Declared Dividend • May 20
First quarter dividend of US$0.13 announced Shareholders will receive a dividend of US$0.13. Ex-date: 1st June 2026 Payment date: 15th June 2026 Dividend yield will be 3.0%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 10 highly experienced directors. Independent Director Mary Dively was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Apr 16
F.N.B. Corporation Declares Quarterly Cash Dividend on Common Stock, Payable on June 15, 2026 F.N.B. Corporation announced its Board of Directors declared a quarterly cash dividend of $0.13 per share on its common stock, representing a one cent per share increase from the prior quarterly cash dividend, the Company authorized a new $250 million share repurchase program. The quarterly stock dividend is payable on June 15, 2026, to shareholders of record as of the close of business on June 1, 2026. Annuncio • Apr 15
F.N.B. Corporation (NYSE:FNB) announces an Equity Buyback for $250 million worth of its shares. F.N.B. Corporation (NYSE:FNB) announces a share repurchase program. Under the program, the company will repurchase up to $250 million worth of its shares. The repurchases will be funded from available working capital. Annuncio • Apr 02
F.N.B. Corporation to Report Q1, 2026 Results on Apr 16, 2026 F.N.B. Corporation announced that they will report Q1, 2026 results After-Market on Apr 16, 2026 Annuncio • Mar 27
F.N.B. Corporation Expands Public Finance Offerings With Municipal Bond Underwriting F.N.B. Corporation announced that it has expanded its public finance offerings with municipal bond underwriting. Building on the robust suite of products and solutions provided under the Bank's Capital Markets umbrella, the latest addition further solidifies FNB's standing as an elite commercial bank with expansive capabilities. Additionally, municipal bond underwriting and tax-exempt financing enhance FNB's ability to serve its municipal clients and prospects with the capital necessary to fulfill their financing needs. FNB's team will guide clients through the securities issuance process, including structuring, investor solicitation and underwriting. For the issuers, municipal bonds can be advantageous for financing large projects, such as infrastructure upgrades or heavy equipment purchases, over longer terms at relatively low cost. Investors benefit by receiving periodic, federal tax-exempt interest payments before full repayment at the maturity date. The offering is delivered through FNB's broker-dealer subsidiary, FNB America Securities LLC, which develops creative and tailored financing solutions for local governments, school districts, counties, special districts, not-for-profit corporations and other entities. The service also leverages the Company's advanced data collection and analytical capabilities. Using robust market intelligence, the team will underwrite bonds based on current interest rates, comparable deals, and supply and demand dynamics, providing competitive financing for FNB's clients. Municipal bonds are latest in the continued expansion of FNB's Capital Markets capabilities. In April 2025, FNB acquired Raptor Partners, a Pittsburgh-based advisory firm, to bolster its investment banking services for public and private businesses, including guidance related to mergers and acquisitions. The Capital Markets group includes several other teams managing various products and services: Interest rate and commodity hedging; A debt capital markets function that leads and participates in loan syndications and bond offerings for corporate clients; Investment banking; Mezzanine financing; International banking services that include foreign exchange and hedging solutions. Annuncio • Mar 26
F.N.B. Corporation, Annual General Meeting, May 06, 2026 F.N.B. Corporation, Annual General Meeting, May 06, 2026. Annuncio • Mar 11
F.N.B. Corporation Expands eStore Common Application With Business Loan Products F.N.B. Corporation announced the addition of business loan products to its proprietary eStore Common application. This enhancement is the latest milestone in the Company's Clicks-to-Bricks digital strategy that was introduced in 2016. By integrating business lending into its digital platform, FNB is strengthening its ability to serve as the primary bank for clients while building upon a strategy focused on leveraging data, technology and AI to increase the speed and quality of engagement. FNB's Common app is a first-of-its-kind solution that enables clients to apply for more than 50 consumer and business products and services simultaneously through a single, streamlined digital application. With the addition of business loan products, the full spectrum of a small business owner's personal and professional financial needs can be addressed, further accelerating how FNB engages businesses and deepens primary banking relationships. The enhancement reinforces FNB's position as a leader in digital innovation by making it faster and easier for businesses to acquire the full range of financial products needed to start, manage and grow their operations. By leveraging AI-driven insights and advanced data analytics to minimize client keystrokes and significantly reduce application