Regional banking company F.N.B. Corporation (NYSE: FNB) missed Wall Street’s revenue expectations in Q3 2026 as sales only rose 1.9% year on year to $469.1 million. Its non-GAAP profit of $0.43 per share was in line with analysts’ consensus estimates.

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"F.N.B. Corporation delivered another strong quarter with $0.43 earnings per diluted common share, bringing year-to-date earnings to $1.23 per diluted common share, a 13% increase over the same period in 2025. For the third quarter of 2026, we generated record net interest income, expanded net interest margin and increased tangible book value per common share (non-GAAP) 7% year over year, while continuing to return capital through share repurchase activity and an attractive dividend," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vince Delie. "FNB continues to leverage technology investments to gain market share throughout our diverse geographic footprint with 8.5% annualized loan growth and 8.9% annualized deposit growth, both of which align with our long-term organic growth trajectory. Our consistent underwriting standards contributed to solid credit quality results for the quarter. By strategically investing in innovative technology to grow primary relationships and low-cost deposits, while also maintaining a focus on expanding high-value fee-based businesses to diversify revenue streams, we are building a stronger, more resilient franchise. The investments in these initiatives contributed to a strong third quarter performance and create sustainable value for the future."

Company Overview

Tracing its roots back to 1864 during the Civil War era, F.N.B. Corporation (NYSE: FNB) is a diversified financial services holding company that provides banking, wealth management, and insurance services to consumers and businesses across seven states and Washington, D.C.

Sales Growth

Two primary revenue streams drive bank earnings. While net interest income, which is earned by charging higher rates on loans than paid on deposits, forms the foundation, fee-based services across banking, credit, wealth management, and trading operations provide additional income. Regrettably, F.N.B. Corporation’s revenue grew at a mediocre 8% compounded annual growth rate over the last five years. This was below our standard for the banking sector and is a rough starting point for our analysis.

Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. F.N.B. Corporation’s recent performance shows its demand has slowed as its annualized revenue growth of 6.2% over the last two years was below its five-year trend. We’re wary when companies in the sector see decelerations in revenue growth, as it could signal changing consumer tastes aided by low switching costs. Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, F.N.B. Corporation’s revenue grew by 1.9% year on year to $469.1 million, falling short of Wall Street’s estimates.

Net interest income made up 78.2% of the company’s total revenue during the last five years, meaning lending operations are F.N.B. Corporation’s largest source of revenue.

Net interest income commands greater market attention due to its reliability and consistency, whereas non-interest income is often seen as lower-quality revenue that lacks the same dependable characteristics.

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Tangible Book Value Per Share (TBVPS)

Banks are balance sheet-driven businesses because they generate earnings primarily through borrowing and lending. They’re also valued based on their balance sheet strength and ability to compound book value (another name for shareholders’ equity) over time.

When analyzing banks, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value by removing intangible assets of debatable liquidation worth. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.

F.N.B. Corporation’s TBVPS grew at an impressive 7.8% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 9% annually over the last two years from $10.33 to $12.28 per share.

Over the next 12 months, Consensus estimates call for F.N.B. Corporation’s TBVPS to grow by 11% to $13.63, mediocre growth rate.

Key Takeaways from F.N.B. Corporation’s Q3 Results

F.N.B. missed revenue expectations, but its EPS was in line with Wall Street’s estimates. Overall, this quarter could have been better. The stock remained flat at $16.88 immediately after reporting.

F.N.B. Corporation’s earnings report left more to be desired. Let’s look forward to see if this quarter has created an opportunity to buy the stock. The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).