443






$  1,316,504



Net Interest Spread






2.16 %






2.57 %

Net Interest Margin (2)






3.09 %






3.35 %



(1)

The average balances and yields earned on securities are based on historical cost.

(2)

The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).

(3)

Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

 

F.N.B. CORPORATION AND SUBSIDIARIES









(Unaudited)



























For the Twelve Months Ended
December 31,


4Q24


3Q24


4Q23


2024


2023

Performance Ratios










Return on average equity

6.96 %


7.10 %


3.37 %


7.59 %


8.29 %

Return on average tangible equity (1) 

12.02


12.43


6.35


13.33


15.20

Return on average tangible

common equity (1) 

12.02


12.43


6.31


13.21


15.45

Return on average assets

0.92


0.92


0.44


0.99


1.09

Return on average tangible assets (1) 

1.00


1.01


0.50


1.08


1.19

Net interest margin (FTE) (2)

3.04


3.08


3.21


3.09


3.35

Yield on earning assets (FTE) (2)

5.34


5.51


5.25


5.42


5.00

Cost of interest-bearing deposits

3.00


3.08


2.65


2.96


2.13

Cost of interest-bearing liabilities 

3.20


3.39


2.93


3.26


2.43

Cost of funds 

2.42


2.56


2.14


2.45


1.73

Efficiency ratio (1)

56.88


55.16


52.51


55.61


51.19

Effective tax rate

(6.99)


21.44


13.08


16.27


16.93

Capital Ratios










Equity / assets (period end)

12.96


13.02


13.11





Common equity / assets (period end)

12.96


13.02


12.88





Common equity tier 1 (3)

10.6


10.4


10.0





Leverage ratio

8.74


8.63


8.72





Tangible common equity / tangible assets
(period end) (1)

8.18


8.17


7.79





Common Stock Data










Average diluted common shares
outstanding

362,798,389


362,425,528


362,284,599


362,637,604


362,897,806

Period end common shares outstanding

359,615,657


359,585,544


358,829,417





Book value per common share

$          17.52


$          17.38


$          16.56





Tangible book value per common share (1)

10.49


10.33


9.47





Dividend payout ratio (common)

39.67 %


39.58 %


89.32 %


38.03 %


36.51 %



(1)

See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.

(2)

The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. 

(3)

December 31, 2024 Common Equity Tier 1 ratio is an estimate and reflects the election of a five-year transition to delay the full impact of CECL on regulatory capital for two years, followed by a three-year transition period.

 

F.N.B. CORPORATION AND SUBSIDIARIES













(Dollars in millions)
















(Unaudited)























% Variance














4Q24


4Q24








4Q24


3Q24


4Q23


3Q24


4Q23







Balances at period end
















Loans and Leases:
















Commercial real estate (1)

$   12,705


$    12,812


$    12,305


(0.8)


3.3







Commercial and industrial 

7,550


7,541


7,482


0.1


0.9







Commercial leases

765


709


599


7.9


27.7







Other

144


120


110


20.0


30.9







Commercial loans and leases

21,164


21,182


20,496


(0.1)


3.3







Direct installment

2,676


2,693


2,741


(0.6)


(2.4)







Residential mortgages

7,986


7,789


6,640


2.5


20.3







Indirect installment

739


706


1,149


4.7


(35.7)







Consumer LOC

1,374


1,347


1,297


2.0


5.9







Consumer loans

12,775


12,535


11,827


1.9


8.0







Total loans and leases

$   33,939


$    33,717


$    32,323


0.7


5.0














Note: Loans held for sale were $218, $193 and $488 at 4Q24, 3Q24, and 4Q23, respectively.







(1) Commercial real estate is made up of 71% non-owner occupied and 29% owner-occupied at December 31, 2024.













% Variance







Average balances







4Q24


4Q24


For the Twelve Months
Ended
December 31,


%

Loans and Leases:

4Q24


3Q24


4Q23


3Q24


4Q23


2024


2023


Var.

