F.N.B. Corporation (NYSE: FNB) reported its first-quarter 2024 earnings with net income available to common stockholders of $116.3 million, or $0.32 per diluted common share. This is a decrease from the first quarter of 2023, where net income available to common stockholders totaled $144.5 million, or $0.40 per diluted common share, and the fourth quarter of 2023, where net income available to common stockholders totaled $48.7 million, or $0.13 per diluted common share.
On an operating basis, first-quarter 2024 earnings per diluted common share (non-GAAP) was $0.34, excluding $0.02 of significant items impacting earnings per diluted common share. This is a decrease from the first quarter of 2023, where the earnings per diluted common share (non-GAAP) on an operating basis was $0.40, excluding less than $0.01 of significant items impacting earnings per diluted common share, and the fourth quarter of 2023, where it was $0.38 per diluted common share (non-GAAP) on an operating basis, excluding $0.25 of significant items impacting earnings per diluted common share.
The period-end total loans and leases increased $1.9 billion, or 6.2%, from the first quarter of 2023. Commercial loans and leases increased $1.0 billion, or 5.3%, and consumer loans increased $873.8 million, or 7.8%.
Period-end total deposits increased $545.3 million, or 1.6%, from the first quarter of 2023. The mix of non-interest-bearing deposits to total deposits equaled 29% at March 31, 2024, compared to 33% at March 31, 2023.
Net interest income totaled $319.0 million, a decrease of $5.0 million, or 1.5%, from the prior quarter. Non-interest income totaled $87.9 million, benefiting from the diversified business model with strong contributions from mortgage banking, capital markets, and record wealth management revenues.
The ratio of non-performing loans and other real estate owned (OREO) to total loans and OREO decreased 5 basis points to 0.33%. Common equity tier 1 (CET1) regulatory capital ratio was a record 10.2% (estimated), compared to 10.0% at both March 31, 2023, and December 31, 2023. Tangible book value per common share (non-GAAP) of $9.64 increased $0.98, or 11.3%, compared to March 31, 2023.
F.N.B. Corporation's unique digital and data strategies contributed to its continued success in driving customer expansion and primacy, increasing product penetration, and delivering an innovative and comprehensive banking experience for its consumer, wealth management, and commercial clients. Following these announcements, the company's shares moved -0.5%, and are now trading at a price of $12.74. Check out the company's full 8-K submission here.
