F.N.B. CORPORATION | ||
(Exact name of registrant as specified in its charter) | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant's telephone number, including area code) | ||
N/A | ||
(Former name or former address, if changed since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
F.N.B. CORPORATION | ||||||||
(Registrant) | ||||||||
By: | /s/ Vincent J. Calabrese, Jr. | |||||||
Name: | Vincent J. Calabrese, Jr. | |||||||
Title: | Chief Financial Officer | |||||||
(Principal Financial Officer) |
Quarterly Results Summary | 2Q24 | 1Q24 | 2Q23 | ||||||||||||||
Reported results | |||||||||||||||||
Net income available to common stockholders (millions) | $ | 123.0 | $ | 116.3 | $ | 140.4 | |||||||||||
Net income per diluted common share | 0.34 | 0.32 | 0.39 | ||||||||||||||
Book value per common share | 16.94 | 16.71 | 15.92 | ||||||||||||||
Pre-provision net revenue (non-GAAP) (millions) | 177.2 | 169.8 | 197.6 | ||||||||||||||
Operating results (non-GAAP) | |||||||||||||||||
Operating net income available to common stockholders (millions) | $ | 123.7 | $ | 122.7 | $ | 140.5 | |||||||||||
Operating net income per diluted common share | 0.34 | 0.34 | 0.39 | ||||||||||||||
Operating pre-provision net revenue (millions) | 178.0 | 172.8 | 197.8 | ||||||||||||||
Average diluted common shares outstanding (thousands) | 362,701 | 362,619 | 362,626 | ||||||||||||||
Significant items impacting earnings1 (millions) | |||||||||||||||||
Preferred dividend equivalent at redemption | $ | — | $ | (4.0) | $ | — | |||||||||||
Pre-tax merger-related expenses | — | — | (0.2) | ||||||||||||||
After-tax impact of merger-related expenses | — | — | (0.1) | ||||||||||||||
Pre-tax branch consolidation costs | — | (1.2) | — | ||||||||||||||
After-tax impact of branch consolidation costs | — | (0.9) | — | ||||||||||||||
Pre-tax FDIC special assessment | (0.8) | (4.4) | — | ||||||||||||||
After-tax FDIC special assessment | (0.6) | (3.5) | — | ||||||||||||||
Pre-tax loss on indirect auto loan sale | — | 2.6 | — | ||||||||||||||
After-tax loss on indirect auto loan sale | — | 2.1 | — | ||||||||||||||
Total significant items after-tax | $ | (0.6) | $ | (6.3) | $ | (0.1) | |||||||||||
Capital measures | |||||||||||||||||
Common equity tier 1 (2) | 10.2 | % | 10.2 | % | 10.1 | % | |||||||||||
Tangible common equity to tangible assets (non-GAAP) | 7.86 | 7.99 | 7.47 | ||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 9.88 | $ | 9.64 | $ | 8.79 | |||||||||||
(1) Favorable (unfavorable) impact on earnings. | |||||||||||||||||
(2) Estimated for 2Q24. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | % Variance | ||||||||||||||||||||||||||||||||||||||||||||||
2Q24 | 2Q24 | For the Six Months Ended June 30, | % | ||||||||||||||||||||||||||||||||||||||||||||
2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | 2024 | 2023 | Var. | ||||||||||||||||||||||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases, including fees | $ | 494,119 | $ | 481,159 | $ | 428,361 | 2.7 | 15.4 | $ | 975,278 | $ | 822,354 | 18.6 | ||||||||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 47,795 | 46,055 | 35,481 | 3.8 | 34.7 | 93,850 | 71,194 | 31.8 | |||||||||||||||||||||||||||||||||||||||
Tax-exempt | 7,067 | 7,105 | 7,227 | (0.5) | (2.2) | 14,172 | 14,371 | (1.4) | |||||||||||||||||||||||||||||||||||||||
Other | 8,207 | 9,178 | 13,131 | (10.6) | (37.5) | 17,385 | 19,784 | (12.1) | |||||||||||||||||||||||||||||||||||||||
Total Interest Income | 557,188 | 543,497 | 484,200 | 2.5 | 15.1 | 1,100,685 | 927,703 | 18.6 | |||||||||||||||||||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits | 179,960 | 170,398 | 111,798 | 5.6 | 61.0 | 350,358 | 195,890 | 78.9 | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 32,837 | 27,701 | 22,041 | 18.5 | 49.0 | 60,538 | 31,785 | 90.5 | |||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 28,501 | 26,390 | 21,117 | 8.0 | 35.0 | 54,891 | 34,130 | 60.8 | |||||||||||||||||||||||||||||||||||||||
Total Interest Expense | 241,298 | 224,489 | 154,956 | 7.5 | 55.7 | 465,787 | 261,805 | 77.9 | |||||||||||||||||||||||||||||||||||||||
Net Interest Income | 315,890 | 319,008 | 329,244 | (1.0) | (4.1) | 634,898 | 665,898 | (4.7) | |||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 20,189 | 13,890 | 18,516 | 45.3 | 9.0 | 34,079 | 32,577 | 4.6 | |||||||||||||||||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 295,701 | 305,118 | 310,728 | (3.1) | (4.8) | 600,819 | 633,321 | (5.1) | |||||||||||||||||||||||||||||||||||||||
Non-Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||
Service charges | 23,332 | 20,569 | 20,534 | 13.4 | 13.6 | 43,901 | 40,798 | 7.6 | |||||||||||||||||||||||||||||||||||||||
Interchange and card transaction fees | 13,005 | 12,700 | 13,522 | 2.4 | (3.8) | 25,705 | 25,898 | (0.7) | |||||||||||||||||||||||||||||||||||||||
Trust services | 11,475 | 11,424 | 10,630 | 0.4 | 7.9 | 22,899 | 21,241 | 7.8 | |||||||||||||||||||||||||||||||||||||||
Insurance commissions and fees | 5,973 | 6,752 | 5,996 | (11.5) | (0.4) | 12,725 | 13,783 | (7.7) | |||||||||||||||||||||||||||||||||||||||
