FNB Corp. invests in digital tools, continues expansion into new markets
Pittsburgh-based FNB Corp. is taking steps to reimagine its infrastructure — on the ground and digitally.
FNB, the parent company of North Side-based First National Bank, on Tuesday discussed its plans to expand locations in the Washington metro area in Northern Virginia and in Charleston, S.C. Locally, it sealed a deal last month to anchor a 24-story office tower at the former Civic Arena site. Digitally, it is deploying a new interactive website this quarter to “streamline” the account opening process.
“Throughout 2019, we continue to focus our efforts on optimizing our online and physical delivery channels to improve the customer experience, as well as investing in our infrastructure and technology,” Chairman, President and CEO Vincent Delie said during the company’s fourth-quarter earnings call Tuesday.
FNB reported net income to common shareholders of $93 million, or 29 cents per share, during the fourth quarter. That’s down 5% from $98 million, or 30 cents per share, during the same time last year.
For 2019, the bank reported net income of $379 million, or $1.16 per share, up 4% from 2018.
Total interest income was $1.2 billion for 2019, up 7% from the prior year, “amidst the volatile interest rate environment,” Mr. Delie said. The Federal Reserve last year moved three times to cut rates.
“Our ongoing investments in innovation are critical to our company’s longterm objectives and ensure that our teams have the resources to exceed customer expectations and in turn future revenue growth,” Mr. Delie said during the conference call with analysts.
FNB is working toward “becoming a data-driven bank,” he said.
In addition to a new website, the company has invested in a mobile application, data analytics to equip the sales team with more information and digital scorecards to monitor daily activity.
“I know FNB doesn’t sound like a technologically advanced bank given the name, but we’ve spent quite a bit of — expanded quite a bit of our resources from a personnel and capital expenditure standpoint into providing our people with good products and services and the ability to compete,” Mr. Delie said.
In Pittsburgh, FNB sees its new space at the former Civic Arena site as an opportunity for growth. The company plans to start construction on what will be called the FNB Financial Center in the third quarter of 2020. It will occupy 160,000 square feet of space, or about 40% of that to be built, in the $200 million building.