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 | 1Q24 | 4Q23 | 1Q23 | ||||||||||||||
Reported results | |||||||||||||||||
Net income available to common stockholders (millions) | $ | 116.3 | $ | 48.7 | $ | 144.5 | |||||||||||
Net income per diluted common share | 0.32 | 0.13 | 0.40 | ||||||||||||||
Book value per common share (period-end) | 16.71 | 16.56 | 15.76 | ||||||||||||||
Pre-provision net revenue (non-GAAP) (millions) | 169.8 | 71.5 | 196.1 | ||||||||||||||
Operating results (non-GAAP) | |||||||||||||||||
Operating net income available to common stockholders (millions) | $ | 122.7 | $ | 138.7 | $ | 146.1 | |||||||||||
Operating net income per diluted common share | 0.34 | 0.38 | 0.40 | ||||||||||||||
Operating pre-provision net revenue (millions) | 172.8 | 185.5 | 198.2 | ||||||||||||||
Average diluted common shares outstanding (thousands) | 362,619 | 362,285 | 364,930 | ||||||||||||||
Significant items impacting earnings1 (millions) | |||||||||||||||||
Preferred dividend equivalent at redemption | $ | (4.0) | $ | — | $ | — | |||||||||||
Pre-tax merger-related expenses | — | — | (2.1) | ||||||||||||||
After-tax impact of merger-related expenses | — | — | (1.6) | ||||||||||||||
Pre-tax branch consolidation costs | (1.2) | — | — |
After-tax impact of branch consolidation costs | (0.9) | — | — | ||||||||||||||
Pre-tax FDIC special assessment | (4.4) | (29.9) | — | ||||||||||||||
After-tax FDIC special assessment | (3.5) | (23.7) | — | ||||||||||||||
Pre-tax loss on securities restructuring | — | (67.4) | — | ||||||||||||||
After-tax loss on securities restructuring | — | (53.2) | — | ||||||||||||||
Pre-tax loss on indirect auto loan sale | 2.6 | (16.7) | — | ||||||||||||||
After-tax loss on indirect auto loan sale | 2.1 | (13.2) | — | ||||||||||||||
Total significant items after-tax | $ | (6.3) | $ | (90.1) | $ | (1.6) | |||||||||||
Capital measures | |||||||||||||||||
Common equity tier 1 (2) | 10.2 | % | 10.0 | % | 10.0 | % | |||||||||||
Tangible common equity to tangible assets (period-end) (non-GAAP) | 7.99 | 7.79 | 7.50 | ||||||||||||||
Tangible book value per common share (period-end) (non-GAAP) | $ | 9.64 | $ | 9.47 | $ | 8.66 | |||||||||||
(1) Favorable (unfavorable) impact on earnings. | |||||||||||||||||
(2) Estimated for 1Q24. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
(Unaudited) | % Variance | ||||||||||||||||||||||||||||
1Q24 | 1Q24 | ||||||||||||||||||||||||||||
1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | |||||||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||
Loans and leases, including fees | $ | 481,159 | $ | 475,487 | $ | 393,993 | 1.2 | 22.1 | |||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 46,055 | 40,744 | 35,713 | 13.0 | 29.0 | ||||||||||||||||||||||||
Tax-exempt | 7,105 | 7,115 | 7,144 | (0.1) | (0.5) | ||||||||||||||||||||||||
Other | 9,178 | 8,241 | 6,653 | 11.4 | 38.0 | ||||||||||||||||||||||||
Total Interest Income | 543,497 | 531,587 | 443,503 | 2.2 | 22.5 | ||||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||
Deposits | 170,398 | 160,034 | 84,092 | 6.5 | 102.6 | ||||||||||||||||||||||||
Short-term borrowings | 27,701 | 22,891 | 9,744 | 21.0 | 184.3 | ||||||||||||||||||||||||
Long-term borrowings | 26,390 | 24,637 | 13,013 | 7.1 | 102.8 | ||||||||||||||||||||||||
Total Interest Expense | 224,489 | 207,562 | 106,849 | 8.2 | 110.1 | ||||||||||||||||||||||||
Net Interest Income | 319,008 | 324,025 | 336,654 | (1.5) | (5.2) | ||||||||||||||||||||||||
Provision for credit losses | 13,890 | 13,243 | 14,061 | 4.9 | (1.2) | ||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 305,118 | 310,782 | 322,593 | (1.8) | (5.4) | ||||||||||||||||||||||||
Non-Interest Income | |||||||||||||||||||||||||||||
Service charges | 20,569 | 19,849 | 20,264 | 3.6 | 1.5 | ||||||||||||||||||||||||
Interchange and card transaction fees | 12,700 | 13,333 | 12,376 | (4.7) | 2.6 | ||||||||||||||||||||||||