Securities commissions and fees | 7,980 | 8,155 | 7,021 | (2.1) | 13.7 | 16,135 | 14,403 | 12.0 | |||||||||||||||||||||||||||||||||||||||
Capital markets income | 5,143 | 6,331 | 5,884 | (18.8) | (12.6) | 11,474 | 12,677 | (9.5) | |||||||||||||||||||||||||||||||||||||||
Mortgage banking operations | 6,956 | 7,914 | 4,907 | (12.1) | 41.8 | 14,870 | 9,762 | 52.3 | |||||||||||||||||||||||||||||||||||||||
Dividends on non-marketable equity securities | 6,895 | 6,193 | 5,467 | 11.3 | 26.1 | 13,088 | 9,575 | 36.7 | |||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 3,419 | 3,343 | 2,995 | 2.3 | 14.2 | 6,762 | 5,820 | 16.2 | |||||||||||||||||||||||||||||||||||||||
Net securities gains (losses) | (3) | — | (6) | — | — | (3) | (23) | — | |||||||||||||||||||||||||||||||||||||||
Other | 3,747 | 4,481 | 3,359 | (16.4) | 11.6 | 8,228 | 5,764 | 42.7 | |||||||||||||||||||||||||||||||||||||||
Total Non-Interest Income | 87,922 | 87,862 | 80,309 | 0.1 | 9.5 | 175,784 | 159,698 | 10.1 | |||||||||||||||||||||||||||||||||||||||
Non-Interest Expense | |||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 120,917 | 129,126 | 113,946 | (6.4) | 6.1 | 250,043 | 234,193 | 6.8 | |||||||||||||||||||||||||||||||||||||||
Net occupancy | 18,632 | 19,595 | 16,689 | (4.9) | 11.6 | 38,227 | 34,059 | 12.2 | |||||||||||||||||||||||||||||||||||||||
Equipment | 24,335 | 23,772 | 21,345 | 2.4 | 14.0 | 48,107 | 43,417 | 10.8 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 4,379 | 4,442 | 5,044 | (1.4) | (13.2) | 8,821 | 10,163 | (13.2) | |||||||||||||||||||||||||||||||||||||||
Outside services | 23,250 | 22,880 | 20,539 | 1.6 | 13.2 | 46,130 | 39,937 | 15.5 | |||||||||||||||||||||||||||||||||||||||
Marketing | 4,006 | 5,431 | 3,943 | (26.2) | 1.6 | 9,437 | 7,644 | 23.5 | |||||||||||||||||||||||||||||||||||||||
FDIC insurance | 9,954 | 12,662 | 7,717 | (21.4) | 29.0 | 22,616 | 14,836 | 52.4 | |||||||||||||||||||||||||||||||||||||||
Bank shares and franchise taxes | 3,930 | 4,126 | 3,926 | (4.8) | 0.1 | 8,056 | 8,098 | (0.5) | |||||||||||||||||||||||||||||||||||||||
Merger-related | — | — | 163 | — | (100.0) | — | 2,215 | (100.0) | |||||||||||||||||||||||||||||||||||||||
Other | 17,209 | 15,062 | 18,643 | 14.3 | (7.7) | 32,271 | 37,310 | (13.5) | |||||||||||||||||||||||||||||||||||||||
Total Non-Interest Expense | 226,612 | 237,096 | 211,955 | (4.4) | 6.9 | 463,708 | 431,872 | 7.4 | |||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 157,011 | 155,884 | 179,082 | 0.7 | (12.3) | 312,895 | 361,147 | (13.4) | |||||||||||||||||||||||||||||||||||||||
Income taxes | 33,974 | 33,553 | 36,690 | 1.3 | (7.4) | 67,527 | 72,250 | (6.5) | |||||||||||||||||||||||||||||||||||||||
Net Income | 123,037 | 122,331 | 142,392 | 0.6 | (13.6) | 245,368 | 288,897 | (15.1) | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | 6,005 | 2,010 | (100.0) | (100.0) | 6,005 | 4,020 | 49.4 | |||||||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 123,037 | $ | 116,326 | $ | 140,382 | 5.8 | (12.4) | $ | 239,363 | $ | 284,877 | (16.0) | ||||||||||||||||||||||||||||||||||
Earnings per Common Share | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.34 | $ | 0.32 | $ | 0.39 | 6.3 | (12.8) | $ | 0.66 | $ | 0.79 | (16.5) | ||||||||||||||||||||||||||||||||||
Diluted | 0.34 | 0.32 | 0.39 | 6.3 | (12.8) | 0.66 | 0.78 | (15.4) | |||||||||||||||||||||||||||||||||||||||
Cash Dividends per Common Share | 0.12 | 0.12 | 0.12 | — | — | 0.24 | 0.24 | — |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
(Unaudited) | % Variance | ||||||||||||||||||||||||||||
2Q24 | 2Q24 | ||||||||||||||||||||||||||||
2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 448 | $ | 351 | $ | 449 | 27.6 | (0.2) | |||||||||||||||||||||
Interest-bearing deposits with banks | 1,432 | 1,136 | 1,255 | 26.1 | 14.1 | ||||||||||||||||||||||||
Cash and Cash Equivalents | 1,880 | 1,487 | 1,704 | 26.4 | 10.3 | ||||||||||||||||||||||||
Securities available for sale | 3,364 | 3,226 | 3,177 | 4.3 | 5.9 | ||||||||||||||||||||||||
Securities held to maturity | 3,893 | 3,893 | 3,988 | — | (2.4) | ||||||||||||||||||||||||
Loans held for sale | 132 | 107 | 94 | 23.4 | 40.4 | ||||||||||||||||||||||||
Loans and leases, net of unearned income | 33,757 | 32,584 | 31,354 | 3.6 | 7.7 | ||||||||||||||||||||||||
Allowance for credit losses on loans and leases | (419) | (406) | (413) | 3.2 | 1.5 | ||||||||||||||||||||||||
Net Loans and Leases | 33,338 | 32,178 | 30,941 | 3.6 | 7.7 | ||||||||||||||||||||||||
Premises and equipment, net | 489 | 474 | 465 | 3.2 | 5.2 | ||||||||||||||||||||||||
Goodwill | 2,477 | 2,477 | 2,477 | — | — | ||||||||||||||||||||||||
Core deposit and other intangible assets, net | 60 | 65 | 79 | (7.7) | (24.1) | ||||||||||||||||||||||||
Bank owned life insurance | 667 | 663 | 657 | 0.6 | 1.5 | ||||||||||||||||||||||||
Other assets | 1,415 | 1,326 | 1,196 | 6.7 | 18.3 | ||||||||||||||||||||||||
Total Assets | $ | 47,715 | $ | 45,896 | $ | 44,778 | 4.0 | 6.6 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Non-interest-bearing demand | $ | 10,062 | $ | 9,982 | $ | 10,914 | 0.8 | (7.8) | |||||||||||||||||||||
Interest-bearing demand | 14,697 | 14,679 | 13,818 | 0.1 | 6.4 | ||||||||||||||||||||||||