Commercial real estate 

$   12,765


$    12,760


$    11,971


—


6.6


$        12,614


$        11,747


7.4

Commercial and industrial

7,545


7,569


7,472


(0.3)


1.0


7,503


7,314


2.6

Commercial leases

717


688


642


4.2


11.6


681


599


13.7

Other

146


141


143


4.1


2.7


141


140


0.5

Commercial loans and leases

21,174


21,158


20,228


0.1


4.7


20,938


19,799


5.8

Direct installment

2,686


2,693


2,746


(0.3)


(2.2)


2,702


2,748


(1.7)

Residential mortgages

7,896


7,624


6,529


3.6


20.9


7,353


6,008


22.4

Indirect installment

719


999


1,467


(28.1)


(51.0)


1,005


1,516


(33.7)

Consumer LOC

1,357


1,329


1,299


2.1


4.5


1,321


1,301


1.5

Consumer loans

12,657


12,645


12,040


0.1


5.1


12,382


11,573


7.0

Total loans and leases

$   33,830


$    33,803


$    32,268


0.1


4.8


$        33,320


$        31,373


6.2

 

F.N.B. CORPORATION AND SUBSIDIARIES










(Dollars in millions)







% Variance

(Unaudited)







4Q24


4Q24

Asset Quality Data

4Q24


3Q24


4Q23


3Q24


4Q23

Non-Performing Assets










Non-performing loans

$    159


$    129


$    107


23.3


48.6

Other real estate owned (OREO)

3


2


3


50.0


—

Non-performing assets

$    162


$    131


$    110


23.7


47.3

Non-performing loans / total loans and leases

0.47 %


0.38 %


0.33 %





Non-performing assets plus 90+ days past due / total loans and leases
plus OREO

0.52


0.43


0.38





Delinquency










Loans 30-89 days past due

$    108


$    124


$    107


(12.9)


0.9

Loans 90+ days past due

14


12


12


16.7


16.7

Non-accrual loans

159


129


107


23.3


48.6

Past due and non-accrual loans

$    281


$    265


$    226


6.0


24.3

Past due and non-accrual loans / total loans and leases

0.83 %


0.79 %


0.70 %





 

F.N.B. CORPORATION AND SUBSIDIARIES
















(Dollars in millions)







% Variance







(Unaudited)







4Q24


4Q24


For the Twelve Months
Ended
December 31,


%

Allowance on Loans and Leases and Allowance for Unfunded Loan
Commitments Rollforward

4Q24


3Q24


4Q23


3Q24


4Q23


2024


2023


Var.

Allowance for Credit Losses on Loans and Leases
















Balance at beginning of period

$  420.2


$  418.8


$  400.6


0.3


4.9


$        405.6


$       401.7


1.0

Provision for credit losses 

23.2


22.9


13.1


1.7


77.4


79.9


71.6


11.6

Net loan (charge-offs) / recoveries

(20.6)


(21.5)


(8.2)


(4.0)


152.3


(62.7)


(67.8)


(7.5)

Allowance for credit losses on loans and leases

$  422.8


$  420.2


$  405.6


0.6


4.3


$        422.8


$       405.6


4.3

Allowance for Unfunded Loan Commitments
















Allowance for unfunded loan commitments balance at beginning of
period

$    22.4


$    21.8


$    21.3


2.8


4.9


$          21.5


$         21.4


0.5

Provision (reduction in allowance) for unfunded loan commitments /
other adjustments

(1.0)


0.6


0.2


(261.1)


(669.4)


(0.1)


0.1


(199.0)

Allowance for unfunded loan commitments

$    21.4


$    22.4


$    21.5


(4.3)


(0.5)


$          21.4


$         21.5


(0.5)

Total allowance for credit losses on loans and leases and
allowance for unfunded loan commitments

$  444.2


$  442.5


$  427.0


0.4


4.0


$        444.2


$       427.0


4.0

Allowance for credit losses on loans and leases / total loans and leases

1.25 %


1.25 %


1.25 %











Allowance for credit losses on loans and leases / total non-performing
loans

265.0


326.7


378.5











Net loan charge-offs (annualized) / total average loans and leases

0.24


0.25


0.10






0.19 %


0.22 %



 

F.N.B. CORPORATION AND SUBSIDIARIES















(Unaudited)
































RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP

We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating
performance and trends, and facilitate comparisons with the performance of our peers. The non-GAAP financial measures we
use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. 
Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in
accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release
and derived from amounts reported in our financial statements.








% Variance














4Q24


4Q24


For the Twelve Months
Ended
December 31,


%


4Q24


3Q24


4Q23


3Q24


4Q23


2024


2023


Var.

