FNB - F.N.B. stock trades higher on Q3 beat as revenue soars Y/Y

F.N.B. ( NYSE: FNB ) stock rose ~5% on Wednesday after the company's Q3 results beat analysts estimates.

Q3 non-GAAP EPS increased +14.71% Y/Y to $0.39. Net interest income grew +27.85% Y/Y to ~$297.13M, while total non-interest income amounted to ~$82.46M in Q3. The revenue totaled ~$379.59M.

"Ending loans and deposits grew an annualized 10% and 5%, respectively, compared to the prior quarter, and we maintained a strong deposit mix with 35% non-interest-bearing deposits. Our asset quality continues to perform favorably with a low delinquency rate of 59 basis points and only 4 basis points of net charge-offs," said Chairman, President and CEO Vincent Delie, Jr.

FNB added that efficiency ratio (non-GAAP) was 49.4%, driven by record revenue, and a 600 basis point improvement compared to Sept. 30, 2021.

The company said period-end total loans and leases grew $4.1B, +16.4% Y/Y, which includes Howard Bancorp acquired loans of $1.8B, as of the Jan. 22 acquisition date.

Consumer loans increased $2.3B, +27.5% Y/Y, and commercial loans and leases grew $1.8B, +10.8%, which were partially offset by the decline in Paycheck Protection Program (PPP) loans, F.N.B. added.

The company noted that PPP loans were $43.7M at Sept. 30, compared to $694.3M at Sept. 30, 2021.

Total average deposits grew $2.8B, +9% Y/Y.

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