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F.N.B. Corporation Reports Financial Results for Q4 and Full Year 2024

F.N.B. Corporation (NYSE: FNB) recently announced its financial results for the fourth quarter and the full year of 2024, showcasing notable growth across various metrics. The company reported a net income of approximately $109.9 million, or $0.30 per diluted common share for Q4 2024, reflecting a substantial increase compared to $48.7 million, or $0.13 per diluted common share in the same quarter of the previous year.

Key Financial Highlights

Fourth Quarter Performance

In comparison to Q3 2024, which had a net income of $110.1 million, the fourth quarter's performance was relatively stable, with earnings per diluted common share remaining unchanged at $0.30. However, when excluding significant items impacting earnings, operational earnings per diluted common share were reported at $0.38 for Q4, consistent with Q4 2023. The company effectively navigated a challenging economic landscape by focusing on optimizing its capital structure and maintaining solid credit quality metrics.

Overall, during this quarter, total loans and leases saw an impressive increase of $1.6 billion or 5.0% year-over-year, with consumer loans rising by 8.0%. This growth is attributed to F.N.B.'s strategic initiatives aimed at fostering customer relationships across its diversified geographic footprint.

Full Year 2024 Overview

For the entirety of 2024, F.N.B. Corporation reported a net income of $459.3 million, translating to $1.27 per diluted share; however, this shows a decrease from $476.8 million or $1.31 per diluted share in 2023. Excluding significant impacts on earnings, the operational earnings per diluted share for the past year was $1.39, slightly lower than $1.57 in 2023. Notably, tangible book value per share increased by 11%, reaching a record $10.49.

Balance Sheet Strength

F.N.B. demonstrated robust liquidity by improving its loan-to-deposit ratio significantly, with total deposits increasing by $2.4 billion or 6.9% compared to the prior year. Specifically, interest-bearing demand deposits rose remarkably, reinforcing the company’s commitment to its deposit-gathering initiatives. Notably, the overall credit quality metrics remain commendable, with total delinquencies recorded at 0.83% and net charge-offs at 0.19% for the full year.

Management Commentary

Vincent J. Delie, Jr., Chairman, President, and CEO of F.N.B. Corporation, expressed optimism regarding the company’s performance: "Finishing the year strong with our fourth-quarter operating earnings per diluted common share at $0.38, alongside the ongoing demand for loans and deposits, highlights our commitment to growth and the hard work of our dedicated banking teams."

Looking Ahead

F.N.B. Corporation’s strategic initiatives are aimed at continuing to build upon this momentum into 2025, with expectations for further revenue growth and a positive return on operating leverage. By capitalizing on its substantial technological investments and solid balance sheet, the company is poised to enhance shareholder value in the coming years.

In summary, F.N.B. Corporation’s financial report for Q4 and the full year of 2024 exemplifies its resilience and growth-oriented strategy in the banking sector, demonstrating its capacity to adapt and thrive amid changing economic conditions.

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This earnings report outlines the critical financial indicators and strategic direction of F.N.B. Corporation, providing insights into its market performance and future outlook.