F.n.b. Corporation · NYSE:FNB
F.n.b — Q1 2024 Earnings Presentation
29 slides from F.n.b's earnings presentation, Apr 18, 2024
Slide 1: F.N.B. Corporation Earnings Presentation First Quarter 2024
F.N.B. Corporation Earnings Presentation First Quarter 2024 April 18, 2024
Slide 2: Cautionary Statement Regarding Forward-Looking Information
Cautionary Statement Regarding Forward-Looking Information This document may contain statements regarding F.N.B. Corporation’s outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset quality levels, financial position and other matters regarding or affecti
Slide 3: Use of Non-GAAP Financial Measures and Key Performance Indicators
Use of Non-GAAP Financial Measures and Key Performance Indicators To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common stockholders, operating earnings per diluted common sh
Slide 4: Financial Highlights
Financial Highlights First Quarter 2024 Highlights ❖ Earnings per diluted common share of $0.32 and operating earnings per diluted common share(1) of $0.34. ❖ Total loans and leases (period-end), increased $261 million, or 3.3% annualized, linked-quarter. o Consumer loans increased $209 million. o C
Slide 5: Strong Financial Performance
Strong Financial Performance Solid Profitability Metrics 14.0% 1.17% 56.0% 3.18% Net Interest Quarter Ended March 31, 2024 ROATCE(1) ROATA(1) Efficiency Ratio(1)(2) Margin(1)(2) Significant Capital, Reserves & Liquidity 8.0% 10.2% 1.25% 162% as of March 31, 2024 TCE/TA(1) CET1(4) ACL Ratio Uninsured
Slide 6: First Quarter Financial Highlights
First Quarter Financial Highlights 1Q24 4Q23 1Q23 Net income available to common stockholders (millions) $116.3 $48.7 $144.5 Reported Earnings per diluted common share $0.32 $0.13 $0.40 Results Book value per common share $16.71 $16.56 $15.76 Operating net income available to common stockholders (mi
Slide 7: Evolution of FNB's Digital Bank
Evolution of FNB’s Digital Bank FNB’s digital and data strategies improve customer experience and drive revenue growth. Key milestones of FNB’s digital and data strategies 2015-2016 2017-2019 2020 2021 2022 2023 Future Outlook • Click-to-Bricks strategy • Data Science Team • Redesigned website • Reb
Slide 8: Strong Capital Position
Strong Capital Position FNB’s record capital levels provide ample flexibility to grow the balance sheet and optimize shareholder returns while appropriately managing risk. TCE Ratio(1) CET1 Ratio 8.0% (5) 7.8% 10.2% 10.0% 7.6% 9.9% 9.8% 9.8% 7.4% 7.2% 7.2% 9.4% 2019 2020 2021 2022 2023 1Q24 2019 202
Slide 9: Asset Quality
Asset Quality $ in millions, unless otherwise stated 1Q24 4Q23 1Q23 1Q24 Highlights Delinquency 0.64% 0.70% 0.60% o Credit quality continues to trend at solid levels across all portfolios. NPLs+OREO/Total loans and leases + OREO 0.33% 0.34% 0.38% o NPLs+OREOs ended the quarter at a healthy level of
Slide 10: Asset Quality Ratios
Asset Quality Ratios Asset quality metrics remain at or near historical lows and FNB will continue to manage risk proactively as part of our core credit philosophy. NCO’s (Annualized) to Average Loans NPL’s and OREO to Loans and OREO 0.47% 0.47% 0.38% 0.36% 0.34% 0.33% 0.18% 0.16% 0.11% 0.10% 0.07%
Slide 11: Loan Portfolio Mix
Loan Portfolio Mix Highly diversified, commercial-focused loan portfolio. Loan Portfolio (as of March 31, 2024) C&I Owner CRE 21% 11% Other 1% Equip Finance/Commercial Leasing Group 3% Indirect Non-Owner CRE 4% 27% HELOC 4% Home Equity 8% Residential Mortgage 21% Total Loan Portfolio: $32.6 billion
Slide 12: Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE Portfolio Non-Owner Occupied CRE Portfolio(1) CRE - Office Loan Statistics Retail as of March 31, 2024 19.8% ❖ Long history of working with well-established sponsors with a Office focus on strong global cash flows. Other ❖ The top 25 loans average $31 million in exposure. 6.0%
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights Average, $ in millions 1Q24 4Q23 1Q23 QoQ ∆(1) YoY ∆ 1Q24 Highlights Securities $7,163 $7,096 $7,270 0.9% (1.5%) o Total securities ended the quarter with a duration of 4.3 years and AFS comprising 45% Total Loans 32,381 32,268 30,410 0.4% 6.5% of the portfolio. Commercial L
Slide 14: Deposit Composition
Deposit Composition FNB Maintains a Favorable Deposit Mix. Total Period-End Deposits(1) (2009 – 1Q24) ($ amount in billions) 2009 1Q24 Δ $34.8 $34.7 $34.7 NIB Deposits 16% 29% +13% $31.7 $29.1 Time Deposits 35% 19% -16% 29% 29% 34% $24.8 34% $23.5 $22.4 31% 26% 26% 26% $16.1 53% 52% $12.6 26% $11.4
Slide 15: Stable and Granular Deposit Base
Stable and Granular Deposit Base Diversified funding channels provide levers for growth and reflect long-term relationships. Deposit Composition Key Statistics Strategy as of March 31, 2024 ❖ Total insured/collateralized deposits comprise approximately 78% Private Banking Consumer of total deposits.