Operating net income available to common
stockholders:
















(Dollars in thousands)
















Net income available to common
stockholders

$  109,861


$  110,103


$  48,662






$  459,327


$ 476,810



Preferred dividend at redemption

—


—


—






3,995


—



Merger-related expense

—


—


—






—


2,215



Tax benefit of merger-related expense

—


—


—






—


(465)



Branch consolidation costs

—


—


—






1,194


—



Tax benefit of branch consolidation costs

—


—


—






(251)


—



FDIC special assessment

—


—


29,938






5,212


29,938



Tax benefit of FDIC special assessment

—


—


(6,287)






(1,095)


(6,287)



Realized loss on investment securities
restructuring

33,980


—


67,354






33,980


67,354



Tax benefit of realized loss on investment
securities restructuring

(7,136)


—


(14,144)






(7,136)


(14,144)



Software impairment

—


3,690


—






3,690


—



Tax benefit of software impairment

—


(775)


—






(775)


—



Loss related to indirect auto loan sales

—


11,572


16,687






8,969


16,687



Tax benefit of loss related to indirect auto
loan sales

—


(2,430)


(3,504)






(1,883)


(3,504)



Operating net income available to common
stockholders (non-GAAP)

$  136,705


$  122,160


$  138,706


11.9


(1.4)


$  505,227


$ 568,604


(11.1)

















Operating earnings per diluted common
share:
















Earnings per diluted common share

$       0.30


$       0.30


$       0.13






$        1.27


$        1.31



Preferred dividend at redemption

—


—


—






0.01


—



Merger-related expense

—


—


—






—


0.01



Tax benefit of merger-related expense

—


—


—






—


—



Branch consolidation costs

—


—


—






—


—



Tax benefit of branch consolidation costs

—


—


—






—


—



FDIC special assessment

—


—


0.08






0.01


0.08



Tax benefit of FDIC special assessment

—


—


(0.02)






—


(0.02)



Realized loss on investment securities
restructuring

0.09


—


0.19






0.09


0.19



Tax benefit of realized loss on investment
securities restructuring

(0.02)


—


(0.04)






(0.02)


(0.04)



Software impairment

—


0.01


—






0.01


—



Tax benefit of software impairment

—


—


—






—


—



Loss related to indirect auto loan sales

—


0.03


0.05






0.02


0.05



Tax benefit of loss related to indirect auto
loan sales

—


(0.01)


(0.01)






(0.01)


(0.01)



Operating earnings per diluted common
share (non-GAAP)

$       0.38


$       0.34


$       0.38


11.8


—


$        1.39


$        1.57


(11.5)

 

F.N.B. CORPORATION AND SUBSIDIARIES





(Unaudited)

















For the Twelve Months Ended
December 31,


4Q24


3Q24


4Q23


2024


2023

Return on average tangible equity:










(Dollars in thousands)










Net income (annualized)

$       437,056


$       438,019


$       201,041


$      465,332


$       484,851

Amortization of intangibles, net of tax
(annualized)

13,506


13,753


15,399


13,821


15,892

Tangible net income (annualized) (non-
GAAP)

$       450,562


$       451,772


$       216,440


$      479,153


$       500,743











Average total stockholders' equity

$    6,278,886


$    6,170,654


$    5,956,871


$   6,132,346


$    5,851,082

Less: Average intangible assets (1)

(2,531,690)


(2,535,769)


(2,548,725)


(2,537,778)


(2,556,119)

Average tangible stockholders' equity (non-
GAAP)

$    3,747,196


$    3,634,885


$    3,408,146


$   3,594,568


$    3,294,963











Return on average tangible equity (non-
GAAP)

12.02 %


12.43 %


6.35 %


13.33 %


15.20 %











Return on average tangible common
equity:










(Dollars in thousands)










Net income available to common
stockholders (annualized)

$       437,056


$       438,019


$       193,062


$      459,327


$       476,810

Amortization of intangibles, net of tax
(annualized)

13,506


13,753


15,399


13,821


15,892

Tangible net income available to common
stockholders (annualized) (non-GAAP)

$       450,562


$       451,772


$       208,461


$      473,148


$       492,702











Average total stockholders' equity

$    6,278,886


$    6,170,654


$    5,956,871


$   6,132,346


$    5,851,082

Less:  Average preferred stockholders'
equity

—


—


(106,882)


(13,141)


(106,882)

Less: Average intangible assets (1)

(2,531,690)


(2,535,769)


(2,548,725)


(2,537,778)


(2,556,119)

Average tangible common equity (non-
GAAP)

$    3,747,196


$    3,634,885


$    3,301,264


$   3,581,427


$    3,188,081











Return on average tangible common equity
(non-GAAP)

12.02 %


12.43 %


6.31 %


13.21 %


15.45 %











(1) Excludes loan servicing rights.




