time, the Common app simplifies account onboarding, accelerates decision-making and assists customers with finding the solutions best suited to their unique needs. eStore is a digital banking platform where clients can buy products, schedule appointments with bankers and access financial education resources. Seamless connectivity with the Company's physical locations ensures that digital technology enhances the convenience afforded by an optimized and continually expanding network of traditional ATMs, ATMs with TellerChat (ITMs) and modern concept branches that have continued to elevate in-person banking interactions. FNB continues to enhance its digital platforms to remove friction at every stage of the eStore onboarding experience. Through the Common app, clients can easily open multiple accounts, while tools such as Payment Switch and Direct Deposit Switch enable them to move recurring ACH transactions and direct deposits to FNB in one seamless step. These innovations, coupled with an expanding physical presence, ensure that Clicks-to-Bricks delivers on its core promise: superior engagement, faster growth and stronger relationships with the households and businesses FNB serves. Annuncio • Jan 28
F.N.B. Corporation Declares Quarterly Cash Dividend on Common Stock, Payable on March 16, 2026 F.N.B. Corporation announced its Board of Directors declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is payable on March 16, 2026, to shareholders of record as of the close of business on March 2, 2026. Annuncio • Jan 07
F.N.B. Corporation to Report Q4, 2025 Results on Jan 20, 2026 F.N.B. Corporation announced that they will report Q4, 2025 results After-Market on Jan 20, 2026 Annuncio • Dec 17
F.N.B. Corporation Announces Launch of Automated Payment Switch Technology F.N.B. Corporation announced it is among the first wave of banks to introduce Payment Switch, a service that enables customers to automatically move their recurring ACH or Debit Card payments to FNB using the FNB Direct Mobile Banking App. Payment Switch makes it easier for customers to establish a relationship with FNB, advancing the Company's strategy to become the primary bank for its clients. Payment Switch joins FNB's Direct Deposit Switch service to address common hurdles consumers encounter when opening a new account or changing financial institutions. Instead of visiting multiple merchant websites to update payment details, FNB customers can now utilize the automated Payment Switch service to seamlessly update their payment methods for these merchants in near real time.aving time and effort, they can easily switch to their FNB Debit Card or Checking Account across multiple merchants and service providers -- all in one user-friendly platform, all within the FNB Mobile Banking experience. FNB's current and future customers will be able to take charge of how they pay for services like streaming, food delivery, ride share, car payments, utilities and more, with the merchants accessible through Payment Switch managing about 80 to 90% of all total recurring payment volumes nationwide. Payment Switch and Direct Deposit Switch are delivered through FNB's innovation partnership with Atomic. FNB previously announced it had made a strategic investment to obtain an ownership interest in the fintech firm because of its alignment with FNB's proprietary technology and commitment to innovation. This most recent announcement demonstrates FNB's continual enhancement of the eStore onboarding process, which enables consumers and small businesses to open more than 40 accounts simultaneously. Now, with the added services, customers can instantly move their direct deposit and recurring ACH transactions to FNB. Introducing Instant Payments: Payment Switch is one example of FNB's continual investment in its digital technology suite. The Company also recently introduced instant payments capabilities, enabling consumer and commercial clients to now receive funds faster than ever. A form of electronic funds transfer, an instant payment leverages advanced and secure channels that enable users to receive a transaction in under 15 seconds -- 24 hours per day, 365 days per year. In the months ahead, FNB also will add the ability for business clients to send their own instant payments. continued Investments in Digital Solutions: FNB's electronic payments initiatives advance its omnichannel Clicks-to-Bricks strategy, which is focused on unifying the customer experience across traditional and digital networks. FNB's seamless customer journey evolves around eStore. The proprietary platform enables consumers and businesses to shop for banking solutions, receive data-driven product recommendations, access financial education resources and schedule appointments with FNB experts all in one place. In the weeks and months ahead, customers can expect new capabilities that add digital convenience to traditional channels, including temporary digital debit cards to be issued at account opening before physical cards are delivered. Annuncio • Nov 13
F.N.B. Corporation Declares Quarterly Cash Dividend, Payable on December 15, 2025 F.N.B. Corporation announced its Board of Directors declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is payable on December 15, 2025, to shareholders of record as of the close of business on December 1, 2025. Annuncio • Oct 17
