F.N.B. Corporation (NYSE: FNB) Reports an $8.3 Million Increase in Net Income Available For Stockholders in The Second Quarter of 2021

F.N.B. Corporation (NYSE: FNB) recently reported their earnings for2Q2021, with the net income available for common stockholders being $99.4 million, or $0.31 per diluted common share. Comparatively, the net income available for common stockholders in the same period in 2020 was $81.6 million, or $0.25 per diluted common share, while net income available to stockholders in 1Q2021 was $91.2 million or $0.28 per diluted common share.

On an operating basis, earnings per diluted common share in 2Q2021 was $0.31, excluding $2.6 million other significant items. This was up from $0.26, excluding $0.01 for significant items in a similar period in 2021 and $0.28 in 1Q2021.

Improved performance

Vincent J. Delie, Jr. C.E.O., chairman and president of F.N.B., observed that the corporation delivered a remarkable fundamental performance which resulted in record operating net income available to common stockholders of $101 million, or $0.31 per share, an $18.0 million or 22% compared to a similar period in 2020. Total revenue increased to $308 million as customer activity rose across the corporation’s footprint, highlighted by strong sequential total loan growth of 9% excluding P.P.P. During the quarter, the business continued to benefit from strengthening economic conditions and reducing provision expenses. 2Q2021 results were also supported by growing expense discipline, reflecting a 3%, or $5 million linked quarter, decreased operating expenses, and diversified revenue sources with significant contributions from record wealth management revenues. There were also solid contributions from mortgage banking, capital markets, S.B.A. lending, and insurance. The corporation’s financial results were highlighted by tangible book value per share growth of $0.19, or 2% to $8.20, and a return on tangible common equity of 16%. The corporation is well-positioned to benefit from increased customer activity as we head into the year’s second half.

P.P.P. loans

The corporation had a net interest income total of $227.9 million in 2Q2021, compared to $228.0 million in total in a similar period last year. Total average earning assets increased 6.2% ($2 billion), including $3.6 billion of P.P.P. loan organizations since the program’s inception in 2Q2020. There has also been $2.0 billion in total P.P.P. forgiveness and another $2.1 billion increase in average cash balances mainly because of continued impact from government stimulus deposits from P.P.P. funds.

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