FNB Corp. Reports 2Q Income of $93.2M
PITTSBURGH – F.N.B. Corp., the parent company of First National Bank of Pennsylvania, reports second-quarter net income of $93.2 million, or 29 cents per diluted common share.
This compares to net income of $83.2 million in the second quarter of 2018, or 26 cents per share, and $92.1 million in the first quarter of this year, or 28 cents per share.
In a statement, F.N.B. President and CEO Vincent J. Delie Jr. said: “We are very pleased with our strong performance during the second quarter and first half of 2019. During the second quarter, earnings per share grew 12% compared to the prior year, and our asset quality continues to trend positively. The second quarter’s results included 12% annualized revenue growth driven by record noninterest income of $75 million, which includes record capital markets and mortgage banking revenue contribution. … We look to continue the strong momentum established during the first half across our legacy and expansion markets as we continue building on our success.”
Key performance ratios for the quarters ended June 30, March 31 and June 30, 2018 include:
- Return on average equity: 8.09%, 8.21%, 7.66%.
- Return on average assets: 1.13%, 1.14%, 1.07%.
- Net interest margin: 3.2%, 3.26%, 3.51%.
- Efficiency: 54.47%, 53.45%, 55.64%.
Noninterest income totaled $74.8 million in the second quarter, up from $65.4 million in the first quarter and $64.9 million in the second quarter of 2018.
Net interest income was $230.4 million, down from $230.5 million in the previous quarter as well as $239.4 million in the year-ago second quarter.
Noninterest expenses – which include salaries, rent, severance, mergers and acquisitions, Federal Deposit Insurance Corp. premiums and administering repossessed real estate – was $175.2 million, up from the first quarter’s $165.9 million but down from the year-ago quarter’s mark of $183 million.
Salaries and employee benefits were $94.3 million, up from $91.3 million in the first quarter but down from $98.7 million in the second quarter of 2018.
Total deposits were at $23.731 billion, down from $23.882 billion in the first quarter of 2019 but up from $22.54 billion in the second quarter of last year.
Total loans were $22.543 billion in the second quarter, up from both the previous period’s $22.62 billion and the year-ago period’s mark of $21.66 billion.
Assets at the end of the second quarter totaled $33.903 billion, up from the first quarter level of $33.695 billion and the year-ago quarter level of $32.257.
Copyright 2019 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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