F.N.B. Corporation reported first-quarter 2026 net income of $137.0 million, up from $116.5 million a year earlier and down from $168.7 million in the fourth quarter of 2025. Diluted earnings per share rose to $0.38 from $0.32 in the first quarter of 2025, an increase of 18.8%, while operating diluted EPS was $0.38 versus $0.32 a year ago and $0.50 in the prior quarter.
Revenue momentum was reflected in pre-provision net revenue of $192.4 million, up 17% from the year-ago quarter. Net interest income was $359.3 million, down $6.2 million, or 1.7%, from the fourth quarter, while net interest margin slipped to 3.25% from 3.28% sequentially.
Average loans and leases totaled $34.9 billion, up $849.4 million, or 2.5%, from the first quarter of 2025, driven by $1.1 billion of consumer loan growth. On a linked-quarter basis, period-end consumer loans rose $198.2 million and commercial loans and leases increased $136.0 million. Average deposits reached $38.4 billion, up $1.4 billion, or 3.8%, from a year earlier, led by a $1.0 billion increase in average money market deposits. Period-end deposits increased $141.8 million from the fourth quarter.
The loan-to-deposit ratio was 90.3% at March 31, 2026, compared with 89.7% at December 31, 2025 and 91.9% a year earlier.
Credit costs were steady. The provision for credit losses was $18.5 million, down $0.4 million from the prior quarter. Net charge-offs were $15.9 million, or 0.18% of average loans annualized, versus $16.4 million, or 0.19%, in the fourth quarter. Non-performing loans and other real estate owned rose 3 basis points sequentially to 0.34% of loans and leases plus OREO, and total delinquency also increased 3 basis points to 0.74%. The allowance for credit losses held at 1.26% of total loans and leases.
Capital ratios remained unchanged from the prior quarter. Estimated CET1 was 11.4%, the same as December 31, 2025, and up from 10.7% a year earlier. Tangible common equity to tangible assets was 8.9%, unchanged from the prior quarter and up from 8.4% a year earlier.
Tangible book value per common share increased to $12.06 from $10.83 in the first quarter of 2025, a gain of $1.23, or 11.4%, and was up $0.19, or 1.6%, from the fourth quarter. Return on average tangible common equity was 13.2%.
The company repurchased $35 million of stock, or 2.0 million shares, at a weighted average price of $17.41 during the quarter. It also raised its quarterly dividend 8% to $0.13 per share. Following these announcements, the company's shares moved 0.3%, and are now trading at a price of $16.54. If you want to know more, read the company's complete 8-K report here.