Savings | 3,348 | 3,389 | 3,758 | (1.2) | (10.9) | ||||||||||||||||||||||||
Certificates and other time deposits | 6,887 | 6,685 | 5,335 | 3.0 | 29.1 | ||||||||||||||||||||||||
Total Deposits | 34,994 | 34,735 | 33,825 | 0.7 | 3.5 | ||||||||||||||||||||||||
Short-term borrowings | 3,616 | 2,074 | 2,391 | 74.3 | 51.2 | ||||||||||||||||||||||||
Long-term borrowings | 2,016 | 2,121 | 1,981 | (5.0) | 1.8 | ||||||||||||||||||||||||
Other liabilities | 999 | 960 | 763 | 4.1 | 30.9 | ||||||||||||||||||||||||
Total Liabilities | 41,625 | 39,890 | 38,960 | 4.3 | 6.8 | ||||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||||||
Preferred stock | — | — | 107 | — | (100.0) | ||||||||||||||||||||||||
Common stock | 4 | 4 | 4 | — | — | ||||||||||||||||||||||||
Additional paid-in capital | 4,690 | 4,694 | 4,686 | (0.1) | 0.1 | ||||||||||||||||||||||||
Retained earnings | 1,820 | 1,740 | 1,564 | 4.6 | 16.4 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (243) | (250) | (355) | (2.8) | (31.5) | ||||||||||||||||||||||||
Treasury stock | (181) | (182) | (188) | (0.5) | (3.7) | ||||||||||||||||||||||||
Total Stockholders' Equity | 6,090 | 6,006 | 5,818 | 1.4 | 4.7 | ||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 47,715 | $ | 45,896 | $ | 44,778 | 4.0 | 6.6 |
F.N.B. CORPORATION AND SUBSIDIARIES | 2Q24 | 1Q24 | 2Q23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 868,390 | $ | 8,207 | 3.80 | % | $ | 872,353 | $ | 9,178 | 4.23 | % | $ | 1,234,026 | $ | 13,131 | 4.27 | % | ||||||||||||||||||||||||||||||||||||||
Taxable investment securities (2) | 6,154,907 | 47,564 | 3.09 | 6,121,568 | 45,825 | 2.99 | 6,084,971 | 35,244 | 2.32 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable investment securities (1) | 1,033,552 | 8,911 | 3.45 | 1,041,224 | 8,971 | 3.45 | 1,059,893 | 9,207 | 3.47 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 110,855 | 2,519 | 9.09 | 237,106 | 4,287 | 7.25 | 102,187 | 1,844 | 7.23 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases (1) (3) | 33,255,738 | 492,902 | 5.96 | 32,380,951 | 478,146 | 5.93 | 31,048,352 | 428,043 | 5.53 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Interest Earning Assets (1) | 41,423,442 | 560,103 | 5.43 | 40,653,202 | 546,407 | 5.40 | 39,529,429 | 487,469 | 4.94 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 387,374 | 410,680 | 427,287 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (414,372) | (409,865) | (410,566) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 484,851 | 469,516 | 459,966 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 4,590,486 | 4,554,056 | 4,404,196 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 46,471,781 | $ | 45,677,589 | $ | 44,410,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 14,662,774 | 98,211 | 2.69 | $ | 14,554,457 | 94,742 | 2.62 | $ | 13,922,773 | 63,861 | 1.84 | ||||||||||||||||||||||||||||||||||||||||||||
Savings | 3,360,593 | 10,136 | 1.21 | 3,411,870 | 9,999 | 1.18 | 3,843,785 | 9,117 | 0.95 | |||||||||||||||||||||||||||||||||||||||||||||||
Certificates and other time | 6,645,682 | 71,613 | 4.33 | 6,299,280 | 65,657 | 4.19 | 5,003,024 | 38,820 | 3.11 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 24,669,049 | 179,960 | 2.93 | 24,265,607 | 170,398 | 2.82 | 22,769,582 | 111,798 | 1.97 | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 2,640,985 | 32,837 | 4.99 | 2,400,104 | 27,701 | 4.63 | 2,340,603 | 22,041 | 3.77 | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 2,164,983 | 28,501 | 5.29 | 2,057,817 | 26,390 | 5.16 | 1,703,667 | 21,117 | 4.97 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 29,475,017 | 241,298 | 3.29 | 28,723,528 | 224,489 | 3.14 | 26,813,852 | 154,956 | 2.32 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 9,921,073 | 9,939,350 | 11,006,705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Deposits and Borrowings | 39,396,090 | 2.46 | 38,662,878 | 2.33 | 37,820,557 | 1.64 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,037,452 | 975,138 | 756,569 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 40,433,542 | 39,638,016 | 38,577,126 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 6,038,239 | 6,039,573 | 5,833,186 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 46,471,781 | $ | 45,677,589 | $ | 44,410,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Earning Assets | $ | 11,948,425 | $ | 11,929,674 | $ | 12,715,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income (FTE) (1) | 318,805 | 321,918 | 332,513 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment | (2,915) | (2,910) | (3,269) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 315,890 | $ | 319,008 | $ | 329,244 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Spread | 2.14 | % | 2.26 | % | 2.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (1) | 3.09 | % | 3.18 | % | 3.37 | % |
(1) | 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%. | ||||
(2) | The average balances and yields earned on taxable investment securities are based on historical cost. | ||||
(3) | Average balances for loans include non-accrual loans. Loans and leases consist of average total loans and leases less average unearned income. |
