FNB Corp. Reports 4Q Net Income of $98M
PITTSBURGH – F.N.B. Corp., parent of First National Bank of Pennsylvania, Tuesday reported fourth-quarter net income of $98.11 million, or 30 cents per diluted common share, and full-year 2018 net income of $364.81 million, or $1.12 per share.
This compares to third-quarter net income of $98.75 million, or 30 cents per common share, and fourth-quarter 2017 net income of $22.11 million, or seven cents per common share.
Full-year 2017 net income was $191.16 million, or 63 cents per diluted common share.
In a prepared statement, the president and CEO, Vincent J. Delie Jr. said, “During the second half of 2018, we created additional operating leverage through disciplined expense management while also investing in technology, infrastructure, and most importantly, our people. We begin 2019 in a more favorable capital position after a successful 2018 where we generated record earnings of $365 million that enabled us to return $165 million directly to our shareholders, while increasing our capital ratios and building tangible book value per share. As we move forward, we are better-positioned to establish new customer relationships in our existing markets and deepen existing customer relationships as we serve their financial needs.”
Key performance ratios for the quarters ended Dec. 31 and Sept. 30, 2018, and Dec. 31, 2017:
- Return on average equity, 8.72%, 8.85%, 2.15%.
- Return on average assets, 1.22%, 1.23%, 0.31%.
- Net interest margin, 3.29%, 3.36%, 3.49%.
- Efficiency, 54.13%, 53.73%, 53.09%.
Noninterest income was $68.42 million, less than the $74.83 million reported for the third quarter, but above the $65.10 million for the year-ago quarter.
Net interest income after the provision for credit losses was $217.03 million, less than the $218.81 million reported for the preceding quarter, but up from $213.34 million reported the last quarter of 2017.
Noninterest expense (includes salaries and employee benefits; occupancy and rents, administering repossessed real estate; merger, acquisition and severance; Federal Deposit Insurance Corp. premiums) was $169.70 million, down from $170.72 million the third quarter and up from $166.53 million the fourth quarter of 2017.
Salaries and benefits were $92.09 million, $89.53 million and $86.03 million respectively.
Total deposits were at $23.455 billion compared to $23.500 billion the third quarter and $22.399 billion the year-ago quarter.
Total loans and leases rose to $21.940 billion from $21.775 billion the third quarter and $20.812 billion for the quarter ending Dec. 31, 2017.
Assets rose to $33.102 billion, up slightly from the end of the third quarter’s $32.618 billion and higher than the $31.417 billion at the end of 2017.
SOURCE: F.N.B. Corp.
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