F.N.B. Corporation Reports Net Loan Charge-Offs for the Third Quarter Ended September 30, 2025 F.N.B. Corporation reported net loan charge-offs for the third quarter ended September 30, 2025. For the quarter, the company reported net loan charge-offs of $19.7 million compared to $21.5 million a year ago. Annuncio • Sep 26
F.N.B. Corporation to Report Q3, 2025 Results on Oct 16, 2025 F.N.B. Corporation announced that they will report Q3, 2025 results After-Market on Oct 16, 2025 Annuncio • Aug 01
F.N.B. Corporation Declares Quarterly Cash Dividend, Payable on September 15, 2025 F.N.B. Corporation announced its Board of Directors declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is payable on September 15, 2025, to shareholders of record as of the close of business on September 2, 2025. Annuncio • Jul 29
First National Bank Promotes Brian Mancos to Director of Human Resources and Corporate Services First National Bank, announced that it has promoted Brian Mancos to Director of Human Resources and Corporate Services, overseeing Human Resources, Facilities and Business Continuity. Mancos has served as Senior Corporate Counsel for FNB for more than a decade. As Director of Human Resources and Corporate Services, he succeeds Charles Casalnova, who is assuming a Corporate Business Advisor role for a period of time to ensure a seamless transition of responsibilities as he concludes his 27 years of Company service. Mancos earned his bachelor's degree from Carnegie Mellon University and his Juris Doctor from the University of Pittsburgh. Before joining FNB, he practiced litigation at Burns White LLC and Bassi, Vreeland & Associates, P.C. He is active in the local community of Hopewell Township as a coach and Director of Baseball Operations for Hopewell Youth Baseball. Annuncio • Jul 25
F.N.B. Corporation Adds Business Platform to Estore Common Application F.N.B. Corporation and First National Bank announced the addition of business deposit products to the eStore®? Common application (Common app). Customers can now use one universal application for both business and personal bank accounts - affirming the Company's leadership in digital innovation that is reshaping the financial services industry. The release of business deposit products in the eStore Common app -- and the continued ability to apply for multiple consumer loan and deposit products via one experience -- makes it even faster for FNB customers to acquire products and services that address the complete range of their financial needs. The time- save is especially impactful when multiple products are included given that most applications can be completed in approximately seven minutes. A small business owner applying to open a small business checking account and a personal credit card together in the eStore Common app, for example, would spend nearly 30% less time completing a single application than a customer who applied separately for each product. Among the business deposit products now available in the Common app is Business First, FNB's bundled checking solution designed to meet the comprehensive banking needs of small businesses. Introduced in the second quarter of 2025, the Business First package includes integrated and advanced reporting tools, fraud mitigation services, optimized accounts receivable capabilities and more. FNB expects to add business loan products to the eStore Common app in 2026. eStore Common app submissions increased 108% between the first and second quarter of 2025. As of June, FNB's full branch network was originating applications on the platform, aligning the universal application process across the Company's digital and physical channels. Now, multiproduct purchasing is expected to grow even further as bankers leverage AI and automation to efficiently provide customers with personalized, data-driven recommendations for the next-best product and service. Accessing the eStore Common app is simple. Customers can use eStore to select and add products to their shopping cart, and then check out to begin an application. FNB has included data prefilling technology in the system to eliminate keystrokes for customers. In addition, the eStore Common application's enhanced functionality includes the ability to upload supporting documents with ease as well as automated account funding. FNB continually builds on its digital banking platform. Annuncio • Jul 18
F.N.B. Corporation Reports Net Charge-Offs for Second Quarter Ended June 30, 2025 F.N.B. Corporation reported net charge-offs for Second Quarter ended June 30, 2025. The company's net charge-offs of $21.8 million, or 0.25% annualized of total average loans, compared to $7.8 million,or 0.09% annualized, reflecting continued proactive management of the loan portfolio for the second quarter of 2025. Annuncio • Jun 26
F.N.B. Corporation to Report Q2, 2025 Results on Jul 17, 2025 F.N.B. Corporation announced that they will report Q2, 2025 results After-Market on Jul 17, 2025 Annuncio • May 06
