The following is a summary of the F.N.B. Corporation (FNB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• F.N.B. Corporation reported Q1 operating earnings per share of $0.34 and operating net income available to common shareholders of $123 million.

• The Corporation achieved 6% loan growth and 2% deposit growth year-over-year.

• Non-interest income reached $87.9 million, marking a near-record.

• The tangible common equity ratio was reported at an all-time high of 8%.

• Tangible book value per share reached a record high at $9.64, up 11% from the previous year.

• The Corporation experienced a total provision expense of $13.9 million for the quarter.

• Net interest income totaled $319 million, down $5 million from the prior quarter.

• The Corporation has $1.2 billion of swaps maturing throughout 2025, positively influencing the margin.

Business Progress:

• F.N.B. plans to diversify non-interest income products and services, particularly enhancing treasury management, merchant services, and payment capabilities.

• The 'clicks-to-bricks' strategy implementation improved the digital bank and increased the use of AI.

• The proprietary eStore enables product bundling and streamlined applications for clients' efficiency.

• Opportunity IQ, a tool using AI and data aggregation, has been developed to provide customized services to customers.

• The corporation intends to improve product penetration through tailored offerings, thereby increasing clients' financial well-being and loyalty.

• Balance sheet management for optimal flexibility during volatile interest rate periods is a priority.

• The Corporation expects positive operating leverage and a favorable interest rate environment in the future, along with a growing loans and deposits pipeline.

• F.N.B. received approximately 30 awards for its client service, financial performance, and culture during Q1 2024.

• Key areas of growth include capital markets, syndications, treasury management, and mortgage areas, with the expectation of continued non-interest-bearing deposit growth.

• Engagement with small businesses through the eStore and bundled offerings aims to promote strategic growth.

• Plans are in place to remain aggressive in mortgage sales and optimistic predictions for commercial loan pipelines throughout the year as business confidence increases.

More details: F.N.B. Corp IR

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