F.N.B. Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance compared to the previous fiscal period. The company recorded a net income of $110 million for Q3 2024, down from $145 million in Q3 2023, reflecting a decrease in earnings per diluted common share from $0.40 to $0.30. For the nine-month period, net income was $355 million, compared to $434 million in the same period last year.
Total interest income for Q3 2024 increased to $583 million, up from $513 million in Q3 2023, while net interest income slightly decreased to $323 million from $326 million. The net interest margin (FTE) remained stable at 3.08%, with a yield on earning assets rising to 5.51%. Non-interest income also saw a notable increase, reaching $89 million in Q3 2024, compared to $81 million in Q3 2023, driven by higher service charges and mortgage banking operations income.
The company’s total assets grew to $47.976 billion as of September 30, 2024, up from $46.158 billion at the end of 2023. Total deposits increased by $2.06 billion, or 5.9%, to $36.771 billion, with significant contributions from shorter-term time deposits and interest-bearing demand deposits. The loan portfolio also expanded, with net loans and leases rising to $33.297 billion, a 4.3% increase from the previous period.
F.N.B. Corporation's provision for credit losses for Q3 2024 was $23.4 million, a decrease from $25.9 million in Q3 2023, while net charge-offs fell to $21.5 million from $37.7 million. The allowance for credit losses stood at $420.2 million, reflecting a stable coverage ratio of 1.25%.
Strategically, the company adopted ASU 2023-02, which allows for a proportional amortization method for tax equity investments, effective January 1, 2024. This change is expected to enhance the company's financial reporting related to tax credit investments. Additionally, F.N.B. Corporation has been actively managing its liquidity, with cash and cash equivalents increasing to $2.078 billion, up from $1.576 billion at the end of 2023.
Overall, while F.N.B. Corporation experienced growth in certain areas, the decline in net income and net interest income indicates challenges in maintaining profitability amidst changing market conditions.
About FNB CORP/PA/
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