F.N.B. Reports Net Income of $92.1M

PITTSBURGH – F.N.B. Corp., the holding company of First National Bank of Pennsylvania, reports first-quarter earnings of $92.1 million, or 28 cents per diluted common share.

The net income is ahead of the first quarter of 2018, which posted earnings of $84.8 million or 26 cents per diluted common share, though down from the previous quarter net income of $98.1 million, or 30 cents per share.

Earlier this week, the bank board of directors announced a quarterly cash dividend of $18.13 per share on noncumulative perpetual preferred stock Series E payable May 15 to shareholders of record April 30.

In a prepared statement, F.N.B. President and CEO Vincent Delie Jr. said, “We are off to a great start in 2019 as total loans grew 8% annualized with contributions from across the footprint, including our newer southeastern markets. We established good momentum in the first quarter and we are excited about executing our business plan throughout the rest of the year.”

Among the highlights cited by F.N.B. are:

  • • Growth in total average loans was $1.2 billion, or 5.8%, with an average commercial loan growth of $662 million, or 8%.
  • • Total average deposits grew $1.2 billion, or 5.6%, including an increase in average non-interest-bearing deposits of $285 million, or 5.1%, an increase in interest-bearing demand deposits of $263 million, or 2.8%.
  • • Total revenue increased 0.8% to $296.0 million, reflecting a 2.0% increase in net interest income partially offset by a 3.1% decrease in non-interest income.

Key performance ratios for the first quarter of 2019, fourth quarter of 2018 and first quarter of 2018:

Return on average equity, 8.21%, 8.72%, 7.94%.

Return on average assets, 1.14%, 1.22%, 1.12%.

Net interest margin, 3.26%, 3.29%, 3.39%.

Efficiency ratio, 53.45%, 54.13%, 55.78%.

Net interest income for the first quarter was $230.6 million, down from the $232.2 reported previous quarter and up from $226.1 million in the year-ago quarter.

Total noninterest expense, including salary, equipment, Federal Deposit Insurance Corp. premiums, marketing and data processions, was $165.7 million, down from both the previous quarter mark of $169.7 million and the year-ago quarter’s $171.1 million.

Nonperforming assets totaled $132 million, down from fourth-quarter 2018’s $135 million and the first-quarter 2018 mark of $143 million.

Total assets increased to $33.7 billion, up from both the previous quarter and the year-ago quarter, which reported $33.1 billion and $31.7 billon, respectively.

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