Operating return on average tangible
common equity:










(Dollars in thousands)










Operating net income available to common
stockholders (annualized)

$       543,848


$       485,984


$       550,301


$      505,227


$       568,604

Amortization of intangibles, net of tax
(annualized)

13,506


13,753


15,399


13,821


15,892

Tangible operating net income available to
common stockholders (annualized) (non-
GAAP)

$       557,354


$       499,737


$       565,700


$      519,048


$       584,496











Average total stockholders' equity

$    6,278,886


$    6,170,654


$    5,956,871


$   6,132,346


$    5,851,082

Less:  Average preferred stockholders'
equity

—


—


(106,882)


(13,141)


(106,882)

Less: Average intangible assets (1)

(2,531,690)


(2,535,769)


(2,548,725)


(2,537,778)


(2,556,119)

Average tangible common equity (non-
GAAP)

$    3,747,196


$    3,634,885


$    3,301,264


$   3,581,427


$    3,188,081











Operating return on average tangible
common equity (non-GAAP)

14.87 %


13.75 %


17.14 %


14.49 %


18.33 %











Return on average tangible assets:










(Dollars in thousands)










Net income (annualized)

$       437,056


$       438,019


$       201,041


$      465,332


$       484,851

Amortization of intangibles, net of tax
(annualized)

13,506


13,753


15,399


13,821


15,892

Tangible net income (annualized) (non-
GAAP)

$       450,562


$       451,772


$       216,440


$      479,153


$       500,743











Average total assets

$  47,668,821


$  47,416,038


$  45,484,036


$ 46,812,567


$  44,609,603

Less: Average intangible assets (1)

(2,531,690)


(2,535,769)


(2,548,725)


(2,537,778)


(2,556,119)

Average tangible assets (non-GAAP)

$  45,137,131


$  44,880,269


$  42,935,311


$ 44,274,789


$  42,053,484











Return on average tangible assets (non-
GAAP)

1.00 %


1.01 %


0.50 %


1.08 %


1.19 %











(1) Excludes loan servicing rights.










 

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)







4Q24


3Q24


4Q23

Tangible book value per common share:






(Dollars in thousands, except per share data)






Total stockholders' equity

$    6,301,650


$    6,248,456


$    6,049,969

Less:  Preferred stockholders' equity

—


—


(106,882)

Less:  Intangible assets (1)

(2,529,558)


(2,533,856)


(2,546,353)

Tangible common equity (non-GAAP)

$    3,772,092


$    3,714,600


$    3,396,734







Common shares outstanding

359,615,657


359,585,544


358,829,417







Tangible book value per common share (non-GAAP)

$            10.49


$            10.33


$              9.47







Tangible common equity to tangible assets:






(Dollars in thousands)






Total stockholders' equity

$    6,301,650


$    6,248,456


$    6,049,969

Less:  Preferred stockholders' equity

—


—


(106,882)

Less:  Intangible assets (1)

(2,529,558)


(2,533,856)


(2,546,353)

Tangible common equity (non-GAAP)

$    3,772,092


$    3,714,600


$    3,396,734







Total assets

$  48,624,985


$  47,975,574


$  46,157,693

Less:  Intangible assets (1)

(2,529,558)


(2,533,856)


(2,546,353)

Tangible assets (non-GAAP)

$  46,095,427


$  45,441,718


$  43,611,340







Tangible common equity to tangible assets (non-GAAP)

8.18 %


8.17 %


7.79 %

 








For the Twelve Months
Ended
December 31,


4Q24


3Q24


4Q23


2024


2023

Operating non-interest income










(dollars in thousands)










Non-interest income

$       50,923


$       89,688


$       13,083


$    316,395


$    254,332

Realized loss on investment securities restructuring

33,980


—


67,354


33,980


67,354

Operating non-interest income (non-GAAP)

$       84,903


$       89,688


$       80,437


$    350,375


$    321,686

 


4Q24


3Q24


4Q23

Operating non-interest expense






(dollars in thousands)






Non-interest expense

$           248,200


$           249,431


$           265,566

FDIC special assessment

—


—


(29,938)

Software impairment

—


(3,690)


—

Loss related to indirect auto loan sales

—


(11,572)


(16,687)

Operating non-interest expense (non-GAAP)

$           248,200


$           234,169


$           218,941



(1)

Excludes loan servicing rights.