F.N.B. CORPORATION AND SUBSIDIARIES | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
(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 | $ | 870,372 | $ | 17,385 | 4.02 | % | $ | 1,027,117 | $ | 19,784 | 3.88 | % | ||||||||||||||||||||||||||
Taxable investment securities (2) | 6,138,237 | 93,388 | 3.04 | 6,149,284 | 70,719 | 2.30 | ||||||||||||||||||||||||||||||||
Non-taxable investment securities (1) | 1,037,388 | 17,883 | 3.45 | 1,057,554 | 18,366 | 3.47 | ||||||||||||||||||||||||||||||||
Loans held for sale | 173,981 | 6,805 | 7.84 | 109,137 | 3,438 | 6.32 | ||||||||||||||||||||||||||||||||
Loans and leases (1) (3) | 32,818,345 | 971,049 | 5.94 | 30,731,126 | 821,939 | 5.39 | ||||||||||||||||||||||||||||||||
Total Interest Earning Assets (1) | 41,038,323 | 1,106,510 | 5.41 | 39,074,218 | 934,246 | 4.81 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 399,027 | 434,956 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (412,119) | (408,149) | ||||||||||||||||||||||||||||||||||||
Premises and equipment | 477,183 | 451,252 | ||||||||||||||||||||||||||||||||||||
Other assets | 4,572,271 | 4,366,564 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 46,074,685 | $ | 43,918,841 | ||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 14,608,616 | 192,953 | 2.66 | $ | 14,258,082 | 116,151 | 1.64 | ||||||||||||||||||||||||||||||
Savings | 3,386,231 | 20,135 | 1.20 | 3,932,627 | 16,958 | 0.87 | ||||||||||||||||||||||||||||||||
Certificates and other time | 6,472,481 | 137,270 | 4.26 | 4,595,128 | 62,781 | 2.76 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 24,467,328 | 350,358 | 2.88 | 22,785,837 | 195,890 | 1.73 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 2,520,544 | 60,538 | 4.82 | 1,953,125 | 31,785 | 3.28 | ||||||||||||||||||||||||||||||||
Long-term borrowings | 2,111,400 | 54,891 | 5.23 | 1,394,571 | 34,130 | 4.94 | ||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 29,099,272 | 465,787 | 3.22 | 26,133,533 | 261,805 | 2.02 | ||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 9,930,212 | 11,207,490 | ||||||||||||||||||||||||||||||||||||
Total Deposits and Borrowings | 39,029,484 | 2.40 | 37,341,023 | 1.41 | ||||||||||||||||||||||||||||||||||
Other liabilities | 1,006,295 | 795,124 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | 40,035,779 | 38,136,147 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 6,038,906 | 5,782,694 | ||||||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 46,074,685 | $ | 43,918,841 | ||||||||||||||||||||||||||||||||||
Net Interest Earning Assets | $ | 11,939,051 | $ | 12,940,685 | ||||||||||||||||||||||||||||||||||
Net Interest Income (FTE) (1) | 640,723 | 672,441 | ||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment | (5,825) | (6,543) | ||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 634,898 | $ | 665,898 | ||||||||||||||||||||||||||||||||||
Net Interest Spread | 2.19 | % | 2.79 | % | ||||||||||||||||||||||||||||||||||
Net Interest Margin (1) | 3.13 | % | 3.46 | % |
(1) | 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%. | ||||
(2) | The average balances and yields earned on taxable investment securities are based on historical cost. | ||||
(3) | Average balances for loans include non-accrual loans. Loans and leases consist of average total loans and leases less average unearned income. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||
2Q24 | 1Q24 | 2Q23 | 2024 | 2023 | |||||||||||||||||||||||||
Performance Ratios | |||||||||||||||||||||||||||||
Return on average equity | 8.20 | % | 8.15 | % | 9.79 | % | 8.17 | % | 10.07 | % | |||||||||||||||||||
Return on average tangible equity (1) | 14.54 | 14.48 | 17.93 | 14.51 | 18.59 | ||||||||||||||||||||||||
Return on average tangible common equity (1) | 14.54 | 14.00 | 18.28 | 14.27 | 18.96 | ||||||||||||||||||||||||
Return on average assets | 1.06 | 1.08 | 1.29 | 1.07 | 1.33 | ||||||||||||||||||||||||
Return on average tangible assets (1) | 1.16 | 1.17 | 1.40 | 1.17 | 1.45 | ||||||||||||||||||||||||
Net interest margin (FTE) (2) | 3.09 | 3.18 | 3.37 | 3.13 | 3.46 | ||||||||||||||||||||||||
Yield on earning assets (FTE) (2) | 5.43 | 5.40 | 4.94 | 5.41 | 4.81 | ||||||||||||||||||||||||
Cost of interest-bearing deposits | 2.93 | 2.82 | 1.97 | 2.88 | 1.73 | ||||||||||||||||||||||||
Cost of interest-bearing liabilities | 3.29 | 3.14 | 2.32 | 3.22 | 2.02 | ||||||||||||||||||||||||
Cost of funds | 2.46 | 2.33 | 1.64 | 2.40 | 1.41 | ||||||||||||||||||||||||
Efficiency ratio (1) | 54.39 | 56.00 | 49.96 | 55.20 | 50.28 | ||||||||||||||||||||||||
Effective tax rate | 21.64 | 21.52 | 20.49 | 21.58 | 20.01 | ||||||||||||||||||||||||
Capital Ratios | |||||||||||||||||||||||||||||
Equity / assets (period end) | 12.76 | 13.09 | 12.99 | ||||||||||||||||||||||||||
Common equity / assets (period end) | 12.76 | 13.09 | 12.75 | ||||||||||||||||||||||||||
Common equity tier 1 (3) | 10.2 | 10.2 | 10.1 | ||||||||||||||||||||||||||
Leverage ratio | 8.63 | 8.62 | 8.68 | ||||||||||||||||||||||||||
Tangible common equity / tangible assets (period end) (1) | 7.86 | 7.99 | 7.47 | ||||||||||||||||||||||||||
