FNB Corp. Reports Third-Quarter $38M Net Income

PITTSBURGH – F.N.B. Corp., holding company of First National Bank of Pennsylvania, Thursday reported net income available to common shareholders of $38.04 million, or 22 cents per common share.

This compares to $38.12 million, or 22 cents per common share, for the second quarter and $33.38 million, or 20 cents a common share, for the quarter ended Sept. 30, 2014.

Total net income for the third quarter was $40.05 million, F.N.B. reported, compared to $40.13 million the previous quarter and $35.39 million the year- ago quarter.

F.N.B. also announced yesterday that its board of directors declared a quarterly cash dividend of 12 cents per common share, payable Dec. 15 to shareholders of record Dec. 1.

In its earnings release, F.N.B. cited these highlights:

  • Total operating revenues reached another record, $168.2 million, an increase of $2.9 million, or 1.7%.
  • Organic growth in total average loans and leases was $231 million, or 8.0% annualized, with average commercial loan growth of $112 million, or 6.9% annualized, and average consumer loan growth of $117 million, or 9.3% annualized. Total loans and leases stood at $11.874 billion at Sept. 30, up 2.1% from the second quarter.
  • Credit quality “reflects favorable nonperforming loan and delinquency levels.”

Key performance ratios for the quarters ended Sept. 30, June 30 and Sept. 30, 2014:

  • Return on average equity, 7.63%, 7.79%, 7.28%.
  • Return on average assets, 0.95%, 0.98%, 0.92%.
  • Net interest margin, 3.39%, 3.43%, 3.63%.
  • Efficiency ratio, 55.59%, 55.99%, 56.72%.

Net interest income was $125.20 million for the quarter, surpassing the $123.77 million reported the second quarter and $120.62 million the third quarter of 2014.

Noninterest income (includes service charges, trust income, insurance commissions and fees) was $41.36 million, up from $39.75 million the previous quarter and $37.55 million the year-ago quarter.

Noninterest expense (salaries and benefits, rents, data processing, marketing, Federal Deposit Insurance Corp. premiums, acquisition-related expense) was $98.15 million for the quarter ended Sept. 30, slightly above the $96.50 million reported for the quarter ended June 30 and $95.85 million the quarter ended Sept. 30, 2014.

Asset quality remained strong as reflected by total nonperforming assets falling to $107.45 million from $108.50 million at June 30 and from $115.93 million at Sept. 30, 2014. Nonperforming loans (those 90 days past due) were $68.52 million, $68.31 million and $76.89 million respectively while other real estate owned (repossessed properties) were $38.93 million, $40.19 million and $39.04 million.

Total assets increased to $16.836 billion while total deposits rose to $12.760 billion. Average total assets were $16.448 billion.

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