first national bank hermitage pa

FNB Corp. Reports 4Q Net Income of $22 Million

PITTSBURGH – F.N.B. Corp., parent of First National Bank of Pennsylvania, Tuesday reported fourth-quarter net income of $22.11 million, or seven cents per diluted common share, and full-year 2017 net income of $191.16 million, or 63 cents per share.

This compares to third-quarter net income of $75.68 million, or 23 cents per common share, and fourth-quarter 2016 net income of $49.28 million, or 23 cents per common share.

Full-year 2016 net income was $162.85 million, or 78 cents per diluted common share.

In a prepared statement, the president and CEO, Vincent J. Delie Jr. said, “During 2017, F.N.B. continued to grow loans and deposits while adhering to our risk profile, expanded our fee-based businesses and demonstrated disciplined expense management. The commitment and dedication of our employees led to the successful integration of our largest acquisition, where we entered several very attractive markets. As we look to 2018 and beyond, we believe F.N.B. is well-positioned for success in serving our customers, communities and employees, and delivering increased value for our shareholders.”

Key performance ratios for the quarters ended Dec. 31 and Sept. 30, 2017, and Dec. 31, 2016:

  • Return on average equity, 2.15%, 6.96%, 7.93%.
  • Return on average assets, 0.31%, 1.00%, 0.94%.
  • Net interest margin, 3.49%, 3.44%, 3.35%.
  • Efficiency, 53.09%, 53.15%, 55.39%.

Noninterest income was $65.10 million, less than the $66.15 million reported for the third quarter but above the $51.06 million for the year-ago quarter.

Net interest income after the provision for credit losses was $213.34 million, more than the $208.46 million reported for the preceding quarter and $146.58 million the last quarter of 2016.

Noninterest expense (includes salaries and employee benefits; occupancy and rents, administering repossessed real estate; merger, acquisition and severance; Federal Deposit Insurance Corp. premiums) was $166.53 million, up from $163.74 million the third quarter and $123.81 million the fourth quarter of 2016.

Salaries and benefits were $86.03 million, $82.38 million and $61.12 million respectively. M&A expense was $1.05 million, $1.38 and $1.65 million for the three quarters.

Total deposits grew to $22.399 billion from $21.929 billion the third quarter and $16.066 billion the year-ago quarter.

Assets rose to $31.417 billion, up slightly from the end of the third quarter’s $31.123 billion but significantly higher than the $21.845 billion at the end of 2016.

SOURCE: F.N.B. Corp.

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