FNB First-Quarter Net Income Rises to $84.8M
PITTSBURGH – F.N.B. Corp., parent of First National Bank of Pennsylvania, today reported first-quarter net income of $84.8 million, or 25 cents per common share.
This compares to fourth-quarter 2017 net income of $22.11 million, or seven cents a share, and year-ago first-quarter net income of $21 million, or nine cents a share.
In a prepared statement, the president and CEO of the corporation, Vincent J. Delie Jr. said: “During the first quarter of 2018, F.N.B. made progress towards our long-term strategic goals with strong performances in several key areas. Our operating net income and operating earnings per share increased 56% and 13%, respectively, compared to the year-ago quarter, led by solid growth in loans and in our fee-based businesses.”
Highlights F.N.B. cited include:
- Total loan growth was $1.1 billion, or 5.4%, with commercial loan growth of $606 million, or 4.7%, and consumer loan growth of $479 million, or 6.5%.
- Total deposits increased $1.2 billion, or 5.5%, which included an increase in noninterest bearing deposits of $211 million, or 3.8%, and an increase in time deposits of $862 million, or 22.2%.
- The loan to deposit ratio was 94.5% at March 31, compared to 94.6%.
Key performances ratios for quarters ended March 31 and Dec. 31 and March 31, 2017:
- Net interest margin, 3.39%. 3.49%, 3.35%.
- Return on average assets, 1.12%, 0.31%, 0.39%.
- Efficiency ratio, 55.78%, 53.09%, 57.15%
- Return on average equity, 7.94%, 2.15%, 3.10%.
Total noninterest expense (includes salaries and employee benefits, data processing, marketing, merger-related, Federal Deposit Insurance Corp. premiums) was $171.08 million, up from $166.52 million the previous quarter and $187.55 million the year-ago quarter.
Total noninterest income was $67.50 million, up from $65.10 million the fourth quarter and from $55.11 million the year-ago quarter.
Nonperforming loans were $102.13 million, up from $98.11 million the quarter ending Dec. 31, 2017 and down from $105.37 million the quarter ending March 31, 2017.
Total assets were $31.652 billion, compared to $31.417 billion the previous quarter and $30.190 billion the year-ago quarter.
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