Common Stock Data | |||||||||||||||||||||||||||||
Average diluted common shares outstanding | 362,701,233 | 362,619,278 | 362,626,182 | 362,660,259 | 363,776,559 | ||||||||||||||||||||||||
Period end common shares outstanding | 359,558,026 | 359,366,316 | 358,820,568 | ||||||||||||||||||||||||||
Book value per common share | $ | 16.94 | $ | 16.71 | $ | 15.92 | |||||||||||||||||||||||
Tangible book value per common share (1) | 9.88 | 9.64 | 8.79 | ||||||||||||||||||||||||||
Dividend payout ratio (common) | 35.42 | % | 37.76 | % | 30.88 | % | 36.56 | % | 30.59 | % |
(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) | June 30, 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 | |||||||||||||||||||||||||||||||||||||||||||||||
2Q24 | 2Q24 | ||||||||||||||||||||||||||||||||||||||||||||||
2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | |||||||||||||||||||||||||||||||||||||||||||
Balances at period end | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate (1) | $ | 12,664 | $ | 12,447 | $ | 11,689 | 1.7 | 8.3 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 7,597 | 7,347 | 7,248 | 3.4 | 4.8 | ||||||||||||||||||||||||||||||||||||||||||
Commercial leases | 683 | 615 | 618 | 11.1 | 10.5 | ||||||||||||||||||||||||||||||||||||||||||
Other | 145 | 140 | 121 | 3.6 | 19.8 | ||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | 21,089 | 20,549 | 19,676 | 2.6 | 7.2 | ||||||||||||||||||||||||||||||||||||||||||
Direct installment | 2,700 | 2,712 | 2,747 | (0.4) | (1.7) | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 7,459 | 6,887 | 6,089 | 8.3 | 22.5 | ||||||||||||||||||||||||||||||||||||||||||
Indirect installment | 1,188 | 1,142 | 1,539 | 4.0 | (22.8) | ||||||||||||||||||||||||||||||||||||||||||
Consumer LOC | 1,321 | 1,294 | 1,303 | 2.1 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||
Consumer loans | 12,668 | 12,035 | 11,678 | 5.3 | 8.5 | ||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 33,757 | $ | 32,584 | $ | 31,354 | 3.6 | 7.7 | |||||||||||||||||||||||||||||||||||||||
Note: Loans held for sale were $132, $107 and $94 at 2Q24, 1Q24, and 2Q23, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
(1) Commercial real estate is made up of 71% non-owner occupied and 29% owner-occupied at June 30, 2024. | |||||||||||||||||||||||||||||||||||||||||||||||
% Variance | |||||||||||||||||||||||||||||||||||||||||||||||
Average balances | 2Q24 | 2Q24 | For the Six Months Ended June 30, | % | |||||||||||||||||||||||||||||||||||||||||||
Loans and Leases: | 2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | 2024 | 2023 | Var. | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 12,663 | $ | 12,274 | $ | 11,693 | 3.2 | 8.3 | $ | 12,437 | $ | 11,616 | 7.1 | ||||||||||||||||||||||||||||||||||
Commercial and industrial | 7,472 | 7,414 | 7,247 | 0.8 | 3.1 | 7,475 | 7,208 | 3.7 | |||||||||||||||||||||||||||||||||||||||
Commercial leases | 659 | 658 | 591 | 0.1 | 11.6 | 659 | 562 | 17.1 | |||||||||||||||||||||||||||||||||||||||
Other | 142 | 135 | 142 | 5.4 | 0.1 | 139 | 137 | 1.5 | |||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | 20,936 | 20,482 | 19,672 | 2.2 | 6.4 | 20,709 | 19,523 | 6.1 | |||||||||||||||||||||||||||||||||||||||
Direct installment | 2,704 | 2,727 | 2,742 | (0.8) | (1.4) | 2,715 | 2,752 | (1.3) | |||||||||||||||||||||||||||||||||||||||
Residential mortgages | 7,137 | 6,745 | 5,805 | 5.8 | 22.9 | 6,941 | 5,615 | 23.6 | |||||||||||||||||||||||||||||||||||||||
Indirect installment | 1,168 | 1,138 | 1,531 | 2.7 | (23.7) | 1,153 | 1,536 | (24.9) | |||||||||||||||||||||||||||||||||||||||
Consumer LOC | 1,310 | 1,290 | 1,297 | 1.6 | 1.0 | 1,300 | 1,304 | (0.4) | |||||||||||||||||||||||||||||||||||||||
Consumer loans | 12,320 | 11,899 | 11,376 | 3.5 | 8.3 | 12,110 | 11,208 | 8.0 | |||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 33,256 | $ | 32,381 | $ | 31,048 | 2.7 | 7.1 | $ | 32,818 | $ | 30,731 | 6.8 |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Dollars in millions) | % Variance | ||||||||||||||||||||||||||||
(Unaudited) | 2Q24 | 2Q24 | |||||||||||||||||||||||||||
Asset Quality Data | 2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | ||||||||||||||||||||||||
Non-Performing Assets | |||||||||||||||||||||||||||||
Non-performing loans | $ | 108 | $ | 105 | $ | 143 | 2.9 | (24.5) | |||||||||||||||||||||
Other real estate owned (OREO) | 3 | 3 | 5 | — | (40.0) | ||||||||||||||||||||||||
Non-performing assets | $ | 111 | $ | 108 | $ | 148 | 2.8 | (25.0) | |||||||||||||||||||||
Non-performing loans / total loans and leases | 0.32 | % | 0.32 | % | 0.45 | % | |||||||||||||||||||||||
Non-performing assets plus 90+ days past due / total loans and leases plus OREO | 0.36 | 0.38 | 0.50 | ||||||||||||||||||||||||||
Delinquency | |||||||||||||||||||||||||||||
Loans 30-89 days past due | $ | 95 | $ | 87 | $ | 83 | 9.2 | 14.5 | |||||||||||||||||||||
Loans 90+ days past due | 11 | 17 | 8 | (35.3) | 37.5 | ||||||||||||||||||||||||
Non-accrual loans | 108 | 105 | 143 | 2.9 | (24.5) | ||||||||||||||||||||||||
Past due and non-accrual loans | $ | 214 | $ | 209 | $ | 234 | 2.4 | (8.5) | |||||||||||||||||||||
