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F.N.B. reports lower net income, NIM YOY in Q4'19

Pittsburgh-based F.N.B. Corp. posted net income available to common stockholders of $93.2 million, or 29 cents per share, for the fourth quarter of 2019, down from $98.1 million, or 30 cents per share, in the fourth quarter of 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the most recent quarter was 29 cents.

Operating net income available for the common stockholders for the 2019 fourth quarter was $96.6 million, or 30 cents per share, compared with $98.1 million, or 30 cents per share, in the year-ago quarter. The operating earnings in the recent quarter excluded $4.3 million for service charge refunds.

Net interest income totaled $226.4 million, 1.5% lower than the $229.8 million in the linked quarter and down 2.5% from $232.2 million in the fourth quarter of 2018.

Provision for credit losses was $7.5 million in the fourth quarter of 2019, down 36.7% from $11.9 million in the third quarter and falling 50.4% from $15.2 million a year ago.

Net interest margin ticked lower at 3.07% in the fourth quarter of 2019 from 3.17% in the linked quarter and 3.29% in the fourth quarter of 2018.

Total loans and leases as of the end of the fourth quarter amounted to $23.29 billion in the fourth quarter of 2019, up 0.9% from $23.07 billion at the end of the previous quarter and 5.1% higher than $22.15 billion a year ago. Total deposits were $24.79 billion at Dec. 31, 2019, compared to $24.59 billion at Sept. 30, 2019, and $23.46 billion at Dec. 31, 2018.

For full year 2019, net income available to common stockholders was $379.2 million, or $1.16 per share, up from $364.8 million, or $1.12 per share, in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for full year 2019 was $1.17.