Trust services | 11,424 | 10,723 | 10,611 | 6.5 | 7.7 | ||||||||||||||||||||||||
Insurance commissions and fees | 6,752 | 4,274 | 7,787 | 58.0 | (13.3) | ||||||||||||||||||||||||
Securities commissions and fees | 8,155 | 6,754 | 7,382 | 20.7 | 10.5 | ||||||||||||||||||||||||
Capital markets income | 6,331 | 7,349 | 6,793 | (13.9) | (6.8) | ||||||||||||||||||||||||
Mortgage banking operations | 7,914 | 7,016 | 4,855 | 12.8 | 63.0 | ||||||||||||||||||||||||
Dividends on non-marketable equity securities | 6,193 | 5,908 | 4,108 | 4.8 | 50.8 | ||||||||||||||||||||||||
Bank owned life insurance | 3,343 | 2,929 | 2,825 | 14.1 | 18.3 | ||||||||||||||||||||||||
Net securities gains (losses) | — | (67,354) | (17) | — | — | ||||||||||||||||||||||||
Other | 4,481 | 2,302 | 2,405 | 94.7 | 86.3 | ||||||||||||||||||||||||
Total Non-Interest Income | 87,862 | 13,083 | 79,389 | 571.6 | 10.7 | ||||||||||||||||||||||||
Non-Interest Expense | |||||||||||||||||||||||||||||
Salaries and employee benefits | 129,126 | 114,133 | 120,247 | 13.1 | 7.4 | ||||||||||||||||||||||||
Net occupancy | 19,595 | 18,502 | 17,370 | 5.9 | 12.8 | ||||||||||||||||||||||||
Equipment | 23,772 | 24,069 | 22,072 | (1.2) | 7.7 | ||||||||||||||||||||||||
Amortization of intangibles | 4,442 | 4,913 | 5,119 | (9.6) | (13.2) | ||||||||||||||||||||||||
Outside services | 22,880 | 23,152 | 19,398 | (1.2) | 18.0 | ||||||||||||||||||||||||
Marketing | 5,431 | 4,253 | 3,701 | 27.7 | 46.7 | ||||||||||||||||||||||||
FDIC insurance | 12,662 | 37,713 | 7,119 | (66.4) | 77.9 | ||||||||||||||||||||||||
Bank shares and franchise taxes | 4,126 | 1,584 | 4,172 | 160.5 | (1.1) | ||||||||||||||||||||||||
Merger-related | — | — | 2,052 | — | — | ||||||||||||||||||||||||
Other | 15,062 | 37,247 | 18,667 | (59.6) | (19.3) | ||||||||||||||||||||||||
Total Non-Interest Expense | 237,096 | 265,566 | 219,917 | (10.7) | 7.8 | ||||||||||||||||||||||||
Income Before Income Taxes | 155,884 | 58,299 | 182,065 | 167.4 | (14.4) | ||||||||||||||||||||||||
Income taxes | 33,553 | 7,626 | 35,560 | 340.0 | (5.6) | ||||||||||||||||||||||||
Net Income | 122,331 | 50,673 | 146,505 | 141.4 | (16.5) | ||||||||||||||||||||||||
Preferred stock dividends | 6,005 | 2,011 | 2,010 | 198.6 | 198.8 | ||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 116,326 | $ | 48,662 | $ | 144,495 | 139.0 | (19.5) | |||||||||||||||||||||
Earnings per Common Share | |||||||||||||||||||||||||||||
Basic | $ | 0.32 | $ | 0.13 | $ | 0.40 | 146.2 | (20.0) | |||||||||||||||||||||
Diluted | 0.32 | 0.13 | 0.40 | 146.2 | (20.0) | ||||||||||||||||||||||||
Cash Dividends per Common Share | 0.12 | 0.12 | 0.12 | — | — |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
(Unaudited) | % Variance | ||||||||||||||||||||||||||||
1Q24 | 1Q24 | ||||||||||||||||||||||||||||
1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 351 | $ | 447 | $ | 445 | (21.5) | (21.1) | |||||||||||||||||||||
Interest-bearing deposits with banks | 1,136 | 1,129 | 1,278 | 0.6 | (11.1) | ||||||||||||||||||||||||
Cash and Cash Equivalents | 1,487 | 1,576 | 1,723 | (5.6) | (13.7) | ||||||||||||||||||||||||
Securities available for sale | 3,226 | 3,254 | 3,201 | (0.9) | 0.8 | ||||||||||||||||||||||||
Securities held to maturity | 3,893 | 3,911 | 4,073 | (0.5) | (4.4) | ||||||||||||||||||||||||
Loans held for sale | 107 | 488 | 100 | (78.1) | 7.0 | ||||||||||||||||||||||||
Loans and leases, net of unearned income | 32,584 | 32,323 | 30,673 | 0.8 | 6.2 | ||||||||||||||||||||||||
Allowance for credit losses on loans and leases | (406) | (406) | (403) | — | 0.7 | ||||||||||||||||||||||||
Net Loans and Leases | 32,178 | 31,917 | 30,270 | 0.8 | 6.3 | ||||||||||||||||||||||||
Premises and equipment, net | 474 | 461 | 452 | 2.8 | 4.9 | ||||||||||||||||||||||||
Goodwill | 2,477 | 2,477 | 2,477 | — | — | ||||||||||||||||||||||||
