F.N.B. Corporation reports record net interest income and $152.9 million third-quarter profit

F.N.B. Corporation (FNB) said Monday it earned $152.9 million, or $0.43 per diluted common share, in the third quarter of 2026. That compares with $149.5 million, or $0.41 per diluted share, a year earlier. Net income rose 2.2%, according to a regulatory filing.

The results were released after the market close on Monday, Oct. 19, the filing showed.

Here's how the company did:

• Net income: $152.9 million vs. $149.5 million a year earlier
• Earnings per diluted share: $0.43 vs. $0.41 a year earlier
• Net interest income: $376.5 million vs. $359.3 million a year earlier
• Non-interest income: $92.6 million vs. $98.2 million a year earlier
• Average loans and leases: $36.1 billion, up 3.7% from a year earlier

The release does not state a total revenue figure, so the two income lines are shown separately.

For the first nine months, net income was $438.6 million and diluted earnings per share were $1.23, up 12.8% from $1.09 a year earlier.

“F.N.B. Corporation delivered another strong quarter with $0.43 earnings per diluted common share,” Chairman, President and Chief Executive Officer Vince Delie said. “By strategically investing in innovative technology to grow primary relationships and low-cost deposits, while also maintaining a focus on expanding high-value fee-based businesses to diversify revenue streams, we are building a stronger, more resilient franchise.”

Average loans and leases totaled $36.1 billion, up $1.3 billion, or 3.7%, from a year earlier. Consumer loans accounted for $1.2 billion of that growth, while average commercial loans and leases rose $115.4 million.

From the second quarter, period-end total loans and leases rose $768.0 million, or 8.5% annualized.

Average deposits totaled $38.8 billion, up $914.1 million, or 2.4%. Period-end deposits rose $870.6 million, or 8.9% annualized, from June 30. The loan-to-deposit ratio was 92.4%, compared with 90.9% a year earlier.

Net interest margin, the spread between interest earned on assets and interest paid on funding, was 3.29% on a fully taxable-equivalent basis, a non-GAAP measure. That was up 4 basis points from the second quarter and from a year earlier.

Net interest income totaled $376.5 million, up $17.3 million, or 4.8%, from a year earlier. The company cited growth in average earning assets and lower interest-bearing deposit costs, partly offset by lower yields on earning assets.

Non-interest income totaled $92.6 million, down $5.6 million, or 5.7%. Mortgage banking operations income fell $3.6 million, or 39.4%, on tighter gain-on-sale margins and fair value adjustments. Other non-interest income decreased $5.5 million, or 59.5%, after a $5.4 million recovery in the year-ago quarter.

Non-interest expense totaled $256.9 million, up $13.4 million, or 5.5%. Adjusted for a $2.3 million pre-tax reduction in a Federal Deposit Insurance Corporation special assessment in the year-ago quarter, operating non-interest expense rose $11.1 million, or 4.5%.

Net occupancy and equipment rose $6.2 million, or 13.9%, mainly on technology investments and higher occupancy costs. Outside services increased $4.0 million, or 15.3%, driven by third-party legal and consulting costs.

The efficiency ratio, a non-GAAP measure of non-interest expense as a share of revenue, was 53.7%. The effective tax rate was 20.6%, compared with 21.3% a year earlier.

The provision for credit losses was $19.6 million, compared with $24.0 million a year earlier. Net charge-offs were $11.0 million, or 0.12% of average loans on an annualized basis, down from $19.7 million, or 0.22%.

Total delinquency rose 10 basis points to 0.75%, while the ratio of non-performing loans and other real estate owned to total loans and OREO was 0.33%. The company said overall asset quality metrics remain at satisfactory levels.

The common equity Tier 1 ratio was 11.3% at Sept. 30, up from 11.1% a year earlier. Tangible book value per common share was $12.28, up $0.80, or 7.0%, from $11.48 a year earlier.

Accumulated other comprehensive loss reduced tangible book value by $0.53 per share, mainly because higher interest rates lowered the fair value of available-for-sale securities. The reduction was $0.22 a year earlier.

In the third quarter, the company repurchased $51 million, or 2.7 million shares, of common stock. Year to date, it has bought back $133 million, or 7.4 million shares, representing 2.1% of shares outstanding at the start of the year.

Cash dividends were $0.13 per common share in the quarter, up from $0.12 a year earlier.

The release contained no new financial guidance.

The company plans to host a conference call on Tuesday, Oct. 20, at 8:30 a.m. ET. Chairman, President and Chief Executive Officer Vincent J. Delie, Jr., Chief Financial Officer Vincent J. Calabrese, Jr., and Chief Credit Officer Gary L. Guerrieri are scheduled to discuss the results. A live webcast will be available on the company's investor relations website.

F.N.B. Corporation, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company with total assets of $52 billion. It operates more than 355 banking offices in seven states and the District of Columbia.