FNB Corp (NYSE:FNB) stock rose 0.77% (As on Apr 19, 12:46:54 AM UTC-4, Source: Google Finance) after the company beaten the earnings estimates for the first quarter of FY 22. NII was $234.1 million, up 5% year over year. Growth in average earning assets was partly offset by the repricing impact on earning asset yields, mitigated by the lower cost of interest-bearing deposit accounts and improved funding mix, with a reduction in higher-cost borrowings and growth in non-interest bearing deposit accounts. The net interest margin (FTE basis) (non-GAAP) contracted 14 basis points (bps) to 2.61%. Net charge-offs were 0.03% of average loans, down 8 bps year over year. The ratio of non-performing loans, 90 days past due, and other real estate owned (OREO) to total loans and OREO declined 24 bps year over year to 0.44%. However, F.N.B. Corp’s provision for credit losses was $18 million, up significantly from $5.9 million in the prior-year quarter.

FNB in the first quarter of FY 22 has reported the adjusted earnings per share of 26 cents, beating the analysts’ estimates for the adjusted earnings per share of 24 cents, according to the Zacks Consensus Estimate.  The company had reported the adjusted revenue growth of 2.2 percent to $312.4 million in the first quarter of FY 22. On a linked-quarter basis, excluding PPP, period-end total loans increased $2.0 billion, or 8.2%, with commercial loans and leases increasing $1.3 billion, or 7.9%, and consumer loans increasing $753.8 million, or 8.9%. PPP loans totaled $179.6 million at March 31, 2022, compared to $336.6 million as of December 31, 2021. Excluding PPP and Howard acquired loans as of the acquisition date, period-end loans and leases (non-GAAP) increased $259.7 million, or 4.3% annualized, on a linked-quarter basis, including an increase of $81.7 million in commercial loans and leases and $178.0 million in consumer loans. Total average deposits grew $3.6 billion, or 12.4%, led by increases in average non-interest-bearing deposits of $2.0 billion, or 22.2%, and average interest-bearing demand deposits of $1.6 billion, or 11.7%, partially offset by a decrease in average time deposits of $0.6 billion, or 16.3%. Average deposit growth reflected inflows from the Howard acquisition, PPP activities and organic growth in new and existing customer relationships, as well as current customer preferences to maintain larger balances in their deposit accounts and shift balances into more liquid accounts. Excluding Howard, average deposits (non-GAAP) grew $2.3 billion, or 7.8%.

Additionally, in first-quarter 2022, the company repurchased 2.2 million shares for $29.8 million. In April 2022, the company’s board of directors authorized a $150-million share repurchase program.

Meanwhile, in the first quarter, the company completed the acquisition of Howard Bancorp, Inc. The all-stock deal, valued at $418 million, was announced in July 2021.