FNB - F.N.B. stock gains 5% after hours as earning assets growth drives results beat
F.N.B. ( NYSE: FNB ) stock gained 5% after the bell on Monday as the financial services firm posted Q4 results above expectations , helped by growth in earning assets and higher interest rates.
The company reported Q4 adj. EPS of $0.44 vs. $0.30 in Q4 2021, while revenue grew 37.5% Y/Y to $415.5M.
Net interest income increased 50% Y/Y to $334.9M, driven by 8.2% growth in average earning assets, higher interest rates, strong deposit growth and prudent management of deposit betas.
Total loans and leases at Q4-end grew 66.5% Y/Y to $357M, while provision for credit losses stood at $28.6M (vs. benefit of ~$2.4M in Q4 2021). Adj. tangible book value per share was $8.27, up 3.1% sequentially.
"Q4 finished out an impressive year, during which FNB grew loans by $5.3B, bringing total assets to nearly $44B through a strategic combination of footprint-wide organic growth and two value-adding acquisitions," said CEO Vincent Delie.
Shares of F.N.B. ( FNB ) climbed 11.2% in the last six months. Take a look at a comparison of F.N.B.'s ( FNB ) key stats with that of its peers .
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F.N.B. stock gains 5% after hours as earning assets growth drives results beat