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F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a leading diversified financial services company operating across seven states and the District of Columbia. With a robust presence in key metropolitan areas such as Pittsburgh, Baltimore, Cleveland, and Charlotte, F.N.B. boasts total assets exceeding $45 billion and approximately 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C., and Virginia.
F.N.B. provides an extensive suite of financial services primarily through its largest affiliate, First National Bank of Pennsylvania, which was founded in 1864. The company operates through three main business segments: Community Banking, Wealth Management, and Insurance. The Community Banking segment generates the majority of FNB's revenue, offering a full range of commercial and consumer banking services including corporate banking, small business banking, investment real estate financing, business credit, capital markets, mortgage lending, and online banking solutions.
Notably, F.N.B. holds a top retail deposit market share in major areas like Pittsburgh, Baltimore, and Cleveland. The corporation's recent achievements include a significant increase in net income available to common stockholders, robust loan and deposit growth, and a reinforced capital position. F.N.B. has also been proactive in enhancing its digital capabilities, as exemplified by the launch of the FNB eStore® Common account application, which allows consumers to apply for both loan and deposit products simultaneously.
Financially, F.N.B. has reported impressive figures, such as net income available to common stockholders of $140.4 million in Q2 2023 and $143.3 million in Q3 2023. The company's net interest income and net interest margin (FTE) have shown positive trends, driven by higher yields on loans and investment securities. The corporation remains committed to maintaining a strong balance sheet, with key capital ratios and liquidity metrics reflecting its prudent risk management approach.
F.N.B. continues to invest in technology and data science to enhance customer experience and operational efficiency. The company's strategic initiatives, such as the expansion of its digital platform and ongoing investments in AI, are designed to drive market share growth and deliver long-term shareholder value.
On February 2, 2021, First National Bank announced the opening of a new retail location in Tysons, Virginia, as part of its strategic expansion in the Washington, D.C. metropolitan area. This branch enhances FNB's commercial banking presence, complementing existing locations in D.C. and northern Virginia. The Tysons Office features modern banking solutions, including TellerChat technology for extended hours. FNB operates nearly 30 branches in the Mid-Atlantic region, offering a range of banking services and access to nearly 800 ATMs.
F.N.B. Corporation (NYSE: FNB) reported its 4Q 2020 earnings with net income at $70.2 million ($0.22 per diluted share), down from $93.2 million ($0.29) in 4Q 2019. Full year 2020 net income was $278 million ($0.85), a decline from $379.2 million ($1.16) in 2019. Operating earnings per share were $0.28 for 4Q 2020. Total revenue reached a record $1.2 billion, with strong deposit growth of $4.1 billion (16.6%). Non-interest income grew by 24% to $162 million, bolstered by capital markets and mortgage banking. The efficiency ratio stood at 56%, and tangible book value increased 5% to $7.88.
On January 15, 2021, F.N.B. Corporation (NYSE: FNB) declared a quarterly cash dividend of $18.13 per share on its Non-Cumulative Perpetual Preferred Stock, Series E, payable on February 15, 2021. Additionally, a cash dividend of $0.12 per common share was announced, to be paid on March 15, 2021. Shareholders of record for both dividends must be on record by January 29 and March 5 respectively. F.N.B. Corporation, headquartered in Pittsburgh, operates in seven states and the District of Columbia, with total assets exceeding $37 billion.
First National Bank (FNB), part of F.N.B. Corporation (NYSE: FNB), has partnered with Payment Alliance International (PAI) and Royal Farms to install over 190 FNB-branded ATMs in 93 convenience stores across Maryland and the Baltimore/Washington, D.C. metropolitan areas. This initiative expands FNB's ATM network by more than 30%, enhancing access to banking services. The ATMs will offer various functions, including cash deposits, and are expected to be operational by February 2021. This venture follows FNB's recent expansion in Ohio, bringing its total ATM count to nearly 800.
F.N.B. Corporation (NYSE: FNB) has partnered with the Pittsburgh Penguins to launch co-branded banking products and services starting January 11, 2021. This partnership includes the creation of the Penguins Power Play Package, featuring a Penguins-branded debit card, exclusive rewards, and discounts at team stores. FNB will also operate ATMs at the PPG Paints Arena and donate $200 to the Greater Pittsburgh Community Food Bank for every goal scored by the Penguins during the season. This strategic alliance aims to leverage digital engagement and expand FNB's customer base.
F.N.B. Corporation (NYSE: FNB) will release its fourth quarter 2020 financial results on January 19, 2021, at 6:00 PM ET. A conference call will follow on January 20, 2021, at 8:15 AM ET, featuring CEO Vincent J. Delie, Jr., CFO Vincent J. Calabrese, Jr., and Chief Credit Officer Gary L. Guerrieri. Investors can pre-register for the call to access it directly. The call will be accessible via dial-in and webcast. More information and presentation materials will be available on their website.
F.N.B. Corporation (NYSE: FNB) announced significant advancements in its strategic initiatives focused on enhancing shareholder value. Key highlights include plans to consolidate 21 retail locations as part of a $20 million cost-saving effort, improving capital levels by selling $487 million in auto loans, and strengthening liquidity with non-interest-bearing deposits exceeding $9 billion. Additionally, loans on deferral have decreased to $450 million, down from 10.3%. These moves aim to optimize profitability and operational efficiency as FNB navigates the ongoing challenges of the COVID-19 pandemic.
First National Bank, a subsidiary of F.N.B. Corporation (NYSE: FNB), has expanded its operations in Asheville, North Carolina, by opening a new retail office at Biltmore Park Town Square. This strategic move is bolstered by key hires, including Brandon Wallace and Robby Russell, both seasoned bankers with strong local ties. FNB aims to enhance local decision-making and customer service through its physical presence and personalized banking solutions. The new office will operate Monday to Friday, offering a comprehensive range of financial services to the community.
F.N.B. Corporation (NYSE: FNB) announced the retirement of Chief Wholesale Banking Officer Robert Moorehead, effective January 2021. Moorehead, with over 45 years of experience, joined FNB in 2011 and significantly contributed to its growth and commercial banking operations. His retirement opens opportunities for internal promotions, including Bryant Mitchell as the new Chief Wholesale Banking Officer. Other promotions include Ahmed El Nokali and Brad Jones. FNB has received over 50 awards for excellence in commercial banking during Moorehead's tenure.
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