F.N.B. Corporation (NYSE:FNB) Q2 2023 Earnings Conference Call July 20, 2023 8:30 AM ET

Company Participants

Lisa Constantine - Investor Relations

Vince Delie - Chairman, President and Chief Executive Officer

Vince Calabrese - Chief Financial Officer

Gary Guerrieri - Chief Credit Officer

Conference Call Participants

Daniel Tamayo - Raymond James

Timur Braziler - Wells Fargo

Frank Schiraldi - Piper Sandler

Michael Perito - KBW

Russell Gunther - Stephens

Manuel Navas - DA Davidson

Brian Martin - Janney Montgomery

Operator

Good morning and welcome to the F.N.B. Corporation Second Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

I would now like to turn the conference over to Lisa Constantine, Manager of Investor Relations. Please go ahead.

Lisa Constantine

Thank you. Good morning and welcome to our earnings call. This conference call of F.N.B. Corporation and the reported files with the Securities and Exchange Commission also contain forward-looking statements and non-GAAP financial measures.

Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported results prepared in accordance with GAAP. Reconciliations of GAAP to non-GAAP operating measures to the most directly compatible GAAP financial measures are included in our presentation material and in our earnings release.

Please refer to these non-GAAP and forward-looking statement disclosures contained in our related materials reports and registration statements filed with the Securities and Exchange Commission and available on our corporate website. A replay of this call will be available until Thursday, July 27th and the webcast link will be posted to the About Us Investor Relations section of our corporate website.

I will now turn the call over to Vince Delie, Chairman, President and CEO.

Vince Delie

Thank you and welcome to our second quarter earnings call. Joining me today are Vince Calabrese, our Chief Financial Officer; and Gary Guerrieri, our Chief Credit Officer. I think we reported second quarter net income available to common stockholders of $140.4 million, or $0.39 per diluted common share on an operating and reported basis. This brings the total year-to-date operating earnings per share to $0.79, a 39% increase over the same period in 2022. Operating pre-provision net revenue increased 51% year-to-date resulting in an improvement in the efficiency ratio to 50% and an increase in operating return on tangible common equity to 19.1%. Average totaled loan increased 2.1% linked quarter to over $31 billion. Commercial loan balance is benefited from solid production, primarily in the Pittsburg, Harrisburg and North and South Carolina markets.