Core deposit and other intangible assets, net | 65 | 69 | 84 | (5.8) | (22.6) | ||||||||||||||||||||||||
Bank owned life insurance | 663 | 660 | 655 | 0.5 | 1.2 | ||||||||||||||||||||||||
Other assets | 1,326 | 1,345 | 1,111 | (1.4) | 19.4 | ||||||||||||||||||||||||
Total Assets | $ | 45,896 | $ | 46,158 | $ | 44,146 | (0.6) | 4.0 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
Non-interest-bearing demand | $ | 9,982 | $ | 10,222 | $ | 11,297 | (2.3) | (11.6) | |||||||||||||||||||||
Interest-bearing demand | 14,679 | 14,809 | 14,091 | (0.9) | 4.2 | ||||||||||||||||||||||||
Savings | 3,389 | 3,465 | 4,053 | (2.2) | (16.4) | ||||||||||||||||||||||||
Certificates and other time deposits | 6,685 | 6,215 | 4,749 | 7.6 | 40.8 | ||||||||||||||||||||||||
Total Deposits | 34,735 | 34,711 | 34,190 | 0.1 | 1.6 | ||||||||||||||||||||||||
Short-term borrowings | 2,074 | 2,506 | 2,149 | (17.2) | (3.5) | ||||||||||||||||||||||||
Long-term borrowings | 2,121 | 1,971 | 1,298 | 7.6 | 63.4 | ||||||||||||||||||||||||
Other liabilities | 960 | 920 | 721 | 4.3 | 33.1 | ||||||||||||||||||||||||
Total Liabilities | 39,890 | 40,108 | 38,358 | (0.5) | 4.0 | ||||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||||||
Preferred stock | — | 107 | 107 | (100.0) | (100.0) | ||||||||||||||||||||||||
Common stock | 4 | 4 | 4 | — | — | ||||||||||||||||||||||||
Additional paid-in capital | 4,694 | 4,692 | 4,693 | — | — | ||||||||||||||||||||||||
Retained earnings | 1,740 | 1,669 | 1,471 | 4.3 | 18.3 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (250) | (235) | (315) | 6.4 | (20.6) | ||||||||||||||||||||||||
Treasury stock | (182) | (187) | (172) | (2.7) | 5.8 | ||||||||||||||||||||||||
Total Stockholders' Equity | 6,006 | 6,050 | 5,788 | (0.7) | 3.8 | ||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 45,896 | $ | 46,158 | $ | 44,146 | (0.6) | 4.0 |
F.N.B. CORPORATION AND SUBSIDIARIES | 1Q24 | 4Q23 | 1Q23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 872,353 | $ | 9,178 | 4.23 | % | $ | 934,393 | $ | 8,241 | 3.50 | % | $ | 817,910 | $ | 6,653 | 3.30 | % | ||||||||||||||||||||||||||||||||||||||
Taxable investment securities (2) | 6,121,568 | 45,825 | 2.99 | 6,052,983 | 40,514 | 2.67 | 6,214,311 | 35,476 | 2.28 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable investment securities (1) | 1,041,224 | 8,971 | 3.45 | 1,043,249 | 9,003 | 3.45 | 1,055,189 | 9,159 | 3.47 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 237,106 | 4,287 | 7.25 | 199,352 | 3,642 | 7.29 | 116,164 | 1,594 | 5.51 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases (1) (3) | 32,380,951 | 478,146 | 5.93 | 32,267,565 | 473,068 | 5.82 | 30,410,376 | 393,895 | 5.24 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Interest Earning Assets (1) | 40,653,202 | 546,407 | 5.40 | 40,497,542 | 534,468 | 5.25 | 38,613,950 | 446,777 | 4.68 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 410,680 | 425,821 | 442,712 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (409,865) | (405,309) | (405,705) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 469,516 | 463,092 | 442,441 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 4,554,056 | 4,502,890 | 4,328,511 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 45,677,589 | $ | 45,484,036 | $ | 43,421,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 14,554,457 | 94,742 | 2.62 | $ | 14,671,311 | 91,922 | 2.49 | $ | 14,596,006 | 52,278 | 1.45 | ||||||||||||||||||||||||||||||||||||||||||||
Savings | 3,411,870 | 9,999 | 1.18 | 3,531,590 | 10,506 | 1.18 | 4,023,568 | 7,853 | 0.79 | |||||||||||||||||||||||||||||||||||||||||||||||
