F N B Corp (FNB) Reports Strong Q3 2023 Earnings, Showcases Solid Loan and Deposit Growth
F N B Corp (NYSE:FNB) reported Q3 2023 net income of $143.3 million, up from $135.5 million in Q3 2022 and $140.4 million in Q2 2023.
Period-end loans and deposits showed linked-quarter growth of 2.5% and 2.3% respectively.
Net interest income increased by 9.9% to $326.6 million, primarily due to growth in earning assets and a higher interest rate environment.
The company's CET1 regulatory capital ratio stood at 10.2%, while tangible book value per common share was $9.02, up 12.5% year over year.
On October 19, 2023, F N B Corp (NYSE:FNB) released its Q3 2023 earnings report, showcasing a strong financial performance. The company reported net income available to common stockholders of $143.3 million, or $0.40 per diluted common share. This represents an increase from $135.5 million, or $0.38 per diluted common share, in Q3 2022, and $140.4 million, or $0.39 per diluted common share, in Q2 2023.
Financial Highlights
F N B Corp (NYSE:FNB) reported period-end total loans and leases growth of 11.7%, including the UB Bancorp (Union) acquisition that closed in Q4 2022. Commercial loans and leases increased by 10.8%, and consumer loans increased by 13.3%. The company's net interest income increased by 9.9% to $326.6 million, primarily due to the benefit of growth in earning assets, the impact from the higher interest rate environment, and deposit growth.
Commentary from the CEO
We are pleased with F.N.B. Corporation's third quarter financial results, reporting $0.40 of earnings per diluted common share and an 18.2% return on tangible common equity (non-GAAP). In addition, we continued to outperform the industry with our quarterly loan and deposit growth of 2.5% and 2.3%, respectively, while adhering to our conservative risk management standards, said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr.
Capital and Liquidity
F N B Corp (NYSE:FNB) maintained strong capital ratios, with CET1 totaling 10.2%, and tangible common equity to tangible assets (non-GAAP) finishing the quarter at 7.54%. The tangible book value per common share (non-GAAP) was $9.02 at the end of September, marking an increase of $1.00, or 12.5%, year over year.
Outlook
Given the strength of its performance, F N B Corp (NYSE:FNB) is well-prepared to meet the needs of its consumer and business clients with a broad array of products and services, a strong balance sheet, ample liquidity, and a commitment to achieving success for all stakeholders.
This article first appeared on GuruFocus.