Past due and non-accrual loans / total loans and leases | 0.63 | % | 0.64 | % | 0.75 | % |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | % Variance | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | 2Q24 | 2Q24 | For the Six Months Ended June 30, | % | |||||||||||||||||||||||||||||||||||||||||||
Allowance on Loans and Leases and Allowance for Unfunded Loan Commitments Rollforward | 2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | 2024 | 2023 | Var. | |||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 406.3 | $ | 405.6 | $ | 403.4 | 0.2 | 0.7 | $ | 405.6 | $ | 401.7 | 1.0 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | 20.3 | 13.5 | 18.0 | 50.4 | 12.7 | 33.8 | 32.9 | 2.7 | |||||||||||||||||||||||||||||||||||||||
Net loan (charge-offs)/recoveries | (7.8) | (12.8) | (8.7) | (38.6) | (9.8) | (20.6) | (21.9) | (5.8) | |||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and leases | $ | 418.8 | $ | 406.3 | $ | 412.7 | 3.1 | 1.5 | $ | 418.8 | $ | 412.7 | 1.5 | ||||||||||||||||||||||||||||||||||
Allowance for Unfunded Loan Commitments | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for unfunded loan commitments balance at beginning of period | $ | 21.9 | $ | 21.5 | $ | 20.5 | 1.8 | 6.9 | $ | 21.5 | $ | 21.4 | 0.5 | ||||||||||||||||||||||||||||||||||
Provision (reduction in allowance) for unfunded loan commitments / other adjustments | (0.1) | 0.4 | 0.5 | (130.7) | (124.3) | 0.3 | (0.4) | 161.8 | |||||||||||||||||||||||||||||||||||||||
Allowance for unfunded loan commitments | $ | 21.8 | $ | 21.9 | $ | 21.0 | (0.5) | 3.8 | $ | 21.8 | $ | 21.0 | 3.8 | ||||||||||||||||||||||||||||||||||
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments | $ | 440.5 | $ | 428.2 | $ | 433.7 | 2.9 | 1.6 | $ | 440.5 | $ | 433.7 | 1.6 | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and leases / total loans and leases | 1.24 | % | 1.25 | % | 1.32 | % | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and leases / total non-performing loans | 388.1 | 388.6 | 289.5 | ||||||||||||||||||||||||||||||||||||||||||||
Net loan charge-offs (annualized) / total average loans and leases | 0.09 | 0.16 | 0.11 | 0.13 | % | 0.14 | % |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2Q24 | 2Q24 | For the Six Months Ended June 30, | % | ||||||||||||||||||||||||||||||||||||||||||||
2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | 2024 | 2023 | Var. | ||||||||||||||||||||||||||||||||||||||||
Operating net income available to common stockholders: | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 123,037 | $ | 116,326 | $ | 140,382 | $ | 239,363 | $ | 284,877 | |||||||||||||||||||||||||||||||||||||
Preferred dividend at redemption | — | 3,995 | — | 3,995 | — | ||||||||||||||||||||||||||||||||||||||||||
Merger-related expense | — | — | 163 | — | 2,215 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of merger-related expense | — | — | (34) | — | (465) | ||||||||||||||||||||||||||||||||||||||||||
Branch consolidation costs | — | 1,194 | — | 1,194 | — | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of branch consolidation costs | — | (251) | — | (251) | — | ||||||||||||||||||||||||||||||||||||||||||
FDIC special assessment | 804 | 4,408 | — | 5,212 | — | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of FDIC special assessment | (169) | (926) | — | (1,095) | — | ||||||||||||||||||||||||||||||||||||||||||
Loss on indirect auto loan sale | — | (2,603) | — | (2,603) | — | ||||||||||||||||||||||||||||||||||||||||||
Tax expense (benefit) of loss on indirect auto loan sale | — | 547 | — | 547 | — | ||||||||||||||||||||||||||||||||||||||||||
Operating net income available to common stockholders (non-GAAP) | $ | 123,672 | $ | 122,690 | $ | 140,511 | 0.8 | (12.0) | $ | 246,362 | $ | 286,627 | (14.0) | ||||||||||||||||||||||||||||||||||
Operating earnings per diluted common share: | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings per diluted common share | $ | 0.34 | $ | 0.32 | $ | 0.39 | $ | 0.66 | $ | 0.78 | |||||||||||||||||||||||||||||||||||||
Preferred dividend at redemption | — | 0.01 | — | 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 | — | 0.01 | — | 0.01 | — | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit of FDIC special assessment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Loss on indirect auto loan sale | — | (0.01) | — | (0.01) | — | ||||||||||||||||||||||||||||||||||||||||||
Tax expense (benefit) of loss on indirect auto loan sale | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Operating earnings per diluted common share (non-GAAP) | $ | 0.34 | $ | 0.34 | $ | 0.39 | — | (12.8) | $ | 0.68 | $ | 0.79 | (13.9) |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||
2Q24 | 1Q24 | 2Q23 | 2024 | 2023 | |||||||||||||||||||||||||
Return on average tangible equity: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Net income (annualized) | $ | 494,851 | $ | 492,012 | $ | 571,131 | $ | 493,431 | $ | 582,582 | |||||||||||||||||||
Amortization of intangibles, net of tax (annualized) | 13,913 | 14,115 | 15,984 | 14,014 | 16,190 | ||||||||||||||||||||||||