F.N.B. Corporation Declares Quarterly Cash Dividend, Payable on June 15, 2025 F.N.B. Corporation announced that its Board of Directors declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is payable on June 15, 2025, to shareholders of record as of the close of business on June 2, 2025. Annuncio • Apr 17
F.N.B. Corporation Reports Net Charge-Offs for the First Quarter Ended March 31, 2025 F.N.B. Corporation reported net charge-offs for the first quarter ended March 31, 2025. For the quarter, the company reflected net charge-offs of $12.5 million, or 0.15% annualized of total average loans, compared to $20.6 million, or 0.24% annualized. Net charge-offs for the first quarter of 2024 were $12.8 million. Annuncio • Apr 14
F.N.B. Corporation Introduces Direct Deposit Switch Capabilities F.N.B. Corporation announced the launch of automated direct deposit switch capabilities, the latest enhancement to its award-winning digital banking experience. The Direct Deposit Switch service is embedded in FNB's account opening process. By providing the option for customers to move their payroll direct deposit(s) instantaneously with a few simple steps, FNB further streamlines the account onboarding experience and makes it even more convenient for customers to choose FNB as their primary bank. FNB expects to also enable clients to digitally move their recurring debit transactions to FNB later in 2025. Both services are being launched through a partnership with Atomic, building on FNB's recent investment in the fintech's strategic fundraising initiative. FNB's seamless customer onboarding journey revolves around eStore®. The proprietary platform enables consumers and businesses to shop for banking solutions, receive data-driven product recommendations, access financial education resources, and schedule appointments with FNB experts. Users can put their product selections in their shopping cart and check out to begin their applications — and with FNB's innovative eStore Common application (Common app), they have the added convenience of applying for up to 30 different products simultaneously with one universal application. Now, with the ability to seamlessly move direct deposits using Online or Mobile Banking, the process to find, open and set up FNB accounts can be completed in minutes, all from a digital device. FNB's direct deposit switch capabilities are available with new or existing FNB checking, savings or money market accounts. After logging in to Online or Mobile Banking, consumers can access the Direct Deposit Switch service by navigating to their accounts. Then, customers can search for their payroll provider, sign into their corresponding employer account and receive confirmation that their payroll direct deposit has been successfully moved to their FNB account. FNB continually builds on its digital banking platform. Annuncio • Apr 09
F.N.B. Corporation (NYSE:FNB) entered into a definitive agreement to acquire Raptor Partners LLC. F.N.B. Corporation (NYSE:FNB) entered into a definitive agreement to acquire Raptor Partners LLC on April 8, 2025. Upon closing of the acquisition, Wolfanger will join FNB as Managing Director and Head of Investment Banking.
The transaction is expected to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions. Annuncio • Apr 08
F.N.B. Corporation Appoints Wolfanger as Managing Director and Head of Investment Banking F.N.B. Corporation announced that it has entered into a definitive agreement to acquire Raptor Partners LLC. Upon closing of the acquisition, Wolfanger will join FNB as Managing Director and Head of Investment Banking. Annuncio • Jan 31
F.N.B. Corporation Declares Quarterly Cash Dividend on Common Stock, Payable on March 15, 2025 F.N.B. Corporation announced its Board of Directors declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is payable on March 15, 2025, to shareholders of record as of the close of business on March 3, 2025. Annuncio • Jan 07
F.N.B. Corporation to Report Q4, 2024 Results on Jan 22, 2025 F.N.B. Corporation announced that they will report Q4, 2024 results Pre-Market on Jan 22, 2025 Annuncio • Nov 13
F.N.B. Corporation Declares Cash Dividend on Common Stock, Payable on December 15, 2024 F.N.B. Corporation announced its Board of Directors declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is payable on December 15, 2024, to shareholders of record as of the close of business on December 2, 2024. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €15.00, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €26.78 per share. Reported Earnings • Oct 18
Third quarter 2024 earnings released: EPS: US$0.30 (vs US$0.40 in 3Q 2023) Third quarter 2024 results: EPS: US$0.30 (down from US$0.40 in 3Q 2023). Revenue: US$389.6m (up 2.0% from 3Q 2023). Net income: US$110.1m (down 23% from 3Q 2023). Profit margin: 28% (down from 37% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Oct 18
F.N.B. Corporation Reports Net Loan Charge-Offs for the Third Quarter Ended September 30, 2024 F.N.B. Corporation reported net loan charge-offs for the third quarter ended September 30, 2024. For the quarter the company reported net loan charge-offs of $21.5 million compared to $37.7 million a year ago. Annuncio • Sep 27