Certificates and other time | 6,299,280 | 65,657 | 4.19 | 5,799,348 | 57,606 | 3.94 | 4,182,700 | 23,961 | 2.32 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 24,265,607 | 170,398 | 2.82 | 24,002,249 | 160,034 | 2.65 | 22,802,274 | 84,092 | 1.50 | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 2,400,104 | 27,701 | 4.63 | 2,147,665 | 22,891 | 4.22 | 1,561,343 | 9,744 | 2.53 | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 2,057,817 | 26,390 | 5.16 | 1,969,568 | 24,637 | 4.96 | 1,082,040 | 13,013 | 4.88 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 28,723,528 | 224,489 | 3.14 | 28,119,482 | 207,562 | 2.93 | 25,445,657 | 106,849 | 1.70 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 9,939,350 | 10,423,237 | 11,410,506 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Deposits and Borrowings | 38,662,878 | 2.33 | 38,542,719 | 2.14 | 36,856,163 | 1.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 975,138 | 984,446 | 834,106 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 39,638,016 | 39,527,165 | 37,690,269 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 6,039,573 | 5,956,871 | 5,731,640 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 45,677,589 | $ | 45,484,036 | $ | 43,421,909 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Earning Assets | $ | 11,929,674 | $ | 12,378,060 | $ | 13,168,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income (FTE) (1) | 321,918 | 326,906 | 339,928 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Equivalent Adjustment | (2,910) | (2,881) | (3,274) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 319,008 | $ | 324,025 | $ | 336,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Spread | 2.26 | % | 2.32 | % | 2.98 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (1) | 3.18 | % | 3.21 | % | 3.56 | % |
(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) | |||||||||||||||||
1Q24 | 4Q23 | 1Q23 | |||||||||||||||
Performance Ratios | |||||||||||||||||
Return on average equity | 8.15 | % | 3.37 | % | 10.37 | % | |||||||||||
Return on average tangible equity (1) | 14.48 | 6.35 | 19.27 | ||||||||||||||
Return on average tangible common equity (1) | 14.00 | 6.31 | 19.68 | ||||||||||||||
Return on average assets | 1.08 | 0.44 | 1.37 | ||||||||||||||
Return on average tangible assets (1) | 1.17 | 0.50 | 1.49 | ||||||||||||||
Net interest margin (FTE) (2) | 3.18 | 3.21 | 3.56 | ||||||||||||||
Yield on earning assets (FTE) (2) | 5.40 | 5.25 | 4.68 | ||||||||||||||
Cost of interest-bearing deposits | 2.82 | 2.65 | 1.50 | ||||||||||||||
Cost of interest-bearing liabilities | 3.14 | 2.93 | 1.70 | ||||||||||||||
Cost of funds | 2.33 | 2.14 | 1.18 | ||||||||||||||
Efficiency ratio (1) | 56.00 | 52.51 | 50.60 | ||||||||||||||
Effective tax rate | 21.52 | 13.08 | 19.53 | ||||||||||||||
Capital Ratios | |||||||||||||||||
Equity / assets (period end) | 13.09 | 13.11 | 13.11 | ||||||||||||||
Common equity / assets (period end) | 13.09 | 12.88 | 12.87 | ||||||||||||||
Common equity tier 1 (3) | 10.2 | 10.0 | 10.0 | ||||||||||||||
Leverage ratio | 8.62 | 8.72 | 8.70 | ||||||||||||||
Tangible common equity / tangible assets (period end) (1) | 7.99 | 7.79 | 7.50 | ||||||||||||||
Common Stock Data | |||||||||||||||||
Average diluted common shares outstanding | 362,619,278 | 362,284,599 | 364,930,288 | ||||||||||||||
Period end common shares outstanding | 359,366,316 | 358,829,417 | 360,359,857 | ||||||||||||||
Book value per common share | $ | 16.71 | $ | 16.56 | $ | 15.76 | |||||||||||
Tangible book value per common share (1) | 9.64 | 9.47 | 8.66 | ||||||||||||||
Dividend payout ratio (common) | 37.76 | % | 89.32 | % | 30.30 | % |
(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) | March 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 | |||||||||||||||||||||||||||||
1Q24 | 1Q24 | ||||||||||||||||||||||||||||
1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | |||||||||||||||||||||||||
Balances at period end | |||||||||||||||||||||||||||||
Loans and Leases: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 12,447 | $ | 12,305 | $ | 11,528 | 1.2 | 8.0 | |||||||||||||||||||||
