F.N.B. reports Q1 non-GAAP EPS 34c, consensus 34c

Q1 provision for credit losses was $13.9M vs. $14.1M last year. Reports Q1 net charge-offs of $12.8M, or 0.16% annualized of total average loans, vs. $13.2M, or 0.18% annualized. Tangible book value per common share was $9.64 at March 31, up 98c or 11.3%, from $8.66 at March 31, 2023. “F.N.B. Corporation reported a solid Q1 performance resulting in operating EPS common share non-GAAP of 34c. A key contributor to our earnings this quarter was a near-record level of non-interest income totaling $88M as Capital Markets, Wealth Management, Treasury Management and Mortgage Banking produced strong results…Tangible book value grew 11%, year-over-year, reaching an all-time high of $9.64. We also are very pleased with our strong credit results in this environment which is a testament to our risk management culture,” said CEO Vincent Delie, Jr. “FNB experienced growth in the number of customers and prospects opening multiple accounts since adding deposit products to our eStore platform in December 2023, contributing to FNB’s year-over-year growth of 6% and 2% for loans and deposits, respectively. FNB’s unique digital and data strategies are key to our continued success driving customer expansion and primacy, increasing product penetration and delivering an innovative and comprehensive banking experience for our consumer, wealth management and commercial clients.”