Tangible net income (annualized) (non-GAAP) | $ | 508,764 | $ | 506,127 | $ | 587,115 | $ | 507,445 | $ | 598,772 | |||||||||||||||||||
Average total stockholders' equity | $ | 6,038,239 | $ | 6,039,573 | $ | 5,833,186 | $ | 6,038,906 | $ | 5,782,694 | |||||||||||||||||||
Less: Average intangible assets (1) | (2,539,710) | (2,544,032) | (2,558,631) | (2,541,871) | (2,561,087) | ||||||||||||||||||||||||
Average tangible stockholders' equity (non-GAAP) | $ | 3,498,529 | $ | 3,495,541 | $ | 3,274,555 | $ | 3,497,035 | $ | 3,221,607 | |||||||||||||||||||
Return on average tangible equity (non-GAAP) | 14.54 | % | 14.48 | % | 17.93 | % | 14.51 | % | 18.59 | % | |||||||||||||||||||
Return on average tangible common equity: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Net income available to common stockholders (annualized) | $ | 494,851 | $ | 467,859 | $ | 563,073 | $ | 481,357 | $ | 574,476 | |||||||||||||||||||
Amortization of intangibles, net of tax (annualized) | 13,913 | 14,115 | 15,984 | 14,014 | 16,190 | ||||||||||||||||||||||||
Tangible net income available to common stockholders (annualized) (non-GAAP) | $ | 508,764 | $ | 481,974 | $ | 579,057 | $ | 495,371 | $ | 590,666 | |||||||||||||||||||
Average total stockholders' equity | $ | 6,038,239 | $ | 6,039,573 | $ | 5,833,186 | $ | 6,038,906 | $ | 5,782,694 | |||||||||||||||||||
Less: Average preferred stockholders' equity | — | (52,854) | (106,882) | (26,427) | (106,882) | ||||||||||||||||||||||||
Less: Average intangible assets (1) | (2,539,710) | (2,544,032) | (2,558,631) | (2,541,871) | (2,561,087) | ||||||||||||||||||||||||
Average tangible common equity (non-GAAP) | $ | 3,498,529 | $ | 3,442,687 | $ | 3,167,673 | $ | 3,470,608 | $ | 3,114,725 | |||||||||||||||||||
Return on average tangible common equity (non-GAAP) | 14.54 | % | 14.00 | % | 18.28 | % | 14.27 | % | 18.96 | % | |||||||||||||||||||
(1) Excludes loan servicing rights. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||
2Q24 | 1Q24 | 2Q23 | 2024 | 2023 | |||||||||||||||||||||||||
Operating return on average tangible common equity: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Operating net income available to common stockholders (annualized) | $ | 497,406 | $ | 493,456 | $ | 563,588 | $ | 495,431 | $ | 578,005 | |||||||||||||||||||
Amortization of intangibles, net of tax (annualized) | 13,913 | 14,115 | 15,984 | 14,014 | 16,190 | ||||||||||||||||||||||||
Tangible operating net income available to common stockholders (annualized) (non-GAAP) | $ | 511,319 | $ | 507,571 | $ | 579,572 | $ | 509,445 | $ | 594,195 | |||||||||||||||||||
Average total stockholders' equity | $ | 6,038,239 | $ | 6,039,573 | $ | 5,833,186 | $ | 6,038,906 | $ | 5,782,694 | |||||||||||||||||||
Less: Average preferred stockholders' equity | — | (52,854) | (106,882) | (26,427) | (106,882) | ||||||||||||||||||||||||
Less: Average intangible assets (1) | (2,539,710) | (2,544,032) | (2,558,631) | (2,541,871) | (2,561,087) | ||||||||||||||||||||||||
Average tangible common equity (non-GAAP) | $ | 3,498,529 | $ | 3,442,687 | $ | 3,167,673 | $ | 3,470,608 | $ | 3,114,725 | |||||||||||||||||||
Operating return on average tangible common equity (non-GAAP) | 14.62 | % | 14.74 | % | 18.30 | % | 14.68 | % | 19.08 | % | |||||||||||||||||||
Return on average tangible assets: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Net income (annualized) | $ | 494,851 | $ | 492,012 | $ | 571,131 | $ | 493,431 | $ | 582,582 | |||||||||||||||||||
Amortization of intangibles, net of tax (annualized) | 13,913 | 14,115 | 15,984 | 14,014 | 16,190 | ||||||||||||||||||||||||
Tangible net income (annualized) (non-GAAP) | $ | 508,764 | $ | 506,127 | $ | 587,115 | $ | 507,445 | $ | 598,772 | |||||||||||||||||||
Average total assets | $ | 46,471,781 | $ | 45,677,589 | $ | 44,410,312 | $ | 46,074,685 | $ | 43,918,841 | |||||||||||||||||||
Less: Average intangible assets (1) | (2,539,710) | (2,544,032) | (2,558,631) | (2,541,871) | (2,561,087) | ||||||||||||||||||||||||
Average tangible assets (non-GAAP) | $ | 43,932,071 | $ | 43,133,557 | $ | 41,851,681 | $ | 43,532,814 | $ | 41,357,754 | |||||||||||||||||||
Return on average tangible assets (non-GAAP) | 1.16 | % | 1.17 | % | 1.40 | % | 1.17 | % | 1.45 | % | |||||||||||||||||||
(1) Excludes loan servicing rights. | |||||||||||||||||||||||||||||
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||
(Unaudited) | |||||||||||||||||
2Q24 | 1Q24 | 2Q23 | |||||||||||||||
Tangible book value per common share: | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||
Total stockholders' equity | $ | 6,089,634 | $ | 6,005,562 | $ | 5,817,749 | |||||||||||
Less: Preferred stockholders' equity | — | — | (106,882) | ||||||||||||||
Less: Intangible assets (1) | (2,537,532) | (2,541,911) | (2,556,307) | ||||||||||||||
Tangible common equity (non-GAAP) | $ | 3,552,102 | $ | 3,463,651 | $ | 3,154,560 | |||||||||||
Common shares outstanding | 359,558,026 | 359,366,316 | 358,820,568 | ||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 9.88 | $ | 9.64 | $ | 8.79 | |||||||||||
Tangible common equity to tangible assets: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Total stockholders' equity | $ | 6,089,634 | $ | 6,005,562 | $ | 5,817,749 | |||||||||||