Commercial and industrial | 7,347 | 7,482 | 7,246 | (1.8) | 1.4 | ||||||||||||||||||||||||
Commercial leases | 615 | 599 | 562 | 2.7 | 9.4 | ||||||||||||||||||||||||
Other | 140 | 110 | 176 | 27.3 | (20.5) | ||||||||||||||||||||||||
Commercial loans and leases | 20,549 | 20,496 | 19,512 | 0.3 | 5.3 | ||||||||||||||||||||||||
Direct installment | 2,712 | 2,741 | 2,752 | (1.1) | (1.5) | ||||||||||||||||||||||||
Residential mortgages | 6,887 | 6,640 | 5,589 | 3.7 | 23.2 | ||||||||||||||||||||||||
Indirect installment | 1,142 | 1,149 | 1,525 | (0.6) | (25.1) | ||||||||||||||||||||||||
Consumer LOC | 1,294 | 1,297 | 1,295 | (0.2) | (0.1) | ||||||||||||||||||||||||
Consumer loans | 12,035 | 11,827 | 11,161 | 1.8 | 7.8 | ||||||||||||||||||||||||
Total loans and leases | $ | 32,584 | $ | 32,323 | $ | 30,673 | 0.8 | 6.2 | |||||||||||||||||||||
Note: Loans held for sale were $107, $488 and $100 at 1Q24, 4Q23, and 1Q23, respectively. | |||||||||||||||||||||||||||||
% Variance | |||||||||||||||||||||||||||||
Average balances | 1Q24 | 1Q24 | |||||||||||||||||||||||||||
Loans and Leases: | 1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | ||||||||||||||||||||||||
Commercial real estate | $ | 12,274 | $ | 11,971 | $ | 11,519 | 2.5 | 6.6 | |||||||||||||||||||||
Commercial and industrial | 7,414 | 7,472 | 7,189 | (0.8) | 3.1 | ||||||||||||||||||||||||
Commercial leases | 658 | 642 | 534 | 2.5 | 23.3 | ||||||||||||||||||||||||
Other | 135 | 143 | 131 | (5.3) | 3.1 | ||||||||||||||||||||||||
Commercial loans and leases | 20,482 | 20,228 | 19,373 | 1.3 | 5.7 | ||||||||||||||||||||||||
Direct installment | 2,727 | 2,746 | 2,763 | (0.7) | (1.3) | ||||||||||||||||||||||||
Residential mortgages | 6,745 | 6,529 | 5,423 | 3.3 | 24.4 | ||||||||||||||||||||||||
Indirect installment | 1,138 | 1,467 | 1,540 | (22.4) | (26.1) | ||||||||||||||||||||||||
Consumer LOC | 1,290 | 1,299 | 1,312 | (0.7) | (1.7) | ||||||||||||||||||||||||
Consumer loans | 11,899 | 12,040 | 11,038 | (1.2) | 7.8 | ||||||||||||||||||||||||
Total loans and leases | $ | 32,381 | $ | 32,268 | $ | 30,410 | 0.4 | 6.5 |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Dollars in millions) | % Variance | ||||||||||||||||||||||||||||
(Unaudited) | 1Q24 | 1Q24 | |||||||||||||||||||||||||||
Asset Quality Data | 1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | ||||||||||||||||||||||||
Non-Performing Assets | |||||||||||||||||||||||||||||
Non-performing loans | $ | 105 | $ | 107 | $ | 113 | (1.9) | (7.1) | |||||||||||||||||||||
Other real estate owned (OREO) | 3 | 3 | 6 | — | (50.0) | ||||||||||||||||||||||||
Non-performing assets | $ | 108 | $ | 110 | $ | 119 | (1.8) | (9.2) | |||||||||||||||||||||
Non-performing loans / total loans and leases | 0.32 | % | 0.33 | % | 0.37 | % | |||||||||||||||||||||||
Non-performing assets plus 90+ days past due / total loans and leases plus OREO | 0.38 | 0.38 | 0.41 | ||||||||||||||||||||||||||
Delinquency | |||||||||||||||||||||||||||||
Loans 30-89 days past due | $ | 87 | $ | 107 | $ | 63 | (18.7) | 38.1 | |||||||||||||||||||||
Loans 90+ days past due | 17 | 12 | 7 | 41.7 | 142.9 | ||||||||||||||||||||||||
Non-accrual loans | 105 | 107 | 113 | (1.9) | (7.1) | ||||||||||||||||||||||||
Past due and non-accrual loans | $ | 209 | $ | 226 | $ | 183 | (7.5) | 14.2 | |||||||||||||||||||||
Past due and non-accrual loans / total loans and leases | 0.64 | % | 0.70 | % | 0.60 | % |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
(Dollars in millions) | % Variance | ||||||||||||||||||||||||||||
(Unaudited) | 1Q24 | 1Q24 | |||||||||||||||||||||||||||
Allowance on Loans and Leases and Allowance for Unfunded Loan Commitments Rollforward | 1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | ||||||||||||||||||||||||
Allowance for Credit Losses on Loans and Leases | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 405.6 | $ | 400.6 | $ | 401.7 | 1.2 | 1.0 | |||||||||||||||||||||