F.N.B. Corporation to Report Q3, 2024 Results on Oct 17, 2024 F.N.B. Corporation announced that they will report Q3, 2024 results After-Market on Oct 17, 2024 Upcoming Dividend • Aug 29
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 05 September 2024. Payment date: 15 September 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.4%). Annuncio • Aug 08
F.N.B. Corporation Announces Executive Changes F.N.B. Corporation announced that Chief Audit Executive Christine Tvaroch is retiring after nearly 30 years of service to the Company. She will be succeeded by Ronda Edkins, who joined FNB in 2023 as Chief Operational Risk Officer. Tvaroch joined FNB in 1995 as an Audit Manager before being promoted to General Auditor in 1999 and Chief Audit Executive in 2016. Previously, she held several audit-related roles at JPMorgan Chase. She has a bachelor's degree from Youngstown State University and holds several professional designations. FNB's Chief Audit Executive is responsible for providing independent assurance to the Company's Audit Committee and Board of Directors regarding the effectiveness of governance, risk and control processes. In her new position, Edkins directs teams in evaluating financial, operational and information technology controls based on assessment of risk and compliance with corporate policies and government laws and regulations applicable to banking. Edkins has more than 25 years of financial services experience, previously holding roles with KPMG, PNC Bank and USAA. She earned her Bachelor of Science in Business Administration and Accounting from Robert Morris University and is engaged in the community as a board member and vice chair for the Southwestern PA chapter of the American Red Cross. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €12.30, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 38% over the past three years. Declared Dividend • Aug 04
Second quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 5th September 2024 Payment date: 15th September 2024 Dividend yield will be 3.3%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to grow by 14% over the next year, which should provide support to the dividend and adequate earnings cover. Annuncio • Jul 31
F.N.B. Corporation Declares Quarterly Cash Dividend on Common Stock, Payable on September 15, 2024 F.N.B. Corporation announced its Board of Directors declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is payable on September 15, 2024, to shareholders of record as of the close of business on September 5, 2024. Reported Earnings • Jul 18
Second quarter 2024 earnings released: EPS: US$0.34 (vs US$0.39 in 2Q 2023) Second quarter 2024 results: EPS: US$0.34 (down from US$0.39 in 2Q 2023). Revenue: US$383.6m (down 1.9% from 2Q 2023). Net income: US$123.0m (down 12% from 2Q 2023). Profit margin: 32% (down from 36% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Jul 18
F.N.B. Corporation Reports Net Charge-Offs for the Second Quarter Ended June 30, 2024 F.N.B. Corporation reported net charge-offs for the second quarter ended June 30, 2024. The second quarter of 2024 reflected net charge-offs of $7.8 million, or 0.09% annualized of total average loans, compared to $8.7 million, or 0.11% annualized. Annuncio • Jun 28
F.N.B. Corporation to Report Q2, 2024 Results on Jul 17, 2024 F.N.B. Corporation announced that they will report Q2, 2024 results After-Market on Jul 17, 2024 Upcoming Dividend • May 30
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 15 June 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (6.3%). Reported Earnings • May 10
First quarter 2024 earnings released: EPS: US$0.32 (vs US$0.40 in 1Q 2023) First quarter 2024 results: EPS: US$0.32 (down from US$0.40 in 1Q 2023). Revenue: US$392.8m (down 2.3% from 1Q 2023). Net income: US$116.0m (down 20% from 1Q 2023). Profit margin: 30% (down from 36% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Declared Dividend • May 03
First quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 6th June 2024 Payment date: 15th June 2024 Dividend yield will be 3.6%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to grow by 12% over the next year, which should provide support to the dividend and adequate earnings cover. Annuncio • May 01
F.N.B. Corporation Declares Quarterly Cash Dividend on Common Stock, Payable on June 15, 2024 F.N.B. Corporation announced its Board of Directors declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is payable on June 15, 2024, to shareholders of record as of the close of business on June 6, 2024. Reported Earnings • Apr 18
First quarter 2024 earnings released: EPS: US$0.32 (vs US$0.40 in 1Q 2023) First quarter 2024 results: EPS: US$0.32 (down from US$0.40 in 1Q 2023). Revenue: US$393.0m (down 2.2% from 1Q 2023). Net income: US$116.3m (down 20% from 1Q 2023). Profit margin: 30% (down from 36% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 03
F.N.B. Corporation to Report Q1, 2024 Results on Apr 17, 2024 F.N.B. Corporation announced that they will report Q1, 2024 results After-Market on Apr 17, 2024 Annuncio • Mar 30
