F.N.B. (FNB) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 operating net income available to common shareholders was $136.7 million, or $0.38 per diluted share, with full-year operating EPS at $1.39, reflecting strong execution of strategic objectives.

• Net income available to common stockholders was $109.9 million ($0.30/diluted share) in 4Q24, nearly flat sequentially, and $459.3 million ($1.27/diluted share) for 2024.

• Year-over-year loan growth reached 5% and deposit growth 6.9%, both outpacing industry averages, supported by technology investments and a diversified business model.

• Non-interest income hit a record $350 million, driven by expanded product offerings and digital initiatives.

• Tangible book value per share increased 11% to $10.49, and CET1 ratio reached a record 10.6%.

Financial highlights

• Total assets at year-end 2024 were $48.6 billion, up 5.3% year-over-year.

• Loans and leases ended at $33.9 billion, up $1.6 billion or 5% for the year, with consumer loans growing 8% and commercial loans 3.3%.

• Deposits ended at $37.1 billion, up $2.4 billion year-over-year, with a loan-to-deposit ratio of 91.5%.

• Net interest income for Q4 was $322.2 million, with a net interest margin of 3.04%, down 4 basis points sequentially.

• Non-interest expense was $248.2 million, with an efficiency ratio of 56.9%.

Outlook and guidance

• 2025 guidance projects mid-single digit growth in loans and deposits, with net interest income between $1.345 billion and $1.385 billion.

• Non-interest income expected at $350–$370 million, and non-interest expense at $965–$985 million for 2025.

• Provision expense for 2025 forecasted at $85–$105 million; effective tax rate expected at 21–22%.

• Guidance assumes two 25 basis point Fed rate cuts in 2025.

• Management expects strong revenue growth and a return to positive operating leverage in 2025.