FNB Corp. Reports 4Q Net Income of $49.28 Million
PITTSBURGH – F.N.B. Corp., parent of First National Bank of Pennsylvania, Wednesday reported fourth-quarter net income of $49.28 million available to shareholders, or 23 cents per common share, and full-year 2016 net income of $162.85 million, or 78 cents per diluted common share.
This compares to third-quarter net income of $50.16 million, or 24 cents per common share, and fourth-quarter 2015 net income of $37.11 million, or 21 cents per common share.
Full-year 2015 net income was $151.61 million, or 86 cents per diluted common share.
In a prepared statement, the president and CEO, Vincent J. Delie Jr. said he is “pleased with the quarter’s results and another outstanding year at F.N.B.” He pointed to “high single digit organic loan growth, solid asset quality and continued growth in our fee-related business,” to wit service charges, trust income, insurance commission and fees, mortgage banking operations and net securities gains.
Organic growth in total average loans was $179 million, F.N.B. said, or 4.9% annualized with average consumer loan growth of $154 million, or 10.3% annualized. Average commercial loans grew by $26 million, or 1.2% annualized.
Key performance ratios for the quarters ended Dec. 31 and Sept. 30, 2015, and Dec. 31, 2015:
- Return on average equity, 7.93%, 8.10%, 7.39%.
- Return on average assets, 0.94%, 0.97%, 0.91%.
- Net interest margin, 3.35%, 3.36%, 3.38%.
- Efficiency, 55.38%, 54.38%, 56.32%.
Noninterest income was $51.06 million, less than the $53.24 million reported for the third quarter but above the $43.12 million for the year-ago quarter.
Net interest income after the provision for credit losses was $146.58 million, more than the $142.87 million reported for the preceding quarter and $114.70 million the last quarter of 2015.
Noninterest expense (includes salaries and employee benefits; occupancy and rents, administering repossessed real estate; merger, acquisition and severance; Federal Deposit Insurance Corp. premiums) was $123.81 million, up from $121.05 million the third quarter and $101.25 million the fourth quarter of 2015.
Salaries and benefits were $61.12 million, $60.93 million and $50.51 million respectively. M&A expense was $1.65 million, $299,000 and $1.35 million for the three quarters.
Total deposits grew to $16.066 billion from $15.977 billion the third quarter and $12.623 billion the year-ago quarter.
Assets rose to $21.845 billion, up slightly from the end of the third quarter’s $21.584 billion but significantly higher than the $17.558 billion at the end of 2015.
SOURCE: F.N.B. Corp.
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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