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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.
F.N.B. (NYSE: FNB) reported Q2 2024 earnings with a net income of $123.0 million, or $0.34 per diluted share, compared to $140.4 million, or $0.39 per share, in Q2 2023. Linked-quarter net income increased from $116.3 million, or $0.32 per share, in Q1 2024. Loan and deposit growth were 3.6% and 0.7%, respectively.
Pre-provision net revenue (non-GAAP) grew by 4% compared to Q1 2024. Tangible book value per share rose 12% YoY to $9.88. Net interest income dropped by $13.4 million YoY due to higher deposit costs and increased borrowings. Non-interest income improved by 9.5% YoY, with service charges and mortgage banking operations income rising. Non-interest expense increased by 6.9% YoY due to higher salaries and tech investments.
The CET1 ratio remained stable at 10.2%. The efficiency ratio stood at 54.4%, and the provision for credit losses rose to $20.2 million to support strong loan growth. The company repurchased 250,000 shares at $13.56 per share. The effective tax rate was 21.6%.
F.N.B. 's subsidiary, First National Bank, has been honored as a 2024 Top Workplace for Financial Services by Energage, continuing its recognition streak since 2021. This year also marks its tenth consecutive year as a Top Workplace in Northeast Ohio by The Plain Dealer. The awards, based on anonymous employee feedback, highlight FNB's strong leadership and people-centric culture. FNB aims to foster high employee engagement and performance through family-friendly benefits, learning opportunities, and a competitive compensation package. The company's new headquarters in Pittsburgh, PA, designed to promote health and productivity, is set to open in Q4 2024. FNB has received over 60 workplace awards since 2011, with notable mentions from DiversityComm for inclusivity. Visit their website for more details on their achievements and career opportunities.
F.N.B. (NYSE: FNB) announced that it will release its Q2 2024 financial results after the market closes on July 17, 2024. The company will host a conference call on July 18, 2024, at 8:30 AM ET to discuss the results. Key executives, including Chairman and CEO Vincent J. Delie, Jr., CFO Vincent J. Calabrese, Jr., and Chief Credit Officer Gary L. Guerrieri, will participate in the call. Investors can pre-register for the call or access it via dial-in numbers provided for domestic and international callers. The webcast and presentation materials will be available on F.N.B. 's website, with a replay accessible until July 25, 2024.
F.N.B. (NYSE: FNB) hosted Pennsylvania Governor Josh Shapiro for a tour of its new headquarters, FNB Financial Center, in Pittsburgh's Hill District on June 18, 2024. This development is expected to drive nearly $1 billion in economic growth and create thousands of jobs. The 26-story LEED Silver-certified building will open later in 2024, coinciding with FNB's 160th anniversary. FNB's initiatives include monetizing LERTA tax benefits worth $7.2 million for the community, financing projects to boost home ownership and business formation, and supporting job training for minority-owned construction firms.
FNB (NYSE: FNB) has streamlined its Bank Operations into a unified structure to enhance automation, efficiency, risk management, and customer experience. Justin Kurth has been appointed as Executive Vice President, Director of Banking Enterprise Operations, overseeing a broad range of operations including Loan and Deposit Operations. This restructuring is aimed at positioning FNB for heightened regulatory standards applicable to institutions with assets exceeding $50 billion. Additionally, James Craske has been hired as Director of Operational Risk and Support Services to manage operational risk and improve efficiency, productivity, and customer satisfaction. Kurth and Craske bring extensive financial services experience to their roles, further supporting FNB's commitment to innovation and operational excellence.
F.N.B. (NYSE: FNB) announced that its eStore® platform was awarded Best Digital Initiative at the 2024 Banking Tech Awards USA, organized by Fintech Futures. This recognition underscores FNB's commitment to enhancing client engagement through technology. FNB's eStore is central to its Clicks-to-Bricks omnichannel strategy, enabling customers to interact via online, mobile, or in-branch kiosks. The platform allows users to open accounts, apply for loans, and access financial resources efficiently. In 2023, FNB introduced the eStore Common app, streamlining applications for multiple products. The company’s technology investments aim to simplify banking experiences and adapt to consumer preferences.
F.N.B. (NYSE: FNB) announced an expansion in its new headquarters, FNB Financial Center, in Pittsburgh. The company has secured an additional 60,000 square feet, bringing its total occupancy to 230,000 square feet before the building's completion. The headquarters will feature modern workspaces, a sophisticated trading floor, and a health-conscious dining option, the eStore Cafe. The expansion aligns with FNB's commitment to Western Pennsylvania, where it employs nearly 2,000 people. The LEED Silver-certified building will bolster sustainable development and economic growth in Pittsburgh, driving nearly $1 billion in expansion and supporting minority- and women-owned businesses.
F.N.B. (NYSE: FNB) declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend will be payable on June 15, 2024, to shareholders of record as of June 6, 2024.
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