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EX - 99.1 2 fnbex991earningsreleaseq32.htm EX - 99.1 FOR IMMEDIATE RELEASE EN.B. Corporation F.N.B. Corporation Reports Strong Third Quarter 2021 Earnings Record revenue of $ 321 million drives earnings per common share of $ 0.34 PITTSBURGH , PA – October 18 , 2021 – F.N.B. Corporation ( NYSE : FNB ) reported earnings for the third quarter of 2021 with net income available to common stockholders of $ 109.5 million , or $ 0.34 per diluted common share . Comparatively , third quarter of 2020 net income available to common stockholders totaled $ 80.8 million , or $ 0.25 per diluted common share , and second quarter of 2021 net income available to common stockholders totaled $ 99.4 million , or $ 0.31 per diluted common share . On an operating basis , the third quarter of 2021 earnings per diluted common share ( non - GAAP ) was $ 0.34 , excluding $ 0.9 million of significant items . On an operating basis , the third quarter of 2020 was $ 0.26 , excluding $ 6.0 million of significant items , and the second quarter of 2021 was $ 0.31 , excluding $ 2.6 million of significant items . " F.N.B. Corporation delivered strong fundamental performance resulting in record revenue of $ 321 million and earnings of $ 0.34 per share , " said F.N.B. Corporation Chairman , President and Chief Executive Officer , Vincent J. Delie , Jr. " Our financial results were highlighted by a return on tangible common equity of 17 % and sequential tangible book value per share growth of 11 % annualized , to $ 8.42 . The team has done a remarkable job executing our strategic plan as demonstrated by our growing diversity of revenue sources and our ability to have two consecutive quarters of high - single digit loan growth , excluding PPP . We are particularly excited by growth in our digital strategy bolstering our presence that is no longer limited by our physical locations . As we head into the end of the year , we are well - positioned to benefit from our investments in technology and continued strong customer activity across all of our markets . " Third Quarter 2021 Highlights ( All comparisons refer to the third quarter of 2020 , except as noted ) • • • Record total revenue of $ 321.3 million , an increase of $ 14.1 million , or 4.6 % , led to record operating net income available to common stockholders ( non - GAAP ) of $ 110.2 million , an increase of $ 24.8 million , or 29.0 % . On a linked - quarter basis , operating pre - provision net revenue ( non - GAAP ) increased $ 10.2 million , or 8.0 % , to a record $ 138.0 million due to growth in total revenue of $ 13.6 million , or 4.4 % , led by higher non- interest income , partially offset by an increase in non - interest expense of $ 3.4 million , or 1.9 % , largely tied to the revenue growth . Non - interest income was a record $ 88.9 million , an increase of $ 8.8 million , or 11.0 % , due to strong contributions from capital markets and wealth management , as well as increased Small Business Administration ( SBA ) premium income and higher service charges reflecting increased customer activity , partially offset by lower contributions from mortgage banking given its record levels in the third quarter of 2020 . Period - end total loans and leases , excluding Paycheck Protection Program ( PPP ) loans , increased $ 867.6 million , or 3.7 % , as commercial loans increased $ 622 million , or 4.1 % , and consumer loans increased $ 246 million , or 3.0 % , inclusive of the sale of $ 0.5 billion in indirect auto loans in November 2020. Total period - end loans and leases decreased $ 973 million , or 3.8 % , due to a commercial loan decrease of $ 1.2 billion , or 6.9 % , driven by PPP loan forgiveness . PPP loans totaled $ 0.7 billion at September 30 , 2021 , reflecting $ 2.9 billion in SBA loan forgiveness processed to date . On a linked - quarter basis , excluding PPP loans , period - end total loans increased $ 463 million , or 7.8 % annualized , with commercial loans and leases increasing $ 289 million , or 7.4 % annualized , and consumer loans increasing $ 173 million , or 8.5 % annualized . 1