Provision for credit losses | 13.5 | 13.1 | 14.9 | 3.2 | (9.3) | ||||||||||||||||||||||||
Net loan (charge-offs)/recoveries | (12.8) | (8.2) | (13.2) | 56.6 | (3.2) | ||||||||||||||||||||||||
Allowance for credit losses on loans and leases | $ | 406.3 | $ | 405.6 | $ | 403.4 | 0.2 | 0.7 | |||||||||||||||||||||
Allowance for Unfunded Loan Commitments | |||||||||||||||||||||||||||||
Allowance for unfunded loan commitments balance at beginning of period | $ | 21.5 | $ | 21.3 | $ | 21.4 | 0.8 | 0.5 | |||||||||||||||||||||
Provision (reduction in allowance) for unfunded loan commitments / other adjustments | 0.4 | 0.2 | (0.9) | 127.6 | 141.8 | ||||||||||||||||||||||||
Allowance for unfunded loan commitments | $ | 21.9 | $ | 21.5 | $ | 20.5 | 1.8 | 6.9 | |||||||||||||||||||||
Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments | $ | 428.2 | $ | 427.0 | $ | 423.9 | 0.3 | 1.0 | |||||||||||||||||||||
Allowance for credit losses on loans and leases / total loans and leases | 1.25 | % | 1.25 | % | 1.32 | % | |||||||||||||||||||||||
Allowance for credit losses on loans and leases / total non-performing loans | 388.6 | 378.5 | 356.1 | ||||||||||||||||||||||||||
Net loan charge-offs (annualized) / total average loans and leases | 0.16 | 0.10 | 0.18 |
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. | |||||||||||||||||
1Q24 | 4Q23 | 1Q23 | |||||||||||||||
Operating net income available to common stockholders: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net income available to common stockholders | $ | 116,326 | $ | 48,662 | $ | 144,495 | |||||||||||
Preferred dividend at redemption | 3,995 | — | — | ||||||||||||||
Merger-related expense | — | — | 2,052 | ||||||||||||||
Tax benefit of merger-related expense | — | — | (431) | ||||||||||||||
Branch consolidation costs | 1,194 | — | — | ||||||||||||||
Tax benefit of branch consolidation costs | (251) | — | — | ||||||||||||||
FDIC special assessment | 4,408 | 29,938 | — | ||||||||||||||
Tax benefit of FDIC special assessment | (926) | (6,287) | — | ||||||||||||||
Loss on securities restructuring | — | 67,354 | — | ||||||||||||||
Tax benefit of loss on securities restructuring | — | (14,144) | — | ||||||||||||||
Loss on indirect auto loan sale | (2,603) | 16,687 | — | ||||||||||||||
Tax expense (benefit) of loss on indirect auto loan sale | 547 | (3,504) | — | ||||||||||||||
Operating net income available to common stockholders (non-GAAP) | $ | 122,690 | $ | 138,706 | $ | 146,116 | |||||||||||
Operating earnings per diluted common share: | |||||||||||||||||
Earnings per diluted common share | $ | 0.32 | $ | 0.13 | $ | 0.40 | |||||||||||
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 | 0.01 | 0.08 | — | ||||||||||||||
Tax benefit of FDIC special assessment | — | (0.02) | — | ||||||||||||||
Loss on securities restructuring | — | 0.19 | — | ||||||||||||||
Tax benefit of loss on securities restructuring | — | (0.04) | — | ||||||||||||||
Loss on indirect auto loan sale | (0.01) | 0.05 | — | ||||||||||||||
Tax expense (benefit) of loss on indirect auto loan sale | — | (0.01) | — | ||||||||||||||
Operating earnings per diluted common share (non-GAAP) | $ | 0.34 | $ | 0.38 | $ | 0.40 |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||
(Unaudited) | |||||||||||||||||
1Q24 | 4Q23 | 1Q23 | |||||||||||||||
Return on average tangible equity: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net income (annualized) | $ | 492,012 | $ | 201,041 | $ | 594,159 | |||||||||||
Amortization of intangibles, net of tax (annualized) | 14,115 | 15,399 | 16,402 | ||||||||||||||
Tangible net income (annualized) (non-GAAP) | $ | 506,127 | $ | 216,440 | $ | 610,561 | |||||||||||
Average total stockholders' equity | $ | 6,039,573 | $ | 5,956,871 | $ | 5,731,640 | |||||||||||
