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 and diluted EPS at $1.27; tangible book value per share grew 11% to $10.49.

• 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 for the year, driven by expanded product offerings and new business lines.

• Asset quality remained solid with total delinquencies at 0.83% and net charge-offs at 0.19% for the year.

• Strategic investments in digital platforms and fintech partnerships enhanced customer onboarding and deposit growth.

Financial highlights

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

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

• Full-year spot loan growth was $1.6 billion (5%), and consumer loans grew $949 million (8%), led by residential mortgages.

• Deposits ended the year at $37.1 billion, up $2.4 billion year-over-year and $336 million sequentially.

• Non-interest expense for Q4 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.

• Full-year 2025 net interest income expected between $1.345 billion and $1.385 billion; Q1 guidance is $315–$325 million.

• Non-interest income for 2025 forecasted at $350–$370 million; non-interest expense at $965–$985 million, up 4.6% at midpoint (excluding Q4 2024 tax credit-related expenses).

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

• Positive operating leverage anticipated in the second half of 2025, with efficiency ratio expected to remain top quartile.