F.N.B. (NYSE:FNB) reported third-quarter net income of $153 million, or $0.43 per share, as record net interest income, loan growth and a higher net interest margin supported results. Year-to-date earnings per share totaled $1.23, up 13% from the comparable period in 2025.
Chairman, President and CEO Vince Delie said quarterly revenue reached $469 million, including a record $377 million of net interest income. The company’s net interest margin increased four basis points from the prior quarter to 3.29%.
“F.N.B. produced solid revenue,” Delie said, pointing to its diversified income sources, loan growth and market-share gains across its geographic footprint.
Loans, Deposits and Margin
Total loans and leases ended the quarter at $36.5 billion, increasing at an 8.5% annualized linked-quarter rate. Chief Financial Officer Vince Calabrese said consumer loans rose by $435 million and commercial loans and leases increased by $333 million during the quarter. Commercial-and-industrial loans grew by $407 million, or a 20% annualized linked-quarter rate, with growth across several markets, including Cleveland and Pennsylvania.
Consumer loan growth was supported by seasonal residential mortgage production, home equity lines of credit and indirect auto lending. Commercial real estate balances declined by $90 million from the prior quarter, reflecting expected payoffs and secondary-market activity.
Total deposits increased $871 million sequentially, equivalent to a 9% annualized growth rate. The increase was driven by non-interest-bearing deposits, low-cost transaction accounts and money market balances, according to Calabrese. Non-interest-bearing deposits grew $78 million from the prior quarter and remained 26% of total deposits, a level the company has maintained for eight consecutive quarters.
The loan-to-deposit ratio was unchanged from the prior quarter at 92.4%. The cost of interest-bearing deposits increased by one basis point, while total cost of funds increased two basis points to 2.01%.
Calabrese said September net interest margin was 3.28%, close to the quarterly level. He said F.N.B. expects margin to increase gradually in the fourth quarter, supported by a full-quarter benefit from loan repricing, higher SOFR rates, securities reinvestment and elevated spot loan balances.
Credit Metrics Remain Low
Chief Credit Officer Gary Guerrieri described credit performance as consistent across the portfolio. Delinquencies totaled 75 basis points, up slightly from the prior quarter, while nonperforming loans and other real estate owned stood at 33 basis points. Net charge-offs improved to 12 basis points from 19 basis points in the second quarter.
Provision expense totaled $19.2 million, supporting loan growth. The funded reserve ended the quarter at $455 million, or 1.25% of loans; including acquired unamortized loan discounts, the reserve was 1.29%. Nonperforming loan coverage stood at 396%, including those discounts.
Guerrieri said criticized loans rose 40 basis points during the quarter, but the company expects upgrades and payoffs to offset that increase without expected charge-offs. F.N.B. continues to maintain qualitative reserve overlays related to potential supply-chain effects from Middle East events, oil and diesel price volatility, and tariff uncertainty in North America.
Management said it is monitoring commercial real estate maturities and the potential impact of higher rates, although Guerrieri said the current rate environment has not materially affected portfolio performance. He said approximately $500 million of commercial real estate maturities will be reviewed during the fourth quarter, while 2027 maturities are expected to average about $400 million per quarter.
Fee Businesses, Technology and Capital Deployment
Non-interest income totaled $93 million. Service charges increased 5.7% from a year earlier, helped by treasury-management revenue and consumer transaction volumes. Insurance commissions and fees rose 20%, largely due to property-and-casualty business growth, while wealth-management revenue increased nearly 4% to $21 million.
Delie said F.N.B. is expanding fee-based operations, including investment banking, public finance and a Family Wealth Program serving ultra-high-net-worth clients. He said investment banking has closed several transactions and has additional opportunities in its pipeline, while public finance has participated in several bond underwritings and received a lead-left mandate on a transaction expected to occur in the fourth quarter.
The company also discussed planned technology investments, including its Insight 360 platform, an AI-enabled customer aggregation and insights tool. Delie said the platform is intended to help customers consolidate information across banking relationships while helping F.N.B. identify opportunities to deepen household relationships, expand deposits and offer lending or promotional products.
Non-interest expense was $257 million, up 4.5% year over year when adjusted for an FDIC special assessment reduction in the prior-year period. The efficiency ratio was 53.7%.
F.N.B. repurchased $51 million, or 2.7 million shares, during the third quarter. Through the first nine months, it repurchased $133 million, or 7.4 million shares, compared with $32 million during the same period of 2025. More than $200 million remained under its repurchase authorization at quarter-end. The CET1 ratio was 11.3%, and the tangible common equity ratio was 8.7%.
Updated 2026 Outlook
F.N.B. maintained its expectation for full-year period-end loans and deposits to grow at a mid-single-digit rate. Management said deposit growth could finish near the lower end of that range under normal activity, with potential for stronger growth if treasury-management and retail deposit initiatives produce additional wins.
- Net interest income guidance was revised to $1.485 billion to $1.5 billion.
- Non-interest income guidance was narrowed to $370 million to $380 million.
- Non-interest expense guidance remained $1.01 billion to $1.02 billion, with results expected near the higher end.
- Provision expense guidance was revised to $80 million to $90 million.
- The effective tax rate is expected to be between 21% and 22%, excluding potential investment tax credit activity.
Management said it continues to expect positive operating leverage for the full year, while remaining mindful of uncertain macroeconomic and geopolitical conditions.
About F.N.B. (NYSE:FNB)
F.N.B. Corporation (NYSE: FNB) is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal subsidiary, First National Bank, the company provides banking, lending and wealth management services to individuals, families, businesses and government entities.
FNB’s offerings include checking and savings accounts, certificates of deposit, residential and consumer loans, commercial real estate and business lending, treasury management and cash-management services.
