F.N.B. reports Q2 EPS 34c, consensus 34c

Reports Q2 revenue $438M, consensus $424.37M. “F.N.B. (FNB) reported strong Q2 results, generating diluted EPS of 36c with record revenue of $438M, a 6.5% linked-quarter increase, principally driven by margin expansion, growth in net interest income and non-interest income. Pre-provision net revenue grew significantly with linked-quarter growth of 16%,” said CEO Vincent Delie, Jr. “Our sustained levels of profitability further strengthened capital to all-time highs with a CET1 ratio of 10.8%, tangible book value per share growth of 13% year-over-year to $11.14 and a tangible common equity ratio of 8.5%, while still producing a return on tangible common equity ratio of 14%. Balance sheet growth was solid with annualized average loan and deposit growth of 5.3% and 1.7%, respectively, benefiting from our diverse geographic footprint. FNB’s consistent underwriting standards and proactive credit risk management actions led to continued strong credit results for the quarter. The tech-focused investment in Clicks-to-Bricks strategy, the expanded utilization of our eStore digital tools, data-driven analyses, predictive modeling and artificial intelligence position FNB for ongoing success.”