F.n.b. Corporation · NYSE:FNB
F.n.b — Q3 2024 Earnings Presentation
29 slides from F.n.b's earnings presentation, Oct 18, 2024
Slide 1: F.N.B. Corporation Earnings Presentation Third Quarter 2024
F.N.B. Corporation Earnings Presentation Third Quarter 2024 October 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 Third Quarter 2024 Highlights ❖ Earnings per diluted common share of $0.30 and operating earnings per diluted common share (1) of $0.34. ❖ Revenue growth of 2.3% linked-quarter was driven by record non-interest income of $90 million and stronger net interest income. o Non-intere
Slide 5: Strong Financial Performance
Strong Financial Performance Solid Profitability Metrics 13.8% 1.11% 55.2% 3.08% Net Interest Quarter Ended September 30, 2024 Operating Operating Efficiency Ratio(1)(2) Margin(1)(2) ROATCE(1) ROATA(1) Significant Capital, Reserves & Liquidity 8.2% 10.4% 1.25% 156% as of September 30, 2024 TCE/TA(1)
Slide 6: Third Quarter Financial Highlights
Third Quarter Financial Highlights 3Q24 2Q24 3Q23 Net income available to common stockholders (millions) $110.1 $123.0 $143.3 Reported Earnings per diluted common share $0.30 $0.34 $0.40 Results Book value per common share $17.38 $16.94 $16.13 Operating net income available to common stockholders (m
Slide 7: Asset Quality
Asset Quality $ in millions, unless otherwise stated 3Q24 2Q24 3Q23 3Q24 Highlights o Credit quality remains at solid Delinquency 0.79% 0.63% 0.63% levels across all portfolios. o NPLs+OREO ended the quarter at NPLs+OREO/Total loans and leases + OREO 0.39% 0.33% 0.36% 39 basis points, an increase of
Slide 8: Asset Quality Ratios
Asset Quality Ratios Asset quality metrics remain 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% 0.39% 0.36% 0.34% 0.33% 0.33% 0.25% 0.16% 0.10% 0.09% 0.07% 3Q23 4
Slide 9: Loan Portfolio Mix
Loan Portfolio Mix Highly diversified, commercial-focused loan portfolio. Loan Portfolio (as of September 30, 2024) Owner-Occupied C&I 11% 21% Other 1% Equip Finance/Commercial Leasing Group 4% Non-Owner CRE Indirect 27% 2% HELOC 4% Home Equity 7% Residential Mortgage 23% Total Loan Portfolio: $33.7
Slide 10: Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE Portfolio Non-Owner Occupied CRE Portfolio(1) CRE - Office Loan Statistics Retail as of September 30, 2024 20.5% ❖ Long history of working with well-established sponsors with a Office focus on strong global cash flows. Other 18.7% ❖ The top 25 loans average $23 million in expo
Slide 11: Non-Owner Occupied CRE Portfolio
Non-Owner Occupied CRE Portfolio(1) NOO-CRE Loans1 to Capital NOO-CRE Loan Statistics 275% as of September 30, 2024 ❖ Strong diversification across property types and geographies. 250% ❖ No outsized risk to any one property. o Average loan size is $1 million. 225% o No single funded loan over $50 mi
Slide 12: Balance Sheet Highlights
Balance Sheet Highlights Average, $ in millions 3Q24 2Q24 3Q23 QoQ ∆(1) YoY ∆ 3Q24 Highlights Securities o Total securities duration $7,201 $7,188 $7,098 0.2% 1.5% decreased to 4.0 years with AFS comprising ~48% of the portfolio. Total Loans 33,803 33,256 31,740 1.6% 6.5% o FNB completed a $431 mill
Slide 13: Deposit Composition
Deposit Composition FNB Maintains a Favorable Deposit Mix. Total Period-End Deposits(1) (2009 – 3Q24) ($ amount in billions) $36.8 2009 3Q24 Δ $34.8 $34.7 $34.7 $35.0 NIB Deposits 16% 27% +11% $31.7 27% $29.1 Time Deposits 35% 21% -14% 29% 29% 29% 34% $24.8 34% $23.5 $22.4 31% 26% 26% 26% $16.1 52%
Slide 14: Revenue Highlights
Revenue Highlights $ in thousands, unless otherwise stated 3Q24 2Q24 3Q23 QoQ Δ(2) YoY Δ 3Q24 Highlights Total interest income $582,772 $557,188 $513,361 4.6% 13.5% o Net interest income increased from the prior quarter, primarily Total interest expense 259,443 241,298 186,780 7.5% 38.9% due to impr
Slide 15: Balance Sheet Repricing
Balance Sheet Repricing Cumulative Total Deposit Betas(1) Commentary 36.5% 38.1% 39.8% ❖ ~48% of loans reprice within 3 months. 34.3% 31.0% +2 PP +2 PP +2 PP ❖ ~$1 billion annual cash flowOther from the investment portfolio 26.6% +3 PP with a roll-off rate of ~2.90%. 21.8% +4 PP +5 PP o Duration of
Slide 16: Non-Interest Income
Non-Interest Income $ in thousands, unless otherwise stated 3Q24 2Q24 3Q23 QoQ Δ(1) YoY Δ 3Q24 Highlights o Non-interest income reached an Service charges $24,024 $23,332 $21,245 3.0% 13.1% all-time high of $89.7 million. Interchange and card transaction fees 12,922 13,005 13,521 (0.6%) (4.4%) o Ser
Slide 17: Non-Interest Expense
Non-Interest Expense $ in thousands, unless otherwise stated 3Q24 2Q24 3Q23 QoQ Δ(2) YoY Δ 2Q24 Highlights o Reported non-interest expense Salaries and employee benefits $126,066 $120,917 $113,351 4.3% 11.2% included $15.3 million(1) of significant items impacting Occupancy and equipment(1) 42,163 4
Slide 18: Strong Capital Position
Strong Capital Position FNB’s capital levels reached all-time highs, providing ample flexibility to grow the balance sheet and optimize shareholder returns while appropriately managing risk. TCE Ratio(1) CET1 Ratio 8.2% 8.0% 10.4%(5) 7.8% 7.9% 10.2% 10.2% 7.6% 10.0% 7.4% 9.8% 9.9% 9.8% 7.2% 7.2% 9.4
Slide 19: 2024 Financial Objectives
2024 Financial Objectives 4Q24 Guidance FY 2024 Guidance Commentary Inclusive of the loan sale. Loan growth driven by increasing Spot Loans Mid-single digit growth market share and our diverse geographic footprint. Balance Sheet(1) Spot Deposits Mid-single digit growth Net Interest Income Assumes a
Slide 20: 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 21: Non-GAAP to GAAP Reconciliation
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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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