Less: Preferred stockholders' equity | — | — | (106,882) | ||||||||||||||
Less: Intangible assets (1) | (2,537,532) | (2,541,911) | (2,556,307) | ||||||||||||||
Tangible common equity (non-GAAP) | $ | 3,552,102 | $ | 3,463,651 | $ | 3,154,560 | |||||||||||
Total assets | $ | 47,714,742 | $ | 45,895,574 | $ | 44,777,964 | |||||||||||
Less: Intangible assets (1) | (2,537,532) | (2,541,911) | (2,556,307) | ||||||||||||||
Tangible assets (non-GAAP) | $ | 45,177,210 | $ | 43,353,663 | $ | 42,221,657 | |||||||||||
Tangible common equity to tangible assets (non-GAAP) | 7.86 | % | 7.99 | % | 7.47 | % | |||||||||||
(1) Excludes loan servicing rights. |
Operating non-interest expense | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Non-interest expense | $ | 226,612 | $ | 237,096 | $ | 211,955 | |||||||||||
Branch consolidations | — | (1,194) | — | ||||||||||||||
Merger-related | — | — | (163) | ||||||||||||||
FDIC special assessment | (804) | (4,408) | — | ||||||||||||||
Loss on indirect auto loan sale | — | 2,603 | — | ||||||||||||||
Operating non-interest expense (non-GAAP) | $ | 225,808 | $ | 234,097 | $ | 211,792 |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||
2Q24 | 1Q24 | 2Q23 | 2024 | 2023 | |||||||||||||||||||||||||
KEY PERFORMANCE INDICATORS | |||||||||||||||||||||||||||||
Pre-provision net revenue: | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Net interest income | $ | 315,890 | $ | 319,008 | $ | 329,244 | $ | 634,898 | $ | 665,898 | |||||||||||||||||||
Non-interest income | 87,922 | 87,862 | 80,309 | 175,784 | 159,698 | ||||||||||||||||||||||||
Less: Non-interest expense | (226,612) | (237,096) | (211,955) | (463,708) | (431,872) | ||||||||||||||||||||||||
Pre-provision net revenue (reported) (non-GAAP) | $ | 177,200 | $ | 169,774 | $ | 197,598 | $ | 346,974 | $ | 393,724 | |||||||||||||||||||
Pre-provision net revenue (reported) (annualized) (non-GAAP) | $ | 712,695 | $ | 682,825 | $ | 792,559 | $ | 697,760 | $ | 793,973 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Add: Merger-related expense (non-interest expense) | — | — | 163 | — | 2,215 | ||||||||||||||||||||||||
Add: Branch consolidation costs (non-interest expense) | — | 1,194 | — | 1,194 | — | ||||||||||||||||||||||||
Add: FDIC special assessment (non-interest expense) | 804 | 4,408 | — | 5,212 | — | ||||||||||||||||||||||||
(Less) / Add: Loss on indirect auto loan sale (non-interest expense) | — | (2,603) | — | (2,603) | — | ||||||||||||||||||||||||
Operating pre-provision net revenue (non-GAAP) | $ | 178,004 | $ | 172,773 | $ | 197,761 | $ | 350,777 | $ | 395,939 | |||||||||||||||||||
Operating pre-provision net revenue (annualized) (non-GAAP) | $ | 715,928 | $ | 694,887 | $ | 793,213 | $ | 705,408 | $ | 798,440 | |||||||||||||||||||
Efficiency ratio (FTE): | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Total non-interest expense | $ | 226,612 | $ | 237,096 | $ | 211,955 | $ | 463,708 | $ | 431,872 | |||||||||||||||||||
Less: Amortization of intangibles | (4,379) | (4,442) | (5,044) | (8,821) | (10,163) | ||||||||||||||||||||||||
Less: OREO expense | (200) | (190) | (492) | (390) | (1,049) | ||||||||||||||||||||||||
Less: Merger-related expense | — | — | (163) | — | (2,215) | ||||||||||||||||||||||||
Less: Branch consolidation costs | — | (1,194) | — | (1,194) | — | ||||||||||||||||||||||||
Less: FDIC special assessment | (804) | (4,408) | — | (5,212) | — | ||||||||||||||||||||||||
Add / (Less): Loss on indirect auto loan sale | — | 2,603 | — | 2,603 | — | ||||||||||||||||||||||||
Adjusted non-interest expense | $ | 221,229 | $ | 229,465 | $ | 206,256 | $ | 450,694 | $ | 418,445 | |||||||||||||||||||
Net interest income | $ | 315,890 | $ | 319,008 | $ | 329,244 | $ | 634,898 | $ | 665,898 | |||||||||||||||||||
Taxable equivalent adjustment | 2,915 | 2,910 | 3,269 | 5,825 | 6,543 | ||||||||||||||||||||||||
Non-interest income | 87,922 | 87,862 | 80,309 | 175,784 | 159,698 | ||||||||||||||||||||||||
Less: Net securities losses (gains) | 3 | — | 6 | 3 | 23 | ||||||||||||||||||||||||
Adjusted net interest income (FTE) + non-interest income | $ | 406,730 | $ | 409,780 | $ | 412,828 | $ | 816,510 | $ | 832,162 | |||||||||||||||||||
Efficiency ratio (FTE) (non-GAAP) | 54.39 | % | 56.00 | % | 49.96 | % | 55.20 | % | 50.28 | % |
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Document and Entity Information |
Jul. 17, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 17, 2024 |
Entity Registrant Name | FNB CORP/PA/ |
Entity Incorporation, State or Country Code | PA |
Entity File Number | 001-31940 |
Entity Tax Identification Number | 25-1255406 |
Entity Address, Address Line One | One North Shore Center, |
Entity Address, Address Line Two | 12 Federal Street, |
Entity Address, City or Town | Pittsburgh, |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 15212 |
City Area Code | 800 |
Local Phone Number | 555-5455 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | FNB |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000037808 |
Amendment Flag | false |
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