Less: Average intangible assets (1) | (2,544,032) | (2,548,725) | (2,563,569) | ||||||||||||||
Average tangible stockholders' equity (non-GAAP) | $ | 3,495,541 | $ | 3,408,146 | $ | 3,168,071 | |||||||||||
Return on average tangible equity (non-GAAP) | 14.48 | % | 6.35 | % | 19.27 | % | |||||||||||
Return on average tangible common equity: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net income available to common stockholders (annualized) | $ | 467,859 | $ | 193,062 | $ | 586,007 | |||||||||||
Amortization of intangibles, net of tax (annualized) | 14,115 | 15,399 | 16,402 | ||||||||||||||
Tangible net income available to common stockholders (annualized) (non-GAAP) | $ | 481,974 | $ | 208,461 | $ | 602,409 | |||||||||||
Average total stockholders' equity | $ | 6,039,573 | $ | 5,956,871 | $ | 5,731,640 | |||||||||||
Less: Average preferred stockholders' equity | (52,854) | (106,882) | (106,882) | ||||||||||||||
Less: Average intangible assets (1) | (2,544,032) | (2,548,725) | (2,563,569) | ||||||||||||||
Average tangible common equity (non-GAAP) | $ | 3,442,687 | $ | 3,301,264 | $ | 3,061,189 | |||||||||||
Return on average tangible common equity (non-GAAP) | 14.00 | % | 6.31 | % | 19.68 | % | |||||||||||
Operating return on average tangible common equity: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Operating net income available to common stockholders (annualized) | $ | 493,456 | $ | 550,301 | $ | 592,582 | |||||||||||
Amortization of intangibles, net of tax (annualized) | 14,115 | 15,399 | 16,402 | ||||||||||||||
Tangible operating net income available to common stockholders (annualized) (non-GAAP) | $ | 507,571 | $ | 565,700 | $ | 608,984 | |||||||||||
Average total stockholders' equity | $ | 6,039,573 | $ | 5,956,871 | $ | 5,731,640 | |||||||||||
Less: Average preferred stockholders' equity | (52,854) | (106,882) | (106,882) | ||||||||||||||
Less: Average intangible assets (1) | (2,544,032) | (2,548,725) | (2,563,569) | ||||||||||||||
Average tangible common equity (non-GAAP) | $ | 3,442,687 | $ | 3,301,264 | $ | 3,061,189 | |||||||||||
Operating return on average tangible common equity (non-GAAP) | 14.74 | % | 17.14 | % | 19.89 | % | |||||||||||
(1) Excludes loan servicing rights. |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||
(Unaudited) | |||||||||||||||||
1Q24 | 4Q23 | 1Q23 | |||||||||||||||
Return on average tangible assets: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net income (annualized) | $ | 492,012 | $ | 201,041 | $ | 594,159 | |||||||||||
Amortization of intangibles, net of tax (annualized) | 14,115 | 15,399 | 16,402 | ||||||||||||||
Tangible net income (annualized) (non-GAAP) | $ | 506,127 | $ | 216,440 | $ | 610,561 | |||||||||||
Average total assets | $ | 45,677,589 | $ | 45,484,036 | $ | 43,421,909 | |||||||||||
Less: Average intangible assets (1) | (2,544,032) | (2,548,725) | (2,563,569) | ||||||||||||||
Average tangible assets (non-GAAP) | $ | 43,133,557 | $ | 42,935,311 | $ | 40,858,340 | |||||||||||
Return on average tangible assets (non-GAAP) | 1.17 | % | 0.50 | % | 1.49 | % | |||||||||||
Tangible book value per common share: | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||
Total stockholders' equity | $ | 6,005,562 | $ | 6,049,969 | $ | 5,787,383 | |||||||||||
Less: Preferred stockholders' equity | — | (106,882) | (106,882) | ||||||||||||||
Less: Intangible assets (1) | (2,541,911) | (2,546,353) | (2,561,216) | ||||||||||||||
Tangible common equity (non-GAAP) | $ | 3,463,651 | $ | 3,396,734 | $ | 3,119,285 | |||||||||||
Common shares outstanding | 359,366,316 | 358,829,417 | 360,359,857 | ||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 9.64 | $ | 9.47 | $ | 8.66 | |||||||||||
Tangible common equity to tangible assets (period end): | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Total stockholders' equity | $ | 6,005,562 | $ | 6,049,969 | $ | 5,787,383 | |||||||||||
