F.N.B. Corporation reported net income available to common stockholders of $110.1 million or $0.30 per diluted common share for the third quarter of 2024. This is a decrease from the third quarter of 2023, which saw net income available to common stockholders of $143.3 million or $0.40 per diluted common share. In the second quarter of 2024, net income available to common stockholders was $123.0 million or $0.34 per diluted common share.
On an operating basis, third quarter of 2024 earnings per diluted common share (non-GAAP) was $0.34, excluding $0.04 per share of significant items impacting earnings. This is a decrease from the third quarter of 2023, which was $0.40 per diluted common share (non-GAAP) on an operating basis and the second quarter of 2024, which was $0.34 per diluted common share (non-GAAP) on an operating basis, excluding less than $0.01 per share of significant items impacting earnings.
Period-end total loans and leases increased $1.6 billion, or 4.9%, from the third quarter of 2023. Commercial loans and leases increased $1.0 billion, or 5.1%, and consumer loans increased $530.9 million, or 4.4%. However, on a linked-quarter basis, period-end total loans and leases decreased $39.6 million, or 0.1%, with an increase in commercial loans and leases of $92.6 million and a decrease in consumer loans of $132.2 million.
Period-end total deposits increased $2.2 billion, or 6.2%, from the third quarter of 2023, driven by an increase of $1.9 billion in shorter-term time deposits and $1.5 billion in interest-bearing demand deposits offsetting the decline of $833.2 million in non-interest-bearing demand deposits and $357.6 million in savings deposits.
Net interest income totaled $323.3 million, an increase of $7.4 million, or 2.4%, from the prior quarter. Non-interest income totaled a record $89.7 million, an increase of 10.0% from the year-ago quarter, benefiting from the diversified business model and related revenue generation.
Reported non-interest expense totaled $249.4 million, compared to $226.6 million in the prior quarter. When adjusting for significant items, non-interest expense increased $8.4 million, or 3.7%, linked-quarter on an operating basis (non-GAAP).
The provision for credit losses was $23.4 million, an increase of $3.2 million from the prior quarter with net charge-offs of $21.5 million compared to $7.8 million in the prior quarter.
The tangible book value per common share (non-GAAP) of $10.33 increased $1.31, or 14.5%, compared to September 30, 2023, and $0.45, or 4.6%, compared to June 30, 2024. The market has reacted to these announcements by moving the company's shares -1.4% to a price of $14.63. For more information, read the company's full 8-K submission here.