Slide 16: Revenue Highlights
Revenue Highlights $ in thousands, unless otherwise stated 1Q24 4Q23 1Q23 QoQ Δ(2) YoY Δ 1Q24 Highlights Total interest income $543,497 $531,587 $443,503 2.2% 22.5% o Higher earning asset yields(1) driven by increases of 11 basis points on Total interest expense 224,489 207,562 106,849 8.2% 110.1% l
Slide 17: Balance Sheet Repricing
Balance Sheet Repricing Cumulative Total Deposit Betas Loan Repricing Frequency 18,000,000 as of March 31, 2024 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 Fed Funds Rate 5.00% 5.25% 5.50% 5.50% 5.50% 16,000,000 47.7% Other Cumulative Deposit Beta 21.8% 26.6% 31.0% 34.3% 36.5% 14,000,000 37.9% 12,000,0
Slide 18: Non-Interest Income
Non-Interest Income $ in thousands, unless otherwise stated 1Q24 4Q23 1Q23 QoQ Δ(2) YoY Δ 1Q24 Highlights Service charges $20,569 $19,849 $20,264 3.6% 1.5% o Wealth management revenues increased with record revenue Interchange and card transaction fees 12,700 13,333 12,376 (4.7%) 2.6% in securities
Slide 19: Non-Interest Expense
Non-Interest Expense $ in thousands, unless otherwise stated 1Q24 4Q23 1Q23 QoQ Δ(2) YoY Δ 1Q24 Highlights Salaries and employee benefits(1) $129,120 $114,133 $120,247 13.1% 7.4% o Salaries and employee benefits increased linked-quarter, Occupancy and equipment(1) 42,179 42,571 39,442 (0.9%) 6.9% pr
Slide 20: 2024 Financial Objectives
2024 Financial Objectives 2Q24 Guidance FY 2024 Guidance Commentary Organic loan growth driven by increasing market share and our Spot Loans Mid-single digit growth diverse geographic footprint. Balance Sheet(1) Spot Deposits Low-single digit growth Assumes two 25-basis point interest rate cuts in t
Slide 21: 2024 Peer Group Listing
2024 Peer Group Listing Ticker Institution Ticker Institution ASB Associated Banc-Corp. RF Regions Financial Corp. BKU BankUnited, Inc. SFNC Simmons First National Corp. BOKF BOK Financial Corp. SNV Synovus Financial Corp. CBSH Commerce Bancshares, Inc. SSB SouthState Corp. CFR Cullen/Frost Bankers,
Slide 22: Non-GAAP to GAAP Reconciliation
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Slide 23: Non-GAAP to GAAP Reconciliation
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Slide 24: Non-GAAP to GAAP Reconciliation
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Slide 25: Non-GAAP to GAAP Reconciliation
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Slide 26: Non-GAAP to GAAP Reconciliation
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Slide 27: Non-GAAP to GAAP Reconciliation
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Slide 28: Non-GAAP to GAAP Reconciliation
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Slide 29: Non-GAAP to GAAP Reconciliation
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