Why F.N.B. Stock Took A Dive After-Hours

Author: Ryan Gustafson | January 18, 2024 06:40pm

F.N.B. Corporation (NYSE:FNB) shares traded lower in Thursday's after-hours session after the company reported fourth-quarter financial results. Here's a look at the metrics moving the price.

What To Know: F.N.B. reported quarterly earnings of 38 cents per share which beat the analyst consensus estimate of 35 cents, a 13.64% decrease over earnings of 44 cents per share from the same period last year.

Revenue of $337.10 million missed analyst expectations of $403.83 million.

Total loans and leases at the end of the period grew to $2.1 billion, or 6.8% year-over-year. The company's organic loan growth was fueled by the ongoing success of its strategy to expand high-quality loans and strengthen customer relationships throughout its geographic presence.

"F.N.B. Corporation has again delivered exceptional performance with full year operating earnings totaling a record $1.57 per diluted common share (non-GAAP), record revenue of $1.6 billion and tangible book value per common share (non-GAAP) growth of $1.20, or 14.5%, year-over-year to an all-time high of $9.47," said F.N.B. Corporation Chairman, President and CEO, Vincent J. Delie, Jr.

"As part of our ongoing proactive balance sheet management strategy, we took several actions during the quarter to enhance our future profitability and capital positioning. These balance sheet actions are expected to generate additional net interest income and margin, modestly increase the tangible common equity to tangible asset ratio and improve capital generation as we enter 2024."

Related Link: What's Going On With Super Micro Computer Stock After-Hours?

FNB Price Action: Shares of FNB were down 6.09% at $12.25 in the after-hours session Thursday, according to Benzinga Pro.

Image by Nattanan Kanchanaprat from Pixabay

Posted In: FNB