F.N.B. Corporation, Annual General Meeting, May 08, 2024 F.N.B. Corporation, Annual General Meeting, May 08, 2024, at 08:30 US Eastern Standard Time. Agenda: To elect the 11 nominees named in this Proxy Statement to serve on Board of Directors until the 2025 Annual Meeting; to adopt an advisory resolution for approval of the 2023 compensation of named executive officers as disclosed in this Proxy Statement; to approve and adopt the Amended and Restated F.N.B. Corporation 2022 Incentive Compensation Plan; to ratify the appointment of Ernst & Young LLP as independent public accounting firm for 2024 Meeting Details. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: US$1.32 (vs US$1.23 in FY 2022) Full year 2023 results: EPS: US$1.32 (up from US$1.23 in FY 2022). Revenue: US$1.50b (up 8.9% from FY 2022). Net income: US$477.0m (up 11% from FY 2022). Profit margin: 32% (in line with FY 2022). Net interest margin (NIM): 3.35% (up from 3.03% in FY 2022). Cost-to-income ratio: 51.2% (down from 52.2% in FY 2022). Non-performing loans: 0.33% (down from 0.37% in FY 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 27
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 05 March 2024. Payment date: 15 March 2024. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (6.7%). Declared Dividend • Feb 19
Fourth quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 5th March 2024 Payment date: 15th March 2024 Dividend yield will be 3.6%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (36% payout ratio) and is expected to be well covered in 3 years' time (31% forecast payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to grow by 19% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 19
Full year 2023 earnings released: EPS: US$1.32 (vs US$1.23 in FY 2022) Full year 2023 results: EPS: US$1.32 (up from US$1.23 in FY 2022). Revenue: US$1.50b (up 8.9% from FY 2022). Net income: US$476.8m (up 11% from FY 2022). Profit margin: 32% (in line with FY 2022). Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Nov 27
Upcoming dividend of US$0.12 per share at 4.1% yield Eligible shareholders must have bought the stock before 04 December 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (6.4%). New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Annuncio • Oct 20
F.N.B. Corporation Declares Common Dividends, Payable on December 15, 2023 F.N.B. Corporation announced its Board of Directors declared quarterly preferred and common dividends for the fourth quarter of 2023. On its common stock, FNB declared a cash dividend of $0.12 per share. The dividend is payable on December 15, 2023, to shareholders of record as of the close of business on December 5, 2023. Reported Earnings • Oct 20
Third quarter 2023 earnings released: EPS: US$0.40 (vs US$0.39 in 3Q 2022) Third quarter 2023 results: EPS: US$0.40 (up from US$0.39 in 3Q 2022). Revenue: US$382.2m (up 3.9% from 3Q 2022). Net income: US$143.3m (up 5.4% from 3Q 2022). Profit margin: 38% (in line with 3Q 2022). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year. Annuncio • Sep 28
F.N.B. Corporation to Report Q3, 2023 Results on Oct 18, 2023 F.N.B. Corporation announced that they will report Q3, 2023 results After-Market on Oct 18, 2023 Upcoming Dividend • Aug 25
Upcoming dividend of US$0.12 per share at 4.2% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.1%). Annuncio • Jul 22
F.N.B. Corporation Reports Net Charge-Offs for the Second Quarter Ended June 30, 2023 F.N.B. Corporation reported net charge-offs for the second quarter ended June 30, 2023. The second quarter of 2023 reflected net charge-offs of $8.7 million compared to net recoveries of $0.4 million in the second quarter of 2022. Annuncio • Jul 21
F.N.B. Corporation Declares Common Dividend, Payable on September 15, 2023 On its common stock, F.N.B. Corporation declared a cash dividend of $0.12 per share. The dividend is payable on September 15, 2023, to shareholders of record as of the close of business on September 5, 2023. New Risk • Jul 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: US$0.39 (vs US$0.30 in 2Q 2022) Second quarter 2023 results: EPS: US$0.39 (up from US$0.30 in 2Q 2022). Revenue: US$391.0m (up 19% from 2Q 2022). Net income: US$140.4m (up 31% from 2Q 2022). Profit margin: 36% (up from 32% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 19% per year. Annuncio • Jun 30
F.N.B. Corporation to Report Q2, 2023 Results on Jul 19, 2023 F.N.B. Corporation announced that they will report Q2, 2023 results After-Market on Jul 19, 2023 Annuncio • Jun 09
F.N.B. Corporation Enhances estore® with New Common Application F.N.B. Corporation has announced the launch of the FNB eStore® Common application (eStore Common app) as the latest enhancement to its innovative and award-winning digital banking experience. With the eStore Common app, FNB aims to be the first bank to offer a single, universal application for almost all its products and services, including the ability to apply for multiple products simultaneously. Utilizing advanced technology, including artificial intelligence and machine learning, the eStore Common app delivers a more efficient and secure application process. In the new experience, FNB requests simple customer information up front, such as a mobile phone number and date of birth. The eStore Common app then uses sophisticated data sources to prefill numerous fields, minimize customer keystrokes and significantly