FNB stock dips despite meeting Q1 EPS estimates

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FNB stock dips despite meeting Q1 EPS estimates
Credit: © Reuters.

PITTSBURGH - F.N.B. Corporation (NYSE: NYSE: FNB ) reported its first quarter earnings for 2024, matching analyst expectations with an adjusted EPS of $0.34. Despite achieving the estimated earnings per share, the company's stock experienced a slight decline of 1.5% following the announcement.

The financial institution's net income available to common stockholders was $116.3 million, or $0.32 per diluted common share, a decrease from the first quarter of 2023, which was $144.5 million, or $0.40 per diluted common share. On an adjusted basis, excluding significant items, the EPS was $0.34, level with the same period last year and consistent with analyst projections.

Chairman, President, and CEO Vincent J. Delie, Jr. highlighted the company's solid performance, attributing it to nearly record levels of non-interest income, which totaled $87.9 million.

This income was driven by strong results in Capital Markets, Wealth Management, Treasury Management, and Mortgage Banking. Delie also noted the company's record tangible common equity ratio of 8% and an 11% growth in tangible book value, reaching a high of $9.64.

F.N.B. Corporation's loans and leases saw a year-over-year (YoY) increase of 6.2%, while deposits grew by 1.6%. However, net interest income for the quarter was $319.0 million, a 5.2% decrease from the first quarter of 2023. The net interest margin also saw a decline of 38 basis points to 3.18%.

Looking forward, F.N.B. Corporation did not provide specific financial guidance for the upcoming quarters. The company's focus remains on its digital technology and data science investments, which have been central to its client acquisition strategy and efficiency gains.

Despite the stock's slight downturn, the company's stable earnings and strong capital position indicate a continued commitment to strategic growth and shareholder value.

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