Overview

• Regional bank's Q2 revenue and EPS rose double digits yr/yr

• Net interest and non-interest income both increased from prior year

• Company repurchased $47 mln in common stock during Q2

Outlook

• Company did not provide specific financial guidance for the current or future periods

Result Drivers

• LOAN AND DEPOSIT GROWTH - Co said higher average loans and leases, especially in consumer loans, and growth in average deposits supported revenue gains

• NET INTEREST INCOME - Higher average earning assets and lower interest-bearing deposit costs drove a 5.3% yr/yr increase in net interest income

• NON-INTEREST INCOME - Wealth management, capital markets, and other fee-based businesses contributed to a 6.5% yr/yr rise in non-interest income

Company press release: ID:nPn8JSnlza

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 EPS		$0.42
Q2 Net Income		$148.7 mln
Q2 Net Interest Income		$365.72 mln
Q2 CET1 Capital Ratio		11.4%
Q2 Credit Loss Provision		$21.36 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for FNB Corp is $21.00, about 10.1% above its July 15 closing price of $19.08

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

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