Stocks Roundup: F.N.B. Corporation (NYSE: FNB) Stock Dips Despite Q1 Earnings Beat, Costs Up

On Thursday, Shares of F.N.B. Corporation (NYSE: FNB) showed the bearish trend with a lower momentum of -0.32% and ended its trading session at $12.51. The company traded total volume of 2,465,174 shares as contrast to its average volume of 3.10M shares. The company has a market value of $4.42B and about 319.09M shares outstanding. F.N.B. Corporation’s FNB first-quarter 2022 adjusted earnings per share of 26 cents surpassed the Zacks Consensus Estimate of 24 cents. The bottom line reflects a decline of 7.1% from the prior-year quarter.
Results were primarily aided by a rise in net interest income (NII). However, higher expenses and provisions, along with a decline in fee income, were the undermining factors. Probably because of these negatives, shares of the company lost 1.8% in after-market trading.
Results excluded the Howard Bancorp merger-related significant items and branch consolidation costs. Including those, net income available to common stockholders was $51 million, down 44.1% from the year-ago quarter.

Revenues Improve, Expenses Rise

Net revenues were $312.4 million, up 2.2% year over year.
NII was $234.1 million, up 5% year over year. Growth in average earning assets was partly offset by the repricing impact on earning asset yields, mitigated by the lower cost of interest-bearing deposit accounts and improved funding mix, with a reduction in higher-cost borrowings and growth in non-interest bearing deposit accounts.
The net interest margin (FTE basis) (non-GAAP) contracted 14 basis points (bps) to 2.61%.
Non-interest income was $78.3 million, down 5.4% from the prior-year quarter. The decline was primarily due to a fall in mortgage banking income, partly offset by the rise in service charges and wealth management revenues.
Non-interest expenses were up 23% year over year to $227.4 million.
As of Mar 31, 2022, the common equity Tier 1 (CET1) ratio was 10%, in line with the Mar 31, 2021 level.

The Company offered net profit margin of 39.50% while its gross profit margin was 0. ROE was recorded as 8.00% while beta factor was 1.15. The stock, as of recent close, has shown the weekly upbeat performance of 2.63% which was maintained at 3.13% in this year.

About Brad Watson

This is Brad Watson and I like to introduce myself as an adviser, in the Financial Stocks Sector. I worked independently as a self motivator and with the financial institute as financial adviser to invest in the financial sector for over 7 years in the developing countries by introducing new phases and ways to improve in the Financial sector. I analyze trading strategy, individual stocks, asset classes, market sectors, and risk to reward parameters in order to provide valuable insight to the community. I like to travel all over the globe to get new experience and provide by best services to the companies. As an adviser I like to work with new people to share and explore new ideas keeping in view minimizing the operating cost and giving the best final product through new Financial and minimizing the time of development.

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