Q2 2024 FNB Corp Earnings Call Transcript
Key Points
- F N B Corp (FNB) reported solid second-quarter results with net income available to common shareholders of $123 million, or $0.34 per diluted common share.
- Tangible book value per share grew 12% year-over-year to a record high of $9.88.
- Loan and deposit growth exceeded expectations, with loans growing 6% and deposits 1% linked quarter.
- Non-interest income remained stable at near-record levels, totaling $88 million for both the first and second quarters.
- Asset quality metrics remained strong, with delinquency at 63 basis points and net charge-offs at 9 basis points.
- Net interest margin decreased to 3.09%, driven by increased short-term borrowings.
- Loan growth is expected to slow in the second half of the year due to seasonal factors and a decline in commercial pipelines.
- The company had to rely on short-term borrowings to fund robust loan growth, increasing total borrowings by $1.4 billion.
- Deposit costs have been rising, with a total cumulative spot deposit beta of 38% since March 2022.
- The company faces challenges in maintaining its loan-to-deposit ratio, which increased to 96% at the end of the quarter.
Good morning and welcome to the F.N.B. corporation second quarter 2024 earnings call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Lisa Hajdu, Manager of Investor Relations. Please go ahead.
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Welcome to our earnings call. This conference call of F.N.B. Corporation and our partner buyout opportunities and Exchange Commission often contain forward-looking statements and non-GAAP financial measures are non-GAAP financial measures can be viewed in addition to and not an alternative or other audited results prepared in accordance with GAAP.
Reconciliation of GAAP to non-GAAP operating measures to the most directly comparable financial measures are included in our presentation materials and in our earnings release.
Please refer to these non-GAAP and forward-looking statement disclosure contained in our related materials reports and
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