F.N.B. Corporation

Good morning, everyone, and welcome to the FMB first quarter 2024 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using a touchtone telephone. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Lisa Hajdu, Manager of Investor Relations. Ma'am, please go ahead. Ms. Hajdu, is it possible that your phone is on mute?

Good morning and welcome to the conference call. We will now turn it over so that we can hear some of the prepared remarks that we have. Thank you. Good morning and welcome to our earnings call. This conference call of FMV Corporation and the report that files to the Securities and Exchange Commission often contain forward-looking statements and non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported results prepared in accordance with GAAP. Reconciliations of GAAP to non-GAAP operating measures to the most directly comparable GAAP financial measures are included in our presentation materials and in our earnings release. Please refer to these non-GAAP and forward-looking statement disclosures contained in our related materials, reports, and registration statements filed with the Securities and Exchange Commission and available on our corporate websites. A replay of this call will be available until Thursday, April 25th, and the webcast link will be posted to the About Us Investor Relations section of our corporate website. I will now turn the call over to Vince DeLee, Chairman, President, and CEO.

Thank you, and welcome to our first quarter earnings call. Joining me today are Vince Calabrese, our Chief Financial Officer, and Gary Guerrero, our Chief Credit Officer. FMB produced a solid quarter, reporting operating earnings per share of 34 cents and operating net income available to common shareholders, totaling $123 million. Our balance sheet resilience, robust fee income generation, strong credit results, and continued progress of our clicks-to-bricks strategy were at the forefront this quarter. Our team remains focused on balance sheet management's position FMV for optimal flexibility during the volatile interest rate period. This is evident by our tangible common equity ratio ending the first quarter at an all-time high of 8%. In addition, our company reported solid loan growth of 6% and deposit growth of 2% on a year-over-year basis. Deposit mix remained similar to the prior quarter, with a favorable total deposit cost of less than 2%, which is expected to remain superior to peers. Tangible book value per share also reached a record high at $9.64, an 11% increase year over year, as tangible book value growth remains a key value driver of our strategy. FMV maintains strong levels of liquidity and uninsured and non-collateralized deposit coverage ratio of 162%. Our non-interest income continues to grow, reaching $87.9 million, a near record level. This achievement is the result of our geographic expansion and a decade of strategic investments in our mortgage, wealth management, international banking, treasury management, and capital markets capabilities, including the launch of loan syndications and the F&B debt capital markets platform. Our diversified business model has enabled non-interest income to grow 75% from $200 million in 2016 to over $350 million on an annualized basis. We recognize the benefit of having diverse revenue streams, which complement one another during various points of the economic cycle. Looking ahead, we will continue to diversify our non-interest income products and services, with plans to further enhance our treasury management, merchant services, and payment capabilities. This past decade also included the launch of our clicks-to-bricks strategy. That vision, along with our investments in people and infrastructure for data analytics, has laid the groundwork for the success of our digital bank today, as well as FMV's increased use of AI in the future. What began with QR code-enabled product boxes has evolved into an omni-channel experience with our proprietary e-store. Paired with our new common application, we can bundle products and streamline the application process, enabling customers to open 30 products with one application, creating efficiencies and significantly reducing the number of keystrokes for our clients. Our strategy offers us the opportunity to align high-value product solutions for our customers based upon need in a bundled manner, which helps retain and attract clients. F&B also leverages our investments in data infrastructure and analytics for driving revenue growth through enhanced lead generation, Our enterprise data warehouse stores over 71 billion records across 41,000 attributes, enabling our data scientists to utilize machine learning more effectively. We developed Opportunity IQ, our proprietary tool that utilizes AI and data aggregation to produce a one-page snapshot of our customers, including the lead score, next best product to offer, and overall needs. This at-a-glance insight enables our employees to have elevated conversation and deepen our relationships with data-driven knowledge. Leveraging our proprietary data and analytics within our common app, we can improve product penetration through tailored offerings to our customers to increase their financial well-being and client loyalty to our brand. As we continue to expand our current relationships and gain new households FMV remains steadfast in our consistent underwriting standards and credit management process. I will now turn the call over to Gary to provide additional information on our credit risk metrics.