F.N.B. Corporation (NYSE:FNB) Q4 2023 Earnings Conference Call January 19, 2023 8:30 AM ET

Company Participants

Lisa Hajdu - Manager, Investor Relations

Vince Delie - Chairman, President and Chief Executive Officer

Gary Guerrieri - Chief Credit Officer

Vince Calabrese - Chief Financial Officer

Conference Call Participants

Daniel Tamayo - Raymond James

Frank Schiraldi - Piper Sandler

Timur Braziler - Wells Fargo

Casey Haire - Jefferies

Michael Perito - KBW

Russell Gunther - Stephens

Manuel Navas - D.A. Davidson & Company

Brian Martin - Janney Montgomery

Operator

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

At this time I'd like to turn the floor over to Lisa Hajdu, Manager of Investor Relations. Ma’am, please go ahead.

Lisa Hajdu

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 often contain forward-looking statements and non-GAAP financial measures. Non-GAAP financial measures are often viewed in addition to and not as an alternative for our reported results prepared in accordance with GAAP.

Reconciliations of GAAP to non-GAAP reporting measures to the most directly comparable GAAP financial measures are included in our presentation materials 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 Friday, January 26th, 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 fourth quarter earnings call. Joining me today are Vince Calabrese, our Chief Financial Officer; and Gary Guerrieri, our Chief Credit Officer.

FNB's fourth quarter net income available to common shareholders was $49 million on a reported basis and $139 million on an operating basis. Full-year 2023's operating performance was highlighted by record revenue of $1.6 billion, record net income available to common shareholders of $569 million, and record earnings per diluted common share of $1.50. Tangible book value per share has increased 15% year-over-year to a record high of $9.47 per share, steadily approaching a $10 milestone.