Reports Q3 book value per share $14.51. Reports Q3 CET1 capital ratio 13.73%. Reports Q3 net charge-offs 0.11%. "We are very pleased to report strong quarterly performance where EPS totaled $0.31 per share and net income to common shareholders surpassed $100 million for the first time in company history. The third quarter results were driven by top line revenue growth including record noninterest income of $80 million, consistent organic growth in loans and deposits, as well as favorable asset quality." commented Chairman, President, and CEO, Vincent Delie, Jr. "We continue to achieve peer-leading results with return on tangible common equity and the efficiency ratio at levels of 17%, and 54%, respectively even as we continue to make strategic investments in our company."
F.N.B. announced that its Board of Directors has authorized a stock repurchase program for the repurchase of up to an aggregate of $150M of its common stock. The repurchase program is expected to continue through the end of 2020.
Reports Q2 revenue $305.2M, consensus $305.77M. Reports Q2 book value per share $14.30. Reports Q2 common equity capital ratio 13.7%. Reports Q2 net charge-offs 0.16%. "We are very pleased with our strong performance during Q2 and first half of 2019. During Q2, EPS grew 12% compared to the prior year, and our asset quality continues to trend positively. Q2 results included 12% annualized revenue growth driven by record noninterest income of $75M, which includes record capital markets and mortgage banking revenue contribution. Operating return on tangible common equity was more than 17%, and expenses were well-controlled, as the efficiency ratio equaled 54%," commented Chairman, President, and CEO, Vincent Delie, Jr. "We look to continue the strong momentum established during the first half across our legacy and expansion markets as we continue building on our success."
First National Bank announced that it has promoted Samuel Kirsch to chief digital officer. In this role, Kirsch will oversee the development and execution of FNB's overall digital strategy by continuing to strengthen the Bank's digital capabilities and ensure consistency across all digital properties in accordance with the company's strategic objective to build an innovative and consultative client experience. In addition to the planning and implementation of digital strategies for FNB's customer-facing lines of business, such as Retail Banking, Wealth Management, Business Banking, Commercial Banking and Insurance, Kirsch will focus on technological advancements, including the growth of the Company's multi-channel Clicks-to-Bricks strategy, which integrate the online, mobile and in-branch banking channels for a seamless and convenient customer experience. He also oversees the introduction of new products and services, including strategic upgrades. Kirsch joined FNB in 2011 as Director of Digital Channels and Payments for the Consumer Bank.
Reports Q1 revenue $296M, consensus $297.76M. Reports Q1 book value per share $14.09. "We are very pleased to report another strong quarter. Operating EPS grew 12% year-over-year to 29c, benefiting from continued positive operating leverage. Operating return on tangible common equity was again peer-leading at nearly 18%, and the efficiency ratio improved by more than 200 basis points to 53%," commented Chairman, President, and CEO, Vincent Delie, Jr. "We are off to a great start in 2019 as total loans grew 8% annualized with contributions from across the footprint, including our newer southeastern markets. We established good momentum in Q1 and we are excited about executing our business plan throughout the rest of the year."