F.N.B. Corp reports mixed third quarter results, NII up 2.4%

PITTSBURGH – F.N.B. Corporation (NYSE:) reported third quarter earnings that missed analyst estimates, while revenue came in ahead of expectations. The regional bank’s shares edged up 0.2% following the results.

F.N.B. posted adjusted earnings per share of $0.34 for the quarter, falling short of the $0.35 consensus estimate. Revenue totaled $413.02 million, surpassing analyst projections of $410.78 million.

The company’s net interest income rose 2.4% sequentially to $323.3 million, driven by higher earning asset yields and loan growth. However, the net interest margin declined slightly by 1 basis point to 3.08% compared to the previous quarter.

Period-end total deposits increased $1.8 billion, or 5.1%, from the prior quarter to $36.8 billion. The loan-to-deposit ratio improved to 92% from 96% in Q2.

“FNB’s third quarter operating earnings per diluted common share totaled $0.34 with significant tangible book value per share growth of 15% year-over-year to a record $10.33,” said F.N.B. Corporation Chairman, President and CEO Vincent J. Delie, Jr.

Non-interest income reached a record $89.7 million, up 10% from the year-ago quarter. The company said this reflected strong contributions across its diverse business model.

F.N.B.’s CET1 capital ratio was 10.4% at quarter-end, up from 10.2% in the prior quarter. The slight uptick in shares after hours suggests investors were largely neutral on the mixed results.

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