 

F.N.B. CORPORATION AND SUBSIDIARIES









(Unaudited)

















For the Twelve Months
Ended
December 31,


4Q24


3Q24


4Q23


2024


2023

KEY PERFORMANCE INDICATORS










Pre-provision net revenue:










(Dollars in thousands)










Net interest income

$   322,216


$   323,329


$   324,025


$  1,280,443


$  1,316,504

Non-interest income

50,923


89,688


13,083


316,395


254,332

Less: Non-interest expense

(248,200)


(249,431)


(265,566)


(961,339)


(915,436)

Pre-provision net revenue (reported) (non-GAAP)

$   124,939


$   163,586


$     71,542


$     635,499


$     655,400

Pre-provision net revenue (reported) (annualized)
(non-GAAP)

$   497,039


$   650,789


$   283,835


$     635,499


$     655,400

Adjustments:










Add: Realized loss on investment securities
restructuring (non-interest income)

33,980


—


67,354


33,980


67,354

Add: Merger-related expense (non-interest
expense)

—


—


—


—


2,215

Add: Branch consolidation costs (non-interest
expense)

—


—


—


1,194


—

Add: FDIC special assessment (non-interest
expense)

—


—


29,938


5,212


29,938

Add: Software impairment (non-interest expense)

—


3,690


—


3,690


—

Add: Loss related to indirect auto loan sales
(non-interest expense)

—


11,572


16,687


8,969


16,687

Add: Tax credit-related impairment project (non-
interest expense)

10,397


—


—


10,397


—

Operating pre-provision net revenue (non-GAAP)

$   169,316


$   178,848


$   185,521


$     698,941


$     771,594

Operating pre-provision net revenue (annualized)
(non-GAAP)

$   673,583


$   711,505


$   736,034


$     698,941


$     771,594











Efficiency ratio (FTE):










(Dollars in thousands)










Total non-interest expense

$   248,200


$   249,431


$   265,566


$     961,339


$     915,436

Less: Amortization of intangibles

(4,298)


(4,376)


(4,913)


(17,495)


(20,116)

Less: OREO expense

(252)


(354)


(149)


(996)


(1,515)

Less: Merger-related expense

—


—


—


—


(2,215)

Less: Branch consolidation costs

—


—


—


(1,194)


—

Less: FDIC special assessment

—


—


(29,938)


(5,212)


(29,938)

Less: Software impairment

—


(3,690)


—


(3,690)


—

Less: Loss related to indirect auto loan sales

—


(11,572)


(16,687)


(8,969)


(16,687)

Less: Tax credit-related project impairment

(10,397)


—


—


(10,397)


—

Adjusted non-interest expense

$   233,253


$   229,439


$   213,879


$     913,386


$     844,965











Net interest income

$   322,216


$   323,329


$   324,025


$  1,280,443


$  1,316,504

Taxable equivalent adjustment

2,931


2,930


2,881


11,686


12,341

Non-interest income

50,923


89,688


13,083


316,395


254,332

Less:  Net securities losses (gains)

33,980


28


67,354


34,011


67,432

Adjusted net interest income (FTE) + non-interest
income

$   410,050


$   415,975


$   407,343


$  1,642,535


$  1,650,609











Efficiency ratio (FTE) (non-GAAP)

56.88 %


55.16 %


52.51 %


55.61 %


51.19 %

 

(PRNewsfoto/F.N.B. Corporation)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/fnb-corporation-reports-fourth-quarter-and-full-year-2024-earnings-302356783.html

SOURCE F.N.B. Corporation

FAQ

What was FNB's earnings per share for Q4 2024?

FNB reported earnings of $0.30 per diluted share for Q4 2024, with operating earnings per share of $0.38 excluding significant items.

How much did FNB's deposits grow in 2024?

FNB's total deposits increased by $2.4 billion, or 6.9%, year-over-year in 2024.

What was FNB's CET1 ratio at the end of 2024?

FNB achieved a record CET1 ratio of 10.6% at the end of 2024, up from 10.0% at the end of 2023.

How did FNB's tangible book value per share change in 2024?

FNB's tangible book value per share grew 11% year-over-year to $10.49 by the end of 2024.

What was FNB's loan growth in 2024?

FNB's period-end total loans increased by $1.6 billion, or 5.0%, during 2024.

Stock FNB logo
F.N.B. Corp

NYSE:FNB

FNB Rankings

#1234 Ranked by Market Cap
#1038 Ranked by Dividends

FNB Latest News

Jan 6, 2025
F.N.B. Corporation Schedules Fourth Quarter 2024 Earnings Report and Conference Call
Dec 16, 2024
Newly Opened FNB Financial Center Certified LEED Gold
Dec 5, 2024
Vincent J. Delie, Jr. Named CEO of the Year
Dec 4, 2024
F.N.B. Corporation Prices $500 Million Senior Notes Offering
Nov 12, 2024
F.N.B. Corporation Declares Cash Dividend of $0.12 on Common Stock

FNB Stock Data

5.60B
355.39M
1.14%
80.87%
1.76%
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