F.N.B. Corp (NYSE: FNB) reported Q3 EPS of $0.29, $0.01 better than the analyst estimate of $0.28. Revenue for the quarter came in at $309.62 million versus the consensus estimate of $313 million.

Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer, commented, "Earnings per share for the third quarter of 2018 increased 30% to $0.30 from the third quarter of 2017. The quarter\'s performance represents record total revenue and record net income, solid loan growth, double-digit annualized deposit growth and a 6.7% reduction in total expenses compared to the prior quarter. We are very pleased with the results that included positive operating leverage and an improved efficiency ratio of 53.7%. Return on tangible common equity of 19% reflects our commitment to driving further value creation and increasing returns for our shareholders."

Third Quarter 2018 Highlights(All comparisons refer to the third quarter of 2017, except as noted)

• Growth in total average loans was $1.1 billion, or 5.4%, with average commercial loan growth of $545 million, or 4.2%, and average consumer loan growth of $576 million, or 7.5%.
• Total average deposits grew $1.9 billion, or 9.1%, including an increase in average non-interest bearing deposits of $439 million, or 7.9%, and an increase in average time deposits of $1.4 billion, or 37.9%.
• The loan to deposit ratio was 92.9% at September 30, 2018, compared to 94.9%.
• The net interest margin (FTE) (non-GAAP) declined 8 basis points to 3.36% from 3.44%, reflecting a 3 basis point decrease in the fully taxable equivalent adjustment related to the impact of tax reform. Included in the net interest margin of 3.36% and 3.44%, Regency contributed 8 basis points and 13 basis points, respectively.
• Total revenue increased 6.3% to $310 million, reflecting a 4.2% increase in net interest income and a 13.1% increase in non-interest income.
• Non-interest income increased $8.7 million, or 13.1%. Excluding the Regency gain on sale, operating non-interest income increased $3.5 million, or 5.4%, with increases in mortgage banking, wealth management and capital markets.
• The efficiency ratio equaled 53.7%, compared to 53.1% in the third quarter of 2017, and 55.6% in the second quarter of 2018.
• The annualized net charge-offs to total average loans ratio increased to 0.27% from 0.24%. The third quarter of 2018 included 13 basis points of net charge-offs from the mark to fair value on the Regency loans prior to the sale, with no associated provision expense.
• The ratio of the allowance for credit losses to total loans and leases was essentially flat at 0.81%, compared to 0.82%.

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