Less: Preferred stockholders' equity | — | (106,882) | (106,882) | ||||||||||||||
Less: Intangible assets (1) | (2,541,911) | (2,546,353) | (2,561,216) | ||||||||||||||
Tangible common equity (non-GAAP) | $ | 3,463,651 | $ | 3,396,734 | $ | 3,119,285 | |||||||||||
Total assets | $ | 45,895,574 | $ | 46,157,693 | $ | 44,145,664 | |||||||||||
Less: Intangible assets (1) | (2,541,911) | (2,546,353) | (2,561,216) | ||||||||||||||
Tangible assets (non-GAAP) | $ | 43,353,663 | $ | 43,611,340 | $ | 41,584,448 | |||||||||||
Tangible common equity to tangible assets (period end) (non-GAAP) | 7.99 | % | 7.79 | % | 7.50 | % | |||||||||||
(1) Excludes loan servicing rights. |
Operating non-interest expense | |||||||||||
(dollars in thousands) | 1Q24 | 1Q23 | |||||||||
Non-interest expense | $ | 237,096 | $ | 219,917 | |||||||
Branch consolidations | (1,194) | — | |||||||||
Merger-related | — | (2,052) | |||||||||
FDIC special assessment | (4,408) | — | |||||||||
Loss on indirect auto loan sale | 2,603 | — | |||||||||
Operating non-interest expense (non-GAAP) | $ | 234,097 | $ | 217,865 |
F.N.B. CORPORATION AND SUBSIDIARIES | |||||||||||||||||
(Unaudited) | |||||||||||||||||
1Q24 | 4Q23 | 1Q23 | |||||||||||||||
KEY PERFORMANCE INDICATORS | |||||||||||||||||
Pre-provision net revenue: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net interest income | $ | 319,008 | $ | 324,025 | $ | 336,654 | |||||||||||
Non-interest income | 87,862 | 13,083 | 79,389 | ||||||||||||||
Less: Non-interest expense | (237,096) | (265,566) | (219,917) | ||||||||||||||
Pre-provision net revenue (reported) (non-GAAP) | $ | 169,774 | $ | 71,542 | $ | 196,126 | |||||||||||
Pre-provision net revenue (reported) (annualized) (non-GAAP) | $ | 682,825 | $ | 283,835 | $ | 795,398 | |||||||||||
Adjustments: | |||||||||||||||||
Add: Loss on securities restructuring (non-interest income) | — | 67,354 | — | ||||||||||||||
Add: Merger-related expense (non-interest expense) | — | — | 2,052 | ||||||||||||||
Add: Branch consolidation costs (non-interest expense) | 1,194 | — | — | ||||||||||||||
Add: FDIC special assessment (non-interest expense) | 4,408 | 29,938 | — | ||||||||||||||
(Less) / Add: Loss on indirect auto loan sale (non-interest expense) | (2,603) | 16,687 | — | ||||||||||||||
Operating pre-provision net revenue (non-GAAP) | $ | 172,773 | $ | 185,521 | $ | 198,178 | |||||||||||
Operating pre-provision net revenue (annualized) (non-GAAP) | $ | 694,887 | $ | 736,034 | $ | 803,721 | |||||||||||
Efficiency ratio (FTE): | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Total non-interest expense | $ | 237,096 | $ | 265,566 | $ | 219,917 | |||||||||||
Less: Amortization of intangibles | (4,442) | (4,913) | (5,119) | ||||||||||||||
Less: OREO expense | (190) | (149) | (557) | ||||||||||||||
Less: Merger-related expense | — | — | (2,052) | ||||||||||||||
Less: Branch consolidation costs | (1,194) | — | — | ||||||||||||||
Less: FDIC special assessment | (4,408) | (29,938) | — | ||||||||||||||
Add / (Less): Loss on indirect auto loan sale | 2,603 | (16,687) | — | ||||||||||||||
Adjusted non-interest expense | $ | 229,465 | $ | 213,879 | $ | 212,189 | |||||||||||
Net interest income | $ | 319,008 | $ | 324,025 | $ | 336,654 | |||||||||||
Taxable equivalent adjustment | 2,910 | 2,881 | 3,274 | ||||||||||||||
Non-interest income | 87,862 | 13,083 | 79,389 | ||||||||||||||
Less: Net securities losses (gains) | — | 67,354 | 17 | ||||||||||||||
Adjusted net interest income (FTE) + non-interest income | $ | 409,780 | $ | 407,343 | $ | 419,334 | |||||||||||
Efficiency ratio (FTE) (non-GAAP) | 56.00 | % | 52.51 | % | 50.60 | % |
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Document and Entity Information |
Apr. 17, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 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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