reduce the amount of time needed to complete an application. In addition, FNB has significantly enhanced security utilizing out-of-band and biometric technology as well as artificial intelligence. To streamline the eStore Common app application process even further, FNB also has introduced the FNB Document Center. The secure online portal enables customers to upload necessary financial information and documentation in one place, largely eliminating the need to provide paperwork in person. With these new features in place, FNB continues to advance its omnichannel Clicks-to-Bricks strategy, remaining at the forefront of banking innovation and consistently strengthening customer relationships with solutions based on their needs and preferences. Early eStore Common app data highlights an up to 23% reduction in time spent completing consumer loan applications — with a maximum input time of seven minutes.1 The time savings increase when customers apply for multiple products. For example, a customer applying for an auto loan and credit card can complete the process in just over four minutes, which is 55% less time than is needed to complete the applications individually. The first phase of the eStore Common app project, which is now live, includes consumer loan products. FNB plans to add consumer deposit products prior to the end of 2023, with business products on the roadmap for 2024. Upcoming Dividend • May 25
Upcoming dividend of US$0.12 per share at 4.3% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.3%). Reported Earnings • Apr 21
First quarter 2023 earnings released: EPS: US$0.40 (vs US$0.15 in 1Q 2022) First quarter 2023 results: EPS: US$0.40 (up from US$0.15 in 1Q 2022). Revenue: US$402.0m (up 38% from 1Q 2022). Net income: US$144.5m (up 183% from 1Q 2022). Profit margin: 36% (up from 18% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: US$1.23 (vs US$1.24 in FY 2021) Full year 2022 results: EPS: US$1.23. Revenue: US$1.38b (up 12% from FY 2021). Net income: US$431.0m (up 8.6% from FY 2021). Profit margin: 31% (in line with FY 2021). Net interest margin (NIM): 3.03% (up from 2.68% in FY 2021). Cost-to-income ratio: 52.2% (down from 57.2% in FY 2021). Non-performing loans: 0.37% (up from 0.35% in FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in Europe. Upcoming Dividend • Feb 23
Upcoming dividend of US$0.12 per share at 3.4% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 15 March 2023. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (5.3%). Recent Insider Transactions • Feb 20
Chief Credit Officer recently sold €68k worth of stock On the 15th of February, Gary Guerrieri sold around 5k shares on-market at roughly €13.69 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.0m more than they bought in the last 12 months. Reported Earnings • Jan 24
Full year 2022 earnings released: EPS: US$1.23 (vs US$1.24 in FY 2021) Full year 2022 results: EPS: US$1.23. Revenue: US$1.38b (up 12% from FY 2021). Net income: US$431.1m (up 8.6% from FY 2021). Profit margin: 31% (in line with FY 2021). Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Annuncio • Jan 18
F.N.B. Corporation Declares Quarterly Cash Dividend, Payable on March 15, 2023 F.N.B. Corporation announced it declared a quarterly cash dividend of $0.12 per share on its common stock. The dividend is payable on March 15, 2023, to shareholders of record as of the close of business on March 3, 2023. Annuncio • Jan 05
F.N.B. Corporation to Report Q4, 2022 Results on Jan 23, 2023 F.N.B. Corporation announced that they will report Q4, 2022 results After-Market on Jan 23, 2023 Upcoming Dividend • Nov 25
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 02 December 2022. Payment date: 15 December 2022. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (6.3%). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 7 highly experienced directors. Independent Director Mary Dively was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 22
Independent Director recently sold €409k worth of stock On the 21st of October, David Malone sold around 30k shares on-market at roughly €13.82 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €650k. Insiders have been net sellers, collectively disposing of €932k more than they bought in the last 12 months. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: US$0.38 (vs US$0.34 in 3Q 2021) Third quarter 2022 results: EPS: US$0.38 (up from US$0.34 in 3Q 2021). Revenue: US$368.4m (up 15% from 3Q 2021). Net income: US$135.5m (up 24% from 3Q 2021). Profit margin: 37% (up from 34% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Recent Insider Transactions • Aug 25
Insider recently sold €650k worth of stock On the 19th of August, James Orie sold around 51k shares on-market at roughly €12.70 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €580k more than they bought in the last 12 months. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: US$0.30 (vs US$0.31 in 2Q 2021) Second quarter 2022 results: EPS: US$0.30. Revenue: US$329.4m (up 6.7% from 2Q 2021). Net income: US$107.1m (up 7.1% from 2Q 2021). Profit margin: 33% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 18%, compared to a 14% growth forecast for the industry in Germany. Upcoming Dividend • May 26
