F.N.B. Corp. (NYSE: FNB) of Pittsburgh released financials for the three months ended March 31 after trading closed on Wednesday. Corp. (NYSE FNB) has released its financial results for the quarter ended March 31, 2019.
The net income that was available to the common stockholders amounted to $144.5 million or 40 cents for each diluted share. This compares to $51 million or 15 cents a year earlier. Analysts predicted EPS would range from 33 cents up to 42 cents, with an average of 39.
F.N.B. It has 350 branches in Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Virginia, and Washington, D.C.
Vincent Delie Jr. Chairman, President and CEO of F.N.B. credited consistent execution to F.N.B. The conservative business model of F.N.B. and its focus on the customer led to this. He said that this led to stable deposits, solid capital, and plenty of liquidity to cover insured and non-collateralized deposit by 170%.
Investors sold off their stocks in March after the failure of Silicon Valley Bank, and Signature Bank. This led to a drop in share prices.
Delie stated in a statement that "the recent bank failures have brought to light the importance of maintaining a diverse and granular deposits base, prudent and conservative balance sheet management over the long-term, and sound governance and risk management policies." These practices have been part of FNB's strategy for a long time and are embedded in the enterprise risk management program.
He added that despite the volatility of the industry, F.N.B. The strong balance sheet of F.N.B. allowed it to add customers and deepen relationships.
The average total deposits increased by $1.2 billion or 3.7% compared to the first quarter of 2022. Total loans and leases at period-end increased by $3.8 billion or 14.3%. On a year-overyear basis, commercial loans and leases increased by $1.9 billion or 11% and consumer loans rose by $1.9 billion or 20.6%.