F.N.B. Corporation (NYSE:FNB) Q3 2024 Earnings Conference Call October 18, 2024 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

Frank Schiraldi - Piper Sandler
Russell Gunther - Stephens
Timur Braziler - Wells Fargo
Daniel Tamayo - Raymond James
Kelly Motta - KBW
Brian Martin - Janney Montgomery
Manuel Navas - D.A. Davidson

Operator

Good morning, and welcome to the F.N.B. Corporation Third Quarter 2024 Earnings 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 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.

Lisa Hajdu

Good morning and welcome to our earnings call. This conference call of FNB Corporation and the reports that filed 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 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, October 25, 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 third quarter earnings call. Joining me today are Vince Calabrese, our Chief Financial Officer; and Gary Guerrieri, our Chief Credit Officer.

FNB reported third quarter operating net income available to common shareholders of $122 million, or $0.34 per diluted common share after adjusting for $15 million of significant items impacting earnings. The third quarter's results demonstrate our ability to produce quality loans and significant deposits throughout our footprint, while maintaining stable, non-interest-bearing deposit balances at approximately $10 billion.

We generated linked quarter revenue growth, strengthened our balance sheet with the record CET1 ratio of 10.4% and drove shareholder value with tangible book value growth of 15% year-over-year and an operating return on average tangible common equity of 14%. We are also particularly proud of our ability to gain market share in a number of MSAs across our footprint and achieved a number two traditional retail deposit share position in Pittsburgh, despite competition from some of the nation's largest banks. In this environment, it is important we continue to manage our capital and liquidity position.