FNB Corp. Reports Net Income of $21 Million

PITTSBURGH – F.N.B. Corp., parent of First National Bank of Pennsylvania, Tuesday reported first-quarter net income of $21.0 million, or nine cents per common share.

This compares to fourth-quarter 2016 net income of $49.3 million, or 23 cents a share, and year-ago first-quarter net income of $24.1 million, or 12 cents a share.

In a prepared statement, the president and CEO of the corporation, Vincent J. Delie Jr. said, “We are very pleased with our first-quarter results, which were achieved while successfully integrating Yadkin Financial Corp. The success of our past acquisitions demonstrates that we can generate positive operating leverage and bring our innovative products and services to new markets to win clients and gain market share.”

F.N.B. completed its acquisition of Yadkin last month, adding 98 offices and more than 100 ATMS in North and South Carolina.

Key performances ratios for quarters ended March 31 and Dec. 31 and March 31, 2016:

  • Net interest margin, 3.35%. 3.35%, 3.40%.
  • Return on average assets, 0.39%, 0.94%, 0.56%.
  • Efficiency ratio, 57.15%, 55.38%, 56.38%
  • Return on average equity, 3.10%, 7.93%, 4.51%.

Noninterest expense (includes salaries and employee benefits, data processing, marketing, merger-related, Federal Deposit Insurance Corp. premiums) was $73.57 million, up from $61.7 million the previous quarter and 56.4 million the year-ago quarter.

Noninterest income was $24.8 million, falling from $25.1 million the fourth quarter but up from $21.1 million the year-ago quarter.

Nonperforming loans constituted 0.52% of total loans and leases, down from 0.58% the fourth quarter and 0.60% the first quarter of 2016.

Nonperforming assets were 0.51% of total assets, which reached $30 billion, compared to 0.54% the fourth quarter and 0.66% the year-ago quarter.

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