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (6.4%). Reported Earnings • May 08
First quarter 2022 earnings released: EPS: US$0.15 (vs US$0.28 in 1Q 2021) First quarter 2022 results: EPS: US$0.15 (down from US$0.28 in 1Q 2021). Revenue: US$291.7m (down 1.9% from 1Q 2021). Net income: US$51.0m (down 44% from 1Q 2021). Profit margin: 18% (down from 31% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is forecast to grow 13%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. Independent Director Mary Dively was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 19
First quarter 2022 earnings released: EPS: US$0.15 (vs US$0.28 in 1Q 2021) First quarter 2022 results: EPS: US$0.15 (down from US$0.28 in 1Q 2021). Revenue: US$294.4m (down 1.0% from 1Q 2021). Net income: US$51.0m (down 44% from 1Q 2021). Profit margin: 17% (down from 31% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is forecast to grow 17%, compared to a 8.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$1.24 (up from US$0.86 in FY 2020). Revenue: US$1.23b (up 10% from FY 2020). Net income: US$397.0m (up 43% from FY 2020). Profit margin: 32% (up from 25% in FY 2020). Net interest margin (NIM): 2.68% (down from 2.91% in FY 2020). Cost-to-income ratio: 57.2% (up from 56.1% in FY 2020). Non-performing loans: 0.35% (down from 0.67% in FY 2020). Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 7.3%, compared to a 11% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • Feb 24
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 03 March 2022. Payment date: 15 March 2022. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of German dividend payers (3.4%). Lower than average of industry peers (4.8%). Reported Earnings • Jan 20
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$1.24 (up from US$0.86 in FY 2020). Revenue: US$1.24b (up 10% from FY 2020). Net income: US$396.6m (up 43% from FY 2020). Profit margin: 32% (up from 25% in FY 2020). Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 2.8%, compared to a 11% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 25
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 15 December 2021. Trailing yield: 3.8%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.3%). Reported Earnings • Oct 19
Third quarter 2021 earnings released: EPS US$0.34 (vs US$0.25 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$304.1m (up 7.1% from 3Q 2020). Net income: US$109.5m (up 35% from 3Q 2020). Profit margin: 36% (up from 28% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • Aug 26
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 02 September 2021. Payment date: 15 September 2021. Trailing yield: 4.1%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (3.2%). Reported Earnings • Jul 20
Second quarter 2021 earnings released: EPS US$0.31 (vs US$0.25 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$308.8m (up 12% from 2Q 2020). Net income: US$99.4m (up 21% from 2Q 2020). Profit margin: 32% (up from 30% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 21
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 15 June 2021. Trailing yield: 3.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.7%). Reported Earnings • May 09
First quarter 2021 earnings released: EPS US$0.28 (vs US$0.14 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$297.5m (up 14% from 1Q 2020). Net income: US$91.0m (up 102% from 1Q 2020). Profit margin: 31% (up from 17% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Reported Earnings • Apr 20
First quarter 2021 earnings released: EPS US$0.28 (vs US$0.14 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$299.8m (up 15% from 1Q 2020). Net income: US$91.2m (up 103% from 1Q 2020). Profit margin: 30% (up from 17% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS US$0.86 (vs US$1.17 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.12b (down 3.8% from FY 2019). Net income: US$278.0m (down 27% from FY 2019). Profit margin: 25% (down from 33% in FY 2019). The decrease in margin was primarily driven by higher expenses. Net interest margin (NIM): 2.91% (down from 3.17% in FY 2019). Cost-to-income ratio: 56.1% (up from 54.5% in FY 2019). Non-performing loans: 0.67% (up from 0.44% in FY 2019). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue misses expectations Revenue missed analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 7.7%, compared to a 28% growth forecast for the Banks industry in Germany. Upcoming Dividend • Feb 25
Upcoming Dividend of US$0.12 Per Share Will be paid on the 15th of March to those who are registered shareholders by the 4th of March. The trailing yield of 4.0% is in the top quartile of German dividend payers (3.4%), and it is higher than industry peers (3.5%). Is New 90 Day High Low • Feb 20
New 90-day high: €9.35 The company is up 26% from its price of €7.40 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.27 per share. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS US$0.86 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.13b (down 3.8% from FY 2019). Net income: US$278.0m (down 27% from FY 2019). Profit margin: 25% (down from 32% in FY 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.