Reported Q: Q3 2024 Rev YoY: +13.1% EPS YoY: -25.0% Move: -0.61%
FNB Corporation
FNB
$17.83 -0.61%
Exchange NYSE Sector Financial Services Industry Banks Regional
Q3 2024
Published: Nov 5, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for FNB

Reported

Report Date

Nov 5, 2024

Quarter Q3 2024

Revenue

672.00M

YoY: +13.1%

EPS

0.30

YoY: -25.0%

Market Move

-0.61%

Previous quarter: Q2 2024

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Earnings Highlights

  • Revenue of $672.00M up 13.1% year-over-year
  • EPS of $0.30 decreased by 25% from previous year
  • Gross margin of 57.9%
  • Net income of 110.00M
  • ""Total deposits ended the quarter at $36.8 billion, an increase of 5.1% or $1.8 billion from the second quarter, benefiting from new production that was generated through successful deposit initiatives, as well as seasonal deposit inflows. Our loan-to-deposit ratio improved significantly to 91.7%..."" - Vince Delie, Chairman, President and CEO
FNB
Company FNB

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Executive Summary

FNB Corporation delivered a solid Q3 2024 with material balance sheet expansion and deposit leadership across its footprint, complemented by a diversified revenue mix and prudent credit risk management. Total revenue rose 2.3% sequentially to $672 million, driven by a higher net interest income (NII) of $323.3 million and an all-time high non-interest income run-rate near $90 million. The company posted an efficient cost structure (peer-leading 55.2% efficiency ratio) and strengthened capital, culminating in a record CET1 ratio of 10.4% and tangible common equity growth of 15% year over year. Deposit growth remained robust, with total deposits at $36.8 billion, up 5% QoQ, aided by targeted deposit initiatives and an omnichannel strategy, while the loan-to-deposit ratio improved to 91.7% (versus 96.5% in the prior quarter). Total loans ended at ~$33.7 billion ex‑auto sale, with auto loan dispositions contributing to balance sheet optimization and capital generation (indirect auto loan sale of $431 million). Management underscored the bank’s strategy to become the primary operating bank for customers, supported by digital capabilities, data analytics, and a scalable regional footprint. For Q4 2024 guidance, FNB outlined mid‑single‑digit loan growth, mid‑single‑digit deposit growth, NII with a beta of ~15% by year-end, and non‑interest income projected at $310–$320 million, with non‑interest expense expected to decline versus Q3. While the near‑term margin trajectory is expected to be relatively flat to mildly down in Q4 (with potential improvement in 2025 in a steeper yield curve), the firm remains well‑positioned to navigate rate moves due to substantial funding flexibility and a balanced credit book.

Key Performance Indicators

Revenue
Increasing
672.00M
QoQ: 4.17% | YoY: 13.13%
Gross Profit
Increasing
389.00M
57.89% margin
QoQ: 1.30% | YoY: 1.83%
Operating Income
Decreasing
140.00M
QoQ: -10.83% | YoY: -14.74%
Net Income
Decreasing
110.00M
QoQ: -10.57% | YoY: -24.14%
EPS
Decreasing
0.30
QoQ: -11.76% | YoY: -25.00%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2026 660.27 0.38 +2.4% View
Q1 2025 647.20 0.32 +2.5% View
Q4 2024 620.00 0.30 +13.8% View
Q3 2024 672.00 0.30 +13.1% View
Q2 2024 645.11 0.34 +14.2% View