F.N.B. reports Q4 non-GAAP EPS 38c, consensus 35c

Reports Q4 net charge-offs $8.2M, or 0.10% annualized of total average loans, compared to $11.9M, or 0.16% annualized. The allowance for credit losses was $405.6M, an increase of $3.9M, with the ratio of the ACL to total loans and leases decreasing 8 basis points to 1.25% reflecting net loan growth and charge-off activity. “F.N.B. Corporation has again delivered exceptional performance with full year operating earnings totaling a record $1.57 per diluted common share, non-GAAP, record revenue of $1.6B and tangible book value per common share, non-GAAP, growth of $1.20, or 14.5%, year-over-year to an all-time high of $9.47,” said F.N.B. Corporation Chairman, President and CEO, Vincent J. Delie, Jr. “As part of our ongoing proactive balance sheet management strategy, we took several actions during the quarter to enhance our future profitability and capital positioning. These balance sheet actions are expected to generate additional net interest income and margin, modestly increase the tangible common equity to tangible asset ratio and improve capital generation as we enter 2024. In relation to our digital technology, we will continue to invest in our proprietary eStore(R) platform and associated Common application which eliminates keystrokes, provides a portal to upload supporting documents and automates account funding. With our resilient balance sheet, consistent underwriting and focus on our investments to drive new client acquisition, we are poised to gain market share and maintain a balanced, well-positioned